AI Tech Market to Hit $342 Billion in 2021

NEEDHAM, Mass.--The global market for artificial intelligence (AI) software, hardware, and services is estimated to grow 15.2% in 2021 to $341.8 billion, according to the latest release of the International Data Corporation (IDC) Worldwide Semiannual Artificial Intelligence Tracker. IDC is also predicting massive 18.8% growth in 2022, with the sector on track to break the $500 billion mark by 2024. Software is by far the largest of the AI tech categories, accounting for 88% of the market. Within the AI Software category, AI Applications has the lion's share at nearly 50% of revenues, IDC reported. In terms of growth, however, AI Platforms has the strongest with a five-year compound annual growth rate (CAGR) of 33.2%.