IDC: AI revenues to reach $450 billion this year

IDC: AI revenues to reach $450 billion this year

San Francisco, 9/18/2022

According to the latest Worldwide Semiannual Artificial Intelligence Tracker from International Data Corporation (IDC), global AI revenues reached $383.3 billion in 2021, up 20.7% from the previous year.

The market research firm forecasts that the value of the AI market will reach nearly $450 billion in 2022, up 17.4% from the previous year.

The figures refer to software, services and hardware for „AI-centric“ and non-centric applications. AI-centric applications, where AI is critical to the functioning of the application, accounted for 12.9% of the market. Non-AI-centric applications, where AI is essential to some workflows but not mandatory, accounted for the remainder.

Last year, AI software accounted for the lion’s share of the total AI market, with a market value of $340 billion, while AI applications, such as CRM and ERM software, came in at only half that value.

The AI services market grew by 22.4% year-on-year to reach a value of $24 billion in 2021. The AI IT services category also achieved a 21.0% increase to US$18.8 billion. AI hardware saw the fastest growth, increasing 38.9% to US$18.8 billion.

IDC forecasts that global spending on AI-centric systems will reach $118 billion this year and exceed $300 billion in 2026.