The calculations of revenue expected to be driven by artificial intelligence continue to grow.
Growth is expected to be strong across nearly every industry, with advertising, consumer, healthcare and finance leading the way, based on a new forecast.
Interest in implementing AI systems is surging among companies and institutions around the world, according to the report from Tractica.
The new forecast is for revenue generated from the direct and indirect application of AI software to grow from $1.4 billion last year to $60 billion by 2025. The new forecast is an upgrade of Tractica’s previous projection for AI market growth, due to a greater than anticipated pace of change and development in the AI sector.
“Artificial intelligence has applications and use cases in almost every industry vertical and is considered the next big technological shift, similar to past shifts like the industrial revolution the computer age and the smartphone revolution,” stated Tractica research director Aditya Kaul.
The largest market opportunities for AI during the next decade will be in advertising, finance and consumer, all of which are pursing the opportunity to leverage advanced data analytics, vision and language for the creation of new business models, according to Kaul.
Another recent study suggests that AI has the potential to boost business profitability by an average of 38%, leading to an added $14 trillion in additional gross value added across 16 industries, as I wrote about here at the time (AI Projected To Boost Business Profits, By A Lot).
The Tractica study defines AI as an umbrella term that includes multiple technologies, such as machine learning, deep learning, computer vision, natural language processing, machine reasoning and strong AI.
No matter the definition, AI will involve very large amounts of money.