TECH SUPPLIER Jun 2020 - Market Forecast - Doc # US45724520

Worldwide Artificial Intelligence Software Platforms Forecast, 2020-2024

By: David SchubmehlResearch Director, Cognitive/Artificial Intelligence Systems

Abstract

This IDC study presents a view of artificial intelligence (AI) software platforms revenue from the historical year 2019 through to the five forecast years of 2020–2024.

"The AI software platforms market grew rapidly during 2019, and even with the effects of the pandemic being felt on a worldwide basis, we expect this market to continue to grow over the forecast period with lower growth rates in 2020 and 2021 and accelerate significantly in the years 2022-2024. IDC forecasts the overall market to approach $13.4 billion in revenue in 2024 with a CAGR of 31.1% over the entire period," says David Schubmehl, research director for IDC's Artificial Intelligence Software Platforms. "Software and applications vendors are taking advantage of advanced machine learning (ML), conversational AI, and other AI technologies to provide benefits for their customers and users as well as improve ROI and achieve cost savings. IDC is also seeing the emergence of a healthy AI software platforms market being fueled by start-ups and enterprise software vendors as well as a robust open source community contributing new algorithms, libraries, models and tools."


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