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Global AI software market set to rise sixfold to reach nearly $100 billion in 2025

(Image credit: Image Credit: Alex KNight / Unsplash)

Despite a slowdown in growth due to Covid-19, the worldwide artificial intelligence market will record significant growth in the coming years, according to a new report from analyst house Omdia.

By the time we reach 2025, the global AI market is expected to expand to almost $100 billion ($98.8bn), up six times from where it stood in 2019 ($16.4 billion).

According to Omdia, while all industries looked to integrate AI into workflows, certain sectors were forced to slow implementation due to the pandemic.

For example, energy, oil, gas and mining industries are retrenching, while healthcare is accelerating its AI adoption.

However, the analyst firm says the worldwide artificial intelligence market could still make double-digit growth, despite some industries slowing AI adoption by as much as 22 percent.

“Economic effects from the Covid-19 pandemic have widened the dichotomy between early AI adopters—the ‘AI haves’—and the trailing followers—the 'AI have nots,’” said Neil Dunay, Senior Analyst at Omdia.

“Industries that have pioneered AI deployments and have the largest AI investments are likely to continue to invest in what they view as proven, indispensable technology for cost cutting, revenue generation, and enhancing customer experience.”

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.