AI software market to reach $126bn by 2025
Written by Peter Walker
The global artificial intelligence (AI) software market’s value is predicted to rise from $22.6 billion in 2020 to $126 billion by 2025.
This is according to data gathered by LearnBonds, with one in five workers in a non-routine job set to rely on AI for at least part of their role.
When looked at by region, North America is the leading AI software industry, with giants like Microsoft, IBM and Google dominating the market. The North American market is expected to top $9.8 billion this year and continue growing to be worth over $51.5 billion in the next five years.
The Asia Pacific region ranked as the second-largest AI software industry globally, valued at $6.3 billion, growing five times to $32.9 billion in the next five years. The European market, the third largest globally, is expected to jump from $5 billion in 2020 to be worth $26.5 billion in 2025.
Software robots and AI automation have already gained a massive role in manufacturing, retail, banking, and insurance. They also play a huge role in investing and lending platforms, where sophisticated computer algorithms make decisions in minutes instead of days.
According to a KMPG global survey last year, nearly three quarters of those asked said that up to half of their current workforce would be significantly impacted by the adoption of intelligent automation technologies.
“Although many people consider automation and AI as traditional job killers, the coming years are expected to witness a growing integration between human and digital workers, creating a new hybrid workforce,” read LearnBonds’s analysis. “By taking over routine tasks, digital workers will leave more time for people to manage complex jobs – this new hybrid workforce is expected to reduce costs, improve efficiency, and create better products and services for customers.”