AI Market Revenue Continues To Grow

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IDC is here with its report on worldwide revenue in artificial intelligence, revealing that the market rose this year around 12.3% compared to the numbers in 2019.

With this increase factored in, the market research firm says that the market could see $156.5 billion in revenue this year. This growth is slower due to the coronavirus pandemic, but IDC believes that investments in AI will recover quickly.

Software makes up the largest AI technology group and delivers 80% of all AI revenue. Within this segment, artificial intelligence applications make up the majority of numbers. The firm expects it to bring in $120.4 billion in 2020.

Ritu Jyoti, program vice president, Artificial Intelligence Research at IDC, comments:

β€œThe role of AI Applications in enterprises is rapidly evolving. It is transforming how your customers buy, your suppliers deliver, and your competitors compete. AI applications continue to be at the forefront of digital transformation (DX) initiatives, driving both innovation and improvement to business operations.”

Breaking things down, CRM and ERP artificial intelligence applications were the two largest segments, accounting for 20% and 17% of market share respectively.

Adobe held the top spot for AI centric CRM applications, while Microsoft came in first position for non-centric CRM application. In the AI segment as a whole, the Redmond based company holds the top spot overall.

On the AI hardware front, IDC forecasts revenue to reach $13.4 billion in 2020, coming in at an increase of 10.3% year-over-year.

And just like software, this growth rate represents a significant drop from the previous year, when it grew at a much steadier 33.4%.

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