AI is delivering new benefits and efficiencies to organizations through greater automation capabilities, ease of use, and accessibility—across a variety of use cases. Spurred by the COVID-19 pandemic and a host of other compounding factors such as climate change and sustainability, supply chain delays, the Great Resignation, and the war in Ukraine, companies are scrambling to take advantage of what AI has to offer during this upheaval.
Worldwide revenues for the artificial intelligence (AI) market, including software, hardware, and services, are forecast to grow 19.6% year over year in 2022 to $432.8 billion, according to the latest release of the International Data Corporation (IDC) Worldwide Semiannual Artificial Intelligence Tracker.
AI Software will see its share of spending decline slightly in 2022 as spending for AI Hardware and Services grows more quickly. This trend will continue into 2023. Overall, AI Services is forecast to deliver the fastest spending growth over the next five years with a compound annual growth rate (CAGR) of 22% while the CAGR for AI Hardware will be 20.5%.
In the AI Software category, AI Applications accounted for 47% of spending in the first half of 2021, followed by AI System Infrastructure Software with around 35% share. In terms of growth, AI Platforms are expected to perform the best with a five-year CAGR of 34.6%. The slowest growing segment will be AI System Infrastructure Software with a five-year CAGR of 14.1%.
Within the AI Applications segment AI ERM is forecast to grow the fastest over the next several years relative to AI CRM and the rest of AI Applications. Among all the named software markets published in the Tracker, AI Lifecycle Software is forecast to see the fastest growth with a five-year CAGR of 38.9%.
While progress has been made, there’s still work to be done to ensure that consumers are receptive to AI by making sure that AI is acting responsibly, according to IBM’s Global AI Adoption Index 2022. The study said that most organizations that have adopted AI haven’t taken key steps to ensure their AI is trustworthy and responsible, such as reducing unintended bias.
At the same time, companies are also applying AI to more far-reaching challenges with greater social and environmental impact, for example, by addressing skills or labor shortages or helping to advance environmental, social and governance (ESG)-related initiatives and reducing their environmental impact.
Where do AI-related capabilities hold the most potential? Think of sales forecasting, enhancing communications, supply chain operations, medicine, drug discovery, marketing, defense, financial services and fraud detection, energy, agriculture, and much more.
Innovative companies already have products and services available today to help customers put more data to work. To help readers gain a greater understanding about this complex area of information technology, the solutions available, and their role in handling real-world challenges, DBTA and Big Data Quarterly present the list of Awesome Companies in AI.
Accenture is a global professional services company with leading capabilities in digital, cloud, and security while combining unmatched experience and specialized skills across more than 40 industries, to offer Strategy and Consulting, Technology and Operations services, and Accenture Song.
Aisera offers an AI-driven service experience solution that automates operations and support for IT, sales, and customer service, making businesses and customers successful by offering consumer-like self-service resolutions to users.
Alteryx, the Analytics Automation company, is focused on enabling every person to transform data into a breakthrough by unifying analytics, data science, and business process automation in one, end-to-end platform to accelerate digital transformation and shape the future of analytics automation.
AWS Machine Learning
Make accurate predictions, get deeper insights from your data, reduce operational overhead, and improve customer experience with AWS machine learning (ML). AWS helps users at every stage of their ML adoption journey with the most comprehensive set of artificial intelligence (AI) and ML services, infrastructure, and implementation resources.
Beyond traditional artificial intelligence, Beyond Limits’ software products are powered by award-winning Cognitive AI technology, utilizing a hybrid AI approach that combines data-centric techniques with embedded human knowledge to affirm trust in software-driven decisions, manage operational risk, and drive profitability.
C3 AI delivers a family of fully integrated products including the C3 AI Application Platform, an end-to-end platform for developing, deploying, and operating enterprise AI applications and C3 AI Applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally.