Global revenues for the AI to grow 19.6% in 2022

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Global revenues for the AI to grow 19.6% in 2022
24 Feb 2022
5 min read

News Synopsis

Global revenues in the artificial intelligence (AI) market, including software, hardware, and services, are projected to grow 19.6% (year-on-year) to $ 432.8 billion in 2022, according to a new report. 

The market is set to exceed $ 500 billion in 2023, the International Data Corporation (IDC) reports. AI solutions are currently focused on business process issues, enabling better decision making and results, from human enhancement to process improvement, planning, and forecasting.

The group VP, Worldwide Artificial Intelligence and Automation Research at IDC, Ritu Jyoti has said that advancements in language, voice and vision technologies, and multi-model AI solutions are revolutionizing human efficiency.

As spending on AI hardware and services grows rapidly, the share of AI software in spending will decline slightly in 2022. This trend will continue until 2023. 

Overall, AI services are projected to show the fastest spending growth over the next five years with a compound annual growth rate (CAGR) of 22%, while AI hardware CAGR will be 20.5%.

The AI ​​hardware category grew the most in the first half of 2021 with a 0.5% increase in market share. It is expected to reach a market share of 5% in 2022 and to grow by 24.9% year-on-year.

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