Saturday, March 25, 2023

Companies will Spend $342 Billion on AI Solutions in 2021 ADC Predicts

According to the Report companies will spend $342 Billion on AI solutions for their problems International Data Corporation says. Global Revenue Market (Intelligence) (AI) revenue, along with software, hardware and business, is forecast to grow 15.2% (on an annual basis) to $341 billion by 2021, according to Worldwide Knowledge Company says. The market is expected to continue accelerating at an 18 percent advance in 2022 and remains under observation to break the $500 billion mark by 2024.

Among the many three classes of experts, artificial intelligence software programs account for 88% of the total AI market.

However, in terms of progress, AI {hardware} is expected to grow the fastest in the next few years. By 2023, enterprise AI is expected to be the fastest growing class, the report confirms.

In the AI   server market, there are six companies that made more than $500 million in 2020 – Dell, HPE, Huawei, IBM, Inspur, and Lenovo. Together they hold 62% of the total market share.

In the storage market, AI, Dell, HPE, Hitachi, Huawei, IBM, and NetApp each reached over $100 million in 2020. In the AI   software class, AI Functions has the largest share of almost 50% of sales.

On the way there, the Artificial Intelligence platform is the strongest with a five-year compound annual progress cost (CAGR) of 33.2%.

“The destruction is worrying, but will ultimately act as a catalyst for innovation and transformation. 2020 is a year of accelerated digital transformation and added value for enterprise AI,” said Ritu Giotti, vice chair of AI and Automation Analysis Group at IDC.

“We have entered the realm of AI hard work and choice in all practical areas of the company. “Reporting and implementing AI options that can quickly identify, predict, respond and adapt is critical for enterprises,” Jiotti said in a press release.

The artificial intelligence enterprise market is worth $19 billion in 2020, the fastest progress in terms of hardware and software.

For 2021 it should increase to 19.3 percent. Over the next 5 years you are expected to enjoy one of the best CAGR of 21%.

Read more Google is Planning to Build new Silicon Valley Campus with Hardware Center

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