Experts from the analytical company IDC are confident that in 2021 the global market for artificial intelligence (AI), including software, hardware and services, will grow by 16.4% compared to 2020. If this forecast comes true, the specified market will amount to $ 327.5 billion.
Analysts expect that growth will not only continue, but accelerate in the coming years. By 2024, the market will surpass the $ 500 billion mark, and the CAGR over the five-year period covered by the forecast will be 17.5%.
In 2020, software accounted for 88% of all AI revenue. However, this segment is growing more slowly than the other two. The average annual growth rate for it is projected equal to 17.3%. Exactly half of the revenue in this segment comes from applications that use AI algorithms.
AI services in 2020 grew more slowly than the entire market. The growth in this segment was 13%. For the current year, the forecast is 17.4%, and the average annual growth over the five-year period is expected to be 18.4%. In 2024, the segment of services in monetary terms will reach $ 37.9 billion.
The AI ​​hardware segment is the smallest category. In 2020, it accounted for only 5% of the market. The forecast says that in 2021 the share of hardware, including specialized servers, will slightly increase due to the share of software. By 2024, the AI ​​hardware market will be $ 30.5 billion.
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