Artificial Intelligence Market Forecasts

An umbrella term that refers to information systems inspired by biological systems, AI encompasses multiple technologies including machine learning, deep learning, computer vision, natural language processing (NLP), machine reasoning, and strong AI. These technologies have use cases and applications in almost every industry and promise to significantly change existing business models while simultaneously creating new ones. In sizing and forecasting the total global AI market, Tractica has created a taxonomy of 191 real-world use cases for AI, organized into 27 different industry sectors and corresponding with six major technology categories, plus multiple combinations of technologies. Some use cases – such as image recognition, algorithmic securities trading, and healthcare patient data management – have huge scale potential, while others are niche applications. Likewise, a few key industry sectors including consumer products, business services, advertising, and defense applications will drive significant revenue for AI software implementations in addition to AI-driven hardware and service sales, but during the coming decade the technologies will have an effect on almost every conceivable industry sector.