by Max Smolaks 7 October 2019
Once the hype dies down, artificial intelligence (AI) will become one of the cornerstones of business IT: according to research by Tractica, machine learning applications are expected to bring more than $107 billion in annual enterprise revenue by 2025, up from just $7.6 billion in 2018.
The analyst firm – which specializes in emerging technologies – predicts that the AI markets of the future will be led by North America, followed by Asia Pacific, with Europe seemingly failing to scale its efforts.
The analysts looked at the number and variety of pilot programs, proof-of-concept (PoC) demonstrations, and commercial deployments of AI technology today, and declared that the current fashion for intelligent everything is not a fad, but a “key part of the technology landscape of today and tomorrow.”
“No longer is the discussion of AI limited to science fiction, autonomous vehicles, or Siri; AI is being deployed across a multitude of industries and use cases with enterprises leading the way,” said Keith Kirkpatrick, principal analyst at Tractica.
“Thanks to the use of template-driven AI platforms, even a small pilot program can demonstrate real-world benefits. As enterprises are realizing, the benefits of AI are even greater when the technology is scaled across the entire organization.”
In total, Tractica discovered a whopping 167 distinct enterprise AI use cases for technologies like natural language processing, computer vision and sentiment analysis.
Several use cases are projected to generate more than $1 billion in revenue by 2025, including network/IT operations monitoring and management; algorithmic trading strategy performance improvement; computational drug discovery and drug effectiveness; and customer service and marketing Virtual Digital Assistants (VDAs), among others.
You can purchase the full 278-page report on the Tractica website.