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The global market of AI products in the coming years will take the milestone of $ 500 billion
International Data Corporation (IDC) Reveals Global Artificial Intelligence (AI) Market Outlook For Years To Go: Industry Expects Sustainable Growth Despite Continuing Pandemic and Economic Challenges.
IDC data takes into account the supply of software and hardware solutions in the field of AI, as well as the costs of all kinds of services in the relevant area.
It is noted that currently the largest segment of the global market is software. Software accounted for approximately 88% of total AI spending in 2021. The share of hardware solutions was about 5%. The rest of the costs fell on related services.
In general, the volume of the global AI market at the end of last year amounted to about $ 281.4 billion. Growth is projected this year by 16.4%: if these expectations are met, expenses will reach $ 327.5 billion.
For five years, the CAGR (average annual growth rate in compound interest) in the designated area, according to IDC experts, will be at the level of 17.5%. As a result, in 2024 the market will overcome the symbolic milestone of $ 500 billion, reaching a volume of $ 554.3 billion.