In 2017, the global software system market size for artificial intelligence (AI) was $2.65 billion. By the end of 2025, however, a new report from QY Research found that it is expected to skyrocket to $78 billion.
The market concentration of AI software systems is high, and is expected to stay that way, according to the report. The report detailed the key global suppliers of AI software including IBM, Google, Megvii Technology, and more.
SEE: IT leader's guide to the future of artificial intelligence (Tech Pro Research)
The US currently holds the leader position for AI consumption globally, according to a press release, and is expected to keep that title for the next few years. In 2017, the US held 35.88% of the global market, according to the report.
AI software is used mainly for voice processing, text processing, and image processing, the report found. In 2017, text processing was the most commonly used application, at 49.74%. This is expected to change however, and image processing is expected to occupy more of a share as it improves, according to the release.
More and more companies are adopting AI technologies, and as it grows more common, some fear their jobs are at stake. One report found that within the next three years, one-third of organizations' roles will be impacted by automation. Despite this, more findings show that AI will create more jobs than it is destroying.
The big takeaways for tech leaders:
- The market share for AI software is already high, but it is expected to soar even higher by the end of 2025, according to QY research.
- The US hold the leader position for AI consumption globally, and is expected to stay that way.
- Deep learning: An insider's guide (free PDF) (TechRepublic)
- Most companies lack the infrastructure for artificial intelligence (ZDNet)
- Machine learning: A cheat sheet (TechRepublic)
- What is AI? Everything you need to know about Artificial Intelligence (ZDNet)
- 10 ways AI will impact the enterprise in 2018 (TechRepublic)
Laurel Deppen is the 2018 summer Editorial Intern for TechRepublic. She is a student at Western Kentucky University.