The annual revenue for enterprise applications of AI will increase from $3.7 billion worldwide in 2017 to $80.7 billion in 2025, according to a recent report by Tractica.
The Boulder, Colorado-based research firm highlights the rising number of pilot programs and proof-of-concept initiatives as signs that adoption is on the rise. Larger-scale commercial deployments, in particular, are continuing to be publicized more and more, said Tractica in a statement.
“Indeed, much of the success of AI is due the fact that most tasks currently delegated to AI technology are data-driven and therefore easily measured or benchmarked,” stated the firm. “When AI technology is deployed, even during a small pilot program, the benefits can quickly be demonstrated and proven by looking at the performance data.”
To craft its market forecast, Tractica analyzed nearly 300 different enterprise AI use cases and studied the “underlying meta technological functions being deployed in each use case, including vision, language, and analytics.”
The most-active sectors in the artificial intelligence space so far include business services, government, automotive, retail, and advertising. “However, it is clear that AI is being adopted by a much broader range of industries, many of which use similar use cases and strategies for harnessing AI to solve specific business problems,” stated Tractica.
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