Market intelligence firm Tractica has released a new report detailing the rise of Artificial Intelligence systems being implemented by institutions and companies globally. In total, the direct and indirect revenue generated from AI application will reach $59.8 billion by 2025, a dramatic increase from the $1.4 billion in 2016. This latest report is an upgrade of their previous projection, published back in the third quarter of 2016.
The report, “Artificial Intelligence Market Forecasts”, quantitatively assesses Artificial Intelligence’s market opportunity across government, consumer, and enterprise sectors. It details the predicted 29 industries in which AI will play a role, 154 AI use cases, forecasts from 2016 to 2025, and is split into the six fundamental technologies behind AI: deep learning, NLP, machine learning, computer vision, strong AI, and machine reasoning.
Aditya Kaul, research director, states that the largest opportunities for AI in the next decade will revolve around aerospace, healthcare, finance, consumer, and advertising sectors. He continued, saying, “Artificial intelligence has applications and use cases in almost every industry vertical and is considered the next big technological shift, similar to past shifts like the industrial revolution, the computer age, and the smartphone revolution.”
Additional applications and key industries adopting AI include investment, legal, business services, automotive, and media and entertainment. Each of these industries are pursuing opportunities to utilize vision, advanced data analytics, and language capabilities to create new business models and enhance their existing business processes.