Artificial Intelligence Software Market to Reach $126.0 Billion in Annual Worldwide Revenue by 2025

Artificial intelligence (AI) within the consumer, enterprise, government, and defense sectors is migrating from a conceptual "nice to have" to an essential technology driving improvements in quality, efficiency, and speed. According to a new report from Tractica, the top industry sectors where AI is likely to bring major transformation remain those in which there is a clear business case for incorporating AI, rather than pie-in-the-sky use cases that may not generate return on investment for many years. "The global AI market is entering a new phase in 2020 where the narrative is shifting from asking whether AI is viable to declaring that AI is now a requirement for most enterprises that are trying to compete on a global level," says principal analyst Keith Kirkpatrick. According to the market intelligence company, AI is likely to thrive in consumer (Internet services), automotive, financial services, telecommunications, and retail industries. Not surprisingly, the consumer sector has demonstrated its ability to capture AI, thanks to the combination of three key factors – large data sets, high-performance hardware and state of the art algorithms.