Global AI software market to touch $62 billion in 2022: Gartner

Global artificial intelligence (AI) software revenue is predicted to reach $62.5 billion in 2022, an increase of 21.3 per cent from 2021, as per a report by Gartner.

Enterprises continue to demonstrate a strong interest in AI, with 48 per cent of CIOs in the 2022 Gartner survey stating that they have already deployed or plan to deploy AI and machine learning technologies within the next 12 months.

As per the report, the top five use cases for AI software spending in 2022 will be knowledge management, virtual assistants, autonomous vehicles, digital workplace and crowdsourced data.

It further added that while the AI software market is picking up speed, but its long-term trajectory will depend on enterprises advancing their AI maturity. Demand for AI technologies and associated market growth is closely tied to organisational AI maturity levels.

However, the fact remains that the reality of AI deployment is much more limited. Gartner found that organisations commonly experiment with AI but struggle to make the technology a part of their standard operations.

Alys Woodward, Senior Research Director at Gartner stated, “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.”

The report predicted that it will take until 2025 for half of organizations globally to reach what the "stabilisation stage" of AI maturity or beyond.