Global AI market to touch $432.8 billion this year, exceed $500 billion in 2023

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February 15, 2022, 4:59 AM GMT+0

According to the latest report of International Data Corporation (IDC), AI Services category will deliver the fastest spending growth over the next five years.

Worldwide revenue for artificial intelligence (AI) is expected to grow at 19.6% YoY in 2022 and touch $432.8 billion. Among the three technology categories – software, hardware and services – AI software is projected to record a slight decline in its share of spending this year.

Overall, AI services will deliver the fastest spending growth over the next five years, with a compound annual growth rate of 22%. The corresponding statistic for AI hardware is 20.5%. Under the AI software category, AI Platforms are expected to perform the best, at a five-year growth rate of 34.6%.

In the AI services category, IT services will record an increase in growth rate, from 20.4% YoY in 2021, to 22% this year. Overall, AI services spending is forecast to reach $52.6 billion by 2025. Analytics and Intelligent Automation Services’ research manager, Jennifer Hamel said, “AI remains a key driver of IT investment, which in turn boosts spending on related services to ensure sustainable adoption at scale.”

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