AI software market set to reach new heights next year

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The world is set to spend more on artificial intelligence-powered software in 2022, taking the entire AI industry to new heights, new Gartner data has claimed, though that success will depend on the AI ​​maturity of the organizations involved.

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The analyst firm estimates that AI software’s total revenue for 2022 could reach $62.5 billion, growing more than a fifth (21.3%) from the year before. Enterprises will spend the majority of this money on knowledge management, virtual assistants, autonomous vehicles, digital workplaces and crowdsourced data.

Nevertheless, demand for AI technologies and, consequently, market growth, is directly linked to the maturity level of firms engaged in AI. As is the case now, nearly half (48%) of CIOs have already deployed, or are planning to deploy, AI and machine learning technologies in the next 12 months. As promising as it sounds, challenges lie ahead.

AI is bringing business value

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Many companies experiment with AI, but things get tricky when it comes to making it part of standard operations. They become reluctant to adopt the technology, don’t trust it, and find it difficult to justify the business value. Gartner doesn’t think most companies will reach a “stabilization phase” before 2025.

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“The AI ​​software market is gaining momentum, but its long-term trajectory will depend on enterprises pursuing their AI maturity,” said Alice Woodward, senior research director at Gartner.

“Successful AI business results will depend on careful selection of use cases,” he said. “Use cases that deliver significant business value, yet can be scaled up to reduce risk, are critical to demonstrating the impact of AI investments to business stakeholders.”

The AI ​​software market includes applications with artificial intelligence, such as computer vision tools, chatbots or various data analytics tools. AI is expected to eliminate many of the repetitive tasks from people’s daily routines, freeing up precious time for high-value work.

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