LONDON (April 29, 2020) -- Global AI software revenue is projected to increase by 12-fold in the next seven years, skyrocketing from $10.1 billion in 2018 to $126.0 billion in 2025 according to Omdia. "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," said Keith Kirkpatrick, principal analyst with Omdia. "AI is likely to trigger major transformations in industries where there is a clear case for incorporating AI, rather than in pie-in-the-sky use cases that may not generate a return on investment (ROI) for many years." Top use cases Demand for artificial intelligence in the consumer, enterprise, government and defense sectors is growing. Currently, the number of business-to-business (B2B) software opportunities related to AI total 333 and cover 28 industry sectors, with 203 unique use cases.

Machine vision, natural language processing, data analytics and other deep learning applications will propel global AI software revenues over the next five years via a growing list of industry segments spanning automotive and health care to financial services and retail. Market tracker Omdia forecasts AI software revenues will surge through 2025 to $126 billion, a 12-fold increase over a $10.1 billion industry in 2018. "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," said Keith Kirkpatrick, principal analyst with Omdia. "AI is likely to trigger major transformations in industries where there is a clear case for incorporating AI, rather than in pie-in-the-sky use cases that may not generate a return on investment for many years," Kirkpatrick added. Omdia estimates that more than half of AI revenues will be generated by machine vision and language applications, with deep learning deployments driving the AI market.

Market intelligence firm Tractica has released a new report which explores the global market for artificial intelligence (AI) software between 2018 and 2025. According to the study, the annual global AI software revenue will grow from $10.1 billion to $126.0 billion during the forecast period. More than 330 AI software use cases will contribute to market growth across 28 Industries. The strongest enterprise AI opportunities are in the automotive, consumer, financial services, telecommunications and retail industries. The top five sectors dominating the AI software market have clear business cases for incorporating AI unlike other industries with pie-in-the-sky use cases that may not generate a return on investment for many years.