Global AI software market to hit $62 bn in 2022: Gartner

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IANS | 25 Nov, 2021
Global artificial intelligence (AI) software revenue is forecast to reach $62.5 billion in 2022, an increase of 21.3 per cent from 2021, according to Gartner.

The top five use cases for AI software spending in 2022 will be knowledge management, virtual assistants, autonomous vehicles, digital workplace and crowdsourced data.

"The AI software market is picking up speed, but its long-term trajectory will depend on enterprises advancing their AI maturity," said Alys Woodward, senior research director at Gartner.

The AI software market encompasses applications with AI embedded in them, such as computer vision software, as well as software that is used to build AI systems.

"Successful AI business outcomes will depend on the careful selection of use cases," said Woodward.

"Use cases that deliver significant business value, yet can be scaled to reduce risk, are critical to demonstrate the impact of AI investment to business stakeholders," he added.

Demand for AI technologies and associated market growth is closely tied to organisational AI maturity levels.

Enterprises continue to demonstrate a strong interest in AI, with 48 per cent of CIOs in the 2022 Gartner survey responding that they have already deployed or plan to deploy AI and machine learning technologies within the next 12 months.

Yet, the reality of AI deployment is much more limited.

Gartner found that organisations commonly experiment with AI but struggle to make the technology a part of their standard operations.

The report predicted that it will take until 2025 for half of organizations worldwide to reach what the "stabilisation stage" of AI maturity or beyond.

"Advances in AI maturity will increase AI software revenue due to increased spending, particularly across the data and analytics-related technology category," the report mentioned.