IDC: revenue of AI companies to grow six-fold in 5 years

Apr 11, 2017

IDC: revenue of AI companies to grow six-fold in 5 years

According to the IDC report, the volume of the artificial intelligence market will increase by 55.1%. In other words, in five years the revenue of companies that develop products based on AI solutions will grow from $8 billion to $47 billion.

David Schubmehl, the Research Director for IDC, says that currently large companies and individual developers are implementing artificial intelligence and cognitive algorithms in almost all applications, systems or services. Innovative AI tools allow to analyze and instantly respond to data flows, which makes it possible to automate many processes in different fields of activity.

Last year, most investments were attracted by intelligent chatbots for customer support, product and service quality management systems, expert services, diagnostic systems, and algorithms for data transmission security improvement. In the near future, funding public security solutions, emergency treatment systems, tools for healthcare quality improvement, technologies for optimizing logistics and production quality control will increase.

The largest revenue share will belong to companies that develop AI solutions for healthcare, piecework, education and mass production.

Interestingly, not all experts in the artificial intelligence industry predict the development of the market.

According to Roger Schank, the American theorist, and Gary Marcus, the ex-head of Uber's AI lab, the industry is about to enter the era of stagnation as the capabilities of artificial intelligence are strongly overestimated.

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