Artificial Intelligence Forecasts vs Market Reality

Artificial Intelligence (AI) and Big Data are the foundation for smart technologies and business analytics. Moreover, AI combined with human ingenuity is now viewed as the differentiator for enterprises to scale and thrive in the era of Digital Transformation. Worldwide revenues for the AI market -- including software, hardware, and services -- are forecast to grow 19.6 percent year-over-year in 2022 to $432.8 billion, according to the latest market study by International Data Corporation (IDC). Furthermore, the market is expected to break the $500 billion mark in 2023. However, the upside opportunities are also being hampered by numerous practical solution deployment challenges.