Artificial intelligence software revenue to reach $59.8 billion by 2025

Artificial intelligence software revenue to reach $59.8 billion by 2025

Vast amounts of data, faster processing power, and increasingly smarter algorithms are powering artificial intelligence (AI) applications and use cases across consumer, enterprise, and government markets around the world, enabling machines to speak, listen, move, and make decisions in unprecedented ways.

According to a new report from Tractica, as AI technologies and deployments sweep through virtually every industry, a wide range of use cases are beginning to illustrate the potential business opportunities, attract investment, and inspire changes to existing business processes while pointing the way toward new business models.

Its analysis indicates that annual revenue generated from implementations of AI software will increase from $1.4 billion in 2016 to $59.8 billion by 2025.  The revenue potential for AI use cases covers a broad spectrum, from a handful of high-potential applications at the top that will represent a sizable portion of the overall market, to a ‘long tail’ of smaller use cases that will serve a wide variety of tactical purposes in niche markets.

“The opportunity for AI spans 29 industries across geographies and is particularly disruptive in highly domain-specific markets with high-volume data needs and ontologies, as well as those with growing applications for machine perception,” says principal analyst at Tractica, Jessica Groopman.  “From autonomous robots to algorithmic news stories, from product recommendations to processing patient data, and from virtual assistants to voice recognition, AI is widely considered one of, if not the biggest, technological shift of the modern era, on par with past shifts like the industrial revolution, the computer age, and the advent of the smartphone.”

This will the subject of the forthcoming AI Expo North America event, which will showcase next generation technologies and strategies from the world of artificial intelligence – an opportunity to explore and discover the practical and successful implementation of AI in driving forward businesses in 2017 and beyond.

A report by Forrester has revealed that businesses who implement artificial intelligence strategies to reveal new business insights will prosper by $1.2 trillion per annum compared to their competitors who are less informed. Industry experts and thought-leaders from the likes of Google, Visa, Disney Research, Uber and NASA will be sharing their AI knowledge and use-cases at the AI Expo North America in Santa Clara, CA on November 29th– 30th. The event will host 75+ AI experts including:

  • Daniel Imrie-Situnayake, Developer Advocate, Google
  • Vadim Kutsyy, Distinguished Architect, Data Science, PayPal
  • Chris Shelton, Vice President and Chief Technology Officer, The AES Corporation
  • Alex Bunardzic, Senior Software Developer, Research and Development, Staples
  • Dr. Danny Lange, Vice President of AI and Machine Learning, Unity Technologies, Inc.
  • Jeremy Frank, Group Lead, NASA
  • Steve Ellis, EVP, Head of the Innovation Group, Wells Fargo
  • Gail Seanor, Sr Director, Marketing Technology, TGI Friday’s
  • Bill Yue Chen, Chief Security Architect, Visa
  • Karen Tay, Director, Singapore, Smart Nation
  • Ana Brant, Director, Global Guest Experience & Innovation, Dorchester Collection
  • Brandon Purcell, Senior Analyst, Forrester Research
  • Chen Peng, Head of UberEverything Data Science, Uber
  • Peter Carr, Research Scientist, Disney Research
  • Marissa Chacko, Director of Consumer Products, Foursquare
  • Clint Wheelock, Managing Director, Tractica
  • Kumar Srivastava, VP, Product & Strategy, ML, AI, BNY Mellon
  • Domenic Venuto, General Manager, Consumer Products, The Weather Company

The conference will bring together brands, market leaders, AI evangelists and emerging startups to explore and debate the advancements in AI and the impacts within the enterprise and consumer sectors. Topics covered include business intelligence, deep learning, machine learning, AI algorithms, data & analytics, virtual assistants & chatbots as well as case study based presentations proving an insight into the deployment of AI across different verticals.

There are four conference tracks to attend throughout the 2 days: AI in the enterprise, AI for developers, AI in consumer and digital transformation and Bot & virtual assistants.

The AI Expo will be co-hosted alongside the IoT Tech Expo and Blockchain Expo with both shows attracting in excess of 7000 attendees for two days of insightful content covering the whole ecosystem surrounding IoT & blockchain. For more information and to register for the AI Expo, click here.

[Image: nvidia]

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