The worldwide AI software market stands at $8.1 billion at the end of 2018, thanks in part to 258 discrete use cases according to research from Tractica. Their report, “Artificial Intelligence Use Cases”, indicates that the market shows no signs of slowing down, with a projected climb to a worldwide market worth of $105.8 billion annually by 2025.
AI is gradually entering every industry imaginable, while growing more powerful through algorithms, faster processing power, and more data. Its use cases are critical in illustrating the potential for business opportunities with the report breaking down several known use cases by defining them, contextualizing them, and providing revenue forecasts per industry sector.
Tractica keeps a close eye on AI, and this latest report serves as a referential compendium for their ongoing market forecasts. While applications of AI have in-depth analysis within the report, it additionally identifies several common themes that affect the broader AI market across all industries leveraging the technology.
Keith Kirkpatrick, principal analyst, spoke about the potential for AI in a press release, stating, “The AI opportunity spans a wide range of industries and geographies, from advertising and automotive, to transportation and telecommunications. A significant portion of the overall revenue is concentrated in highly domain-specific markets with high-volume data needs and ontologies, as well as those with growing applications for machine perception.”
