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Gartner says AI software market will reach $62 billion next year

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The analyst firm Gartner has said that artificial intelligence software will make up $62.5 billion in revenue in 2022. If it manages to reach that number, the sector will have had a revenue boost of 21.3% compared to this year. In Gartner’s analysis, AI software included categories such as Knowledge Management, Virtual Assistants, Autonomous Vehicles, Digital Workplace, Crowdsourced Data, and Others.

Of the aforementioned categories, Knowledge Management is expected to see the strongest growth next year at 31.5% and Virtual Assistants will see the least growth at 14.7%. According to the analyst firm, however, it could take until the middle of the decade before half of organisations worldwide adopt AI in a more mainstream fashion which it called the ‘stabilisation stage’ of AI maturity.

Commenting on the findings, Alys Woodward, senior research director at Gartner, said:

“The AI software market is picking up speed, but its long-term trajectory will depend on enterprises advancing their AI maturity. Successful AI business outcomes will depend on the careful selection of use cases. Use cases that deliver significant business value, yet can be scaled to reduce risk, are critical to demonstrate the impact of AI investment to business stakeholders.”

Gartner said that we’ll see spending on AI from business continue to increase as organisations overcome their reluctance to embrace and trust AI, and find ways to deliver business value from AI technologies.

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