Artificial intelligence is revolutionizing industries worldwide, helping businesses to improve their efficiency, quality, and speed
According to LearnBonds, global AI software market value is expected to jump from $22.6 billion in 2020 to $126 billion by 2025. AI is using automation, deep learning, and natural language processing to streamline business operations and decision making.
The research unveils that companies such as IBM, Microsoft, Google, and Samsung have submitted thousands of AI patent applications, while AI-related startups get billions of dollars invested annually.
In 2018, the global artificial intelligence software industry value hit $10.1 billion, the study says. And over the last two years, the market worth doubled to $22.6 billion. Although, the following years are expected to witness a growth of the entire AI software industry.
The report reveals that North America is the leading global AI software industry. It is expected to top $9.8 billion in 2020 with further growth to over $51.5 billion value y 2025.
Meanwhile, the Asia-Pacific region ranked as the second-largest AI software industry in the world. It is expected to grow five times to $32.9 billion by 2025, compared to $6.3 billion in 2020. The European market is expected to jump from $5 billion in 2020 to $26.5 billion in 2025, making it the third-largest globally.