TECH SUPPLIER Aug 2020 - Market Forecast - Doc # US46736420

Worldwide Artificial Intelligence Software Forecast, 2020–2024

By: Ritu JyotiGroup Vice President, Worldwide Artificial Intelligence and Automation Research Practice Global AI Research Lead

Abstract

This IDC study presents a view of the overall artificial intelligence software revenue with focus on artificial intelligence applications revenue from the historical year 2019 through to the five forecast years of 2020–2024. It also provides high-level guidance on the machine learning operations (MLOps) market.

"The AI software market grew rapidly during 2019, and with accelerated digital transformation initiatives, we expect this market to continue to grow over the forecast period. IDC forecasts the overall AI software market to approach $240.27 billion in revenue in 2024 with a CAGR of 16.7%, with the AI-centric part of it to approach $43.7 billion with a CAGR of 22.4% over the entire period," says Ritu Jyoti, program vice president, AI research with IDC's software market research and advisory practice. "AI applications powered by machine learning, conversational AI, and computer vision AI technologies continue to be at the forefront of digital transformation initiatives, driving both innovation and improvement to business operations."


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