Artificial Intelligence Software Revenue to Reach $59.8 Billion Worldwide by 2025

Artificial intelligence (AI) technologies are being deployed for an increasing variety of use cases across consumer, enterprise, and government markets around the world. AI, which is defined as an information system that is inspired by a biological system, is an umbrella term that includes multiple technologies, such as machine learning, deep learning, computer vision, natural language processing (NLP), machine reasoning, and strong AI. According to a new report from Tractica, interest in implementing AI systems is surging among companies and institutions around the world. The market intelligence firm forecasts that the revenue generated from the direct and indirect application of AI software will grow from $1.4 billion in 2016 to $59.8 billion by 2025. This forecast represents an upgrade of Tractica's previous projection for AI market growth, which was published in 3Q16, owing to a greater than anticipated pace of change and development in the AI sector.