Global AI platform revenue to nearly double by 2024: forecast

AI delivers tangible benefits to businesses

AI platform

Global AI platform revenue to nearly double by 2024: forecast. Source: pixabay.com

According to GlobalData, global AI platform revenue will reach $52 billion by 2024, up from $28 billion in 2019.

That’s due to the fact that spending on AI will rise as businesses seek to accelerate digital transformation and development.

The report states that the next few years will see AI providers focus on delivering tangible benefits to clients and dialing back on the hype that has threatened to overwhelm the industry.

Practical uses of AI will be front and center, as businesses ensure they get their money’s worth by using AI to address specific problems.

The ongoing COVID-19 pandemic has acted as a catalyst for AI adoption. According to GlobalData’s Global Emerging Technology Trends Survey 2020, more than 3/4 of companies believe AI has played a role in helping them survive the pandemic. The pandemic has also expedited AI research in federated learning, which allows for collaboration on models without disclosing sensitive information
Nicklas Nilsson, Senior Analyst for Thematic Research at GlobalData

The data highlights that as AI becomes more pervasive and embedded in life-changing decisions, the need for transparency has increased. There have been plenty of high-profile cases in recent years where AI has contributed to bias and discrimination, with the use of facial recognition for policing just one example.

We’ve reported that the IoT ML and AI market will reach $1.09 billion this year and grow to $10.6 billion in 2026.

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