$383.3 billion Spent Globally For AI in 2021

- Advertisement -

Hardware constituted both the smallest and fastest growing segment jumping at a rate of 389% YoY.

As per reports, the Artificial Intelligence (AI) market is expected to reach $450 billion in 2022. This includes software, hardware, and services for both AI-centric and non-centric applications. The total revenue in AI came up to $383.3 billion in 2021, a 20.7% YoY increase. This value is said to reach nearly $450 billion in 2022. 

Rasmus Andsbjerg, associate vice president, Data & Analytics at IDC, said “Across all industries and functions, end-user organizations are discovering the benefits of AI technologies, as increasingly powerful AI solutions are enabling better decision-making and higher productivity. The reality is, AI offers solutions to everything we are facing at the moment. AI can be a source for fast-tracking digital transformation journeys, enable cost savings in times of staggering inflation rates and support automation efforts in times of labour shortages.”

- Advertisement -

AI Software has consistently had the largest share in the overall AI market, combined all four AI Software categories – AI Applications Delivery & Deployment, AI Applications, AI System Infrastructure Software, and Artificial Intelligence Platforms. Artificial Intelligence Platforms delivered the strongest YoY growth at 36.6%.

In the AI applications market, nearly 300 companies are vying for opportunities to gain share. For AI-centric applications, 12.9% of the market was captured. AI non-centric applications, where AI technologies are integral to certain workflows of the application, but if those technologies were removed, the application would still be able to function.

In terms of software, 47.3% of AI Software purchases were deployed to the public cloud, while the AI Services market saw its total value increase 22.4% YoY to $24 billion in 2021.

AI Hardware was both the smallest ($18.8 billion) and fastest growing (38.9% YoY) segment of the AI market, that was driven by efforts to build dedicated AI systems. While both AI Servers and AI Storage delivered strong growth in 2021 – 39.1% and 32.9% respectively – server purchases were notably larger at $15.6 billion.


 

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

Tech Mahindra Opens Telco Smart Analytics Lab in UK

0
Situated in Milton Keynes, the lab aims to develop data analytics solutions on Google Cloud India-based IT company, Tech Mahindra recently announced its dedicated Google...

GODI India Manufactures 3000F high power supercapacitor

0
Integration with battery packs would improve the battery life of EV, says GODI GODI India, the country's leading company to have homegrown technology to make...

Itron And SmartThings Collab: Aiming For Carbon Reduction

0
Companies will share their respective services like distributed intelligence (DI) ecosystem and real-time energy readings As per the latest reports, Itron and SmartThings are all...

Exclusive

Tech Mahindra Opens Telco Smart Analytics Lab in UK

0
Situated in Milton Keynes, the lab aims to develop data analytics solutions on Google Cloud India-based IT company, Tech Mahindra recently announced its dedicated Google...

GODI India Manufactures 3000F high power supercapacitor

0
Integration with battery packs would improve the battery life of EV, says GODI GODI India, the country's leading company to have homegrown technology to make...

Itron And SmartThings Collab: Aiming For Carbon Reduction

0
Companies will share their respective services like distributed intelligence (DI) ecosystem and real-time energy readings As per the latest reports, Itron and SmartThings are all...

Important Sectors

Tech Mahindra Opens Telco Smart Analytics Lab in UK

0
Situated in Milton Keynes, the lab aims to develop data analytics solutions on Google Cloud India-based IT company, Tech Mahindra recently announced its dedicated Google...

GODI India Manufactures 3000F high power supercapacitor

0
Integration with battery packs would improve the battery life of EV, says GODI GODI India, the country's leading company to have homegrown technology to make...

Itron And SmartThings Collab: Aiming For Carbon Reduction

0
Companies will share their respective services like distributed intelligence (DI) ecosystem and real-time energy readings As per the latest reports, Itron and SmartThings are all...

Apple Making iPhone 14 In India!

0
As per the latest reports, Apple has started manufacturing iPhone 14 in India. Foxconn’s Sriperumbudur facility situated on the outskirts of Chennai is the...

Hadean Raises $30M; Will Boost Metaverse Infra Tech

0
The company aims to scale its metaverse capabilities; provide creators with tools in emerging metaverse markets In the Series A Funding round led by Molten...

Manufacturing

Apple Making iPhone 14 In India!

0
As per the latest reports, Apple has started manufacturing iPhone 14 in India. Foxconn’s Sriperumbudur facility situated on the outskirts of Chennai is the...

Global UAV Mkt To Grow At 18.41% CAGR

0
The report 'Global UAV Market 2022-2026' lists the opportunities and challenges lying ahead for this sector A recent report released by Technavio expects the global...

Semiconductors and Display Manufacturing: Ready for Another Boost

0
Govt says that tech nodes of 45nm account for half of the total semiconductor market in India Central Cabinet, in a recent meeting, approved a...

High Efficiency Solar PV Modules Manufacturing Gets Govt Push

0
The scheme is poised to reduce import dependence while generating domestic employment opportunities PM-chaired Union Cabinet recently approved the implementation of Tranche II of the...

MediaTek & Qualcomm Dominate the Smartphone AP Market

0
MediaTek led the shipments, while Qualcomm grabbed the most revenue in Q2 2022 As per the latest reports, the second quarter of this year witnessed...