Artificial Intelligence Software Market Will Reach $62 Billion Next Year

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Gartner predicts that the artificial intelligence software market will reach $62 billion in 2022.

Gartner shared that artificial intelligence software will bring in $ 62.5 billion in revenue in 2022. If the sector manages to reach this figure, it will have achieved a 21.3% increase in revenue compared to this year. In Gartner’s analysis, AI software included categories such as Information Management, Virtual Assistants, Autonomous Vehicles, Digital Workplace, Crowdsourced Data, and Others.

Of the aforementioned categories, Information Management is expected to see the strongest growth with 31.5 percent next year, and Virtual Assistants are expected to see the lowest growth at 14.7 percent. On the other hand, according to the analyst firm, it may take up to the middle of 10 years for half of the organizations worldwide to adopt AI in a more mainstream fashion, which it calls the “stability phase” of AI maturity.

Alys Woodward, Senior Research Director at Gartner, said of the findings:

“The AI software market is accelerating, but its long-term trajectory will depend on companies advancing their AI maturity. Successful AI business results will depend on the careful selection of use cases. Use cases that deliver significant business value but can scale to mitigate risk are critical to demonstrating the impact of AI investment to business stakeholders.”

Gartner said we will see business spending on AI continue to increase as organizations overcome their reluctance to embrace and rely on AI and find ways to drive business value from AI technologies.