IDC expects AI revenue to approach $450 billion this year
IDC’s AI Tracker forecasts that global artificial intelligence market revenue will reach nearly $450 billion in 2022.
Additionally, IDC expects the market’s revenue to remain in the teens at year-over-year growth rates over the next five years.
The artificial intelligence market includes software, hardware, and services for both artificial intelligence-centric and non-artificial intelligence-centric applications.
IDC states that AI-centric applications are applications or modules for which AI technology is critical to running them.
AI non-centric applications include applications where the AI component is not an essential component in making it run.
IDC notes that with this broad definition, its research can consider vendors that integrate AI capabilities into their software, but those applications are not designed specifically for AI capabilities.
In contrast, the IDC Worldwide AI Spending Guide uses a very specific definition of an application using AI as a key part of its functionality.
Artificial Intelligence Spending Guide currently indicates that global spending, including software, hardware and services for AI-centric systems, will exceed $300 billion by 2026, with a compound annual growth rate (CAGR) higher than 2022 -The forecast for 2026 is 26.5% higher. AI Tracker released its latest forecast. By 2022, this spending is $5.5 billion.
Among them, banks, federal or central government and telecommunications are the three major sectors that dominate A/NZ BDA spending.
The banking sector has the highest spending share in 2022 at 17.8%, followed by the government share at 12.3%. Telecom shares are slightly lower than these. Nonetheless, it remains a promising investment area for BDA solution providers, with the industry expected to account for 8.6% of the market by 2026.
The largest share of the banking industry can be attributed to the continued deployment of analytics tools and platforms in use cases such as cyber threat detection and prevention, improving customer onboarding experience, core transformation, and adaptive fraud prevention and detection.
The Australian and New Zealand governments have identified key BDA applications in critical infrastructure management, borders, customs, immigration management and defense robotics use cases.
In telecom, infrastructure and network process insights, 360-degree customer and client management, and platform operations automation and orchestration are the top three use cases driving industry adoption of BDA technology.
The guide also highlights some country-specific data points.
Government initiatives are one of Australia’s key growth drivers. The expansion of the Digital Economy Strategy 2030 highlights data analytics as one of the key technologies to help Australia engage with initiatives such as the Digital Atlas, Modern Manufacturing Strategy and Consumer Data Rights.
Meanwhile, New Zealand, which offers scale, price and flexibility advantages for cloud adoption, has attracted the attention of several technology companies. Furthermore, the penetration of IoT coupled with multi-cloud infrastructure provides a conducive ecosystem for the growth of the big data analytics market.
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