The Global Enterprise Artificial Intelligence Market Will Reach $342 Billion in 2022

According to a report by the International Data Corporation (IDC), global artificial intelligence market revenue is expected to grow 15.2% year-over-year in 2021 to reach 341, $8 billion. A substantial amount which should increase further in 2022 with growth of 18.8%. A look back at this survey which highlights the AI ​​solutions market. Software, Hardware, Services, return to market related to these three categories of AI solutions and offers.

The situation of the AI ​​software market over the next five years

If at present, the market for AI solutions for companies has reached 342 billion dollars, it is predicted that in 2024, the 500 billion dollar mark can be crossed. While software occupies 88% of the global AI market, services and hardware should experience much faster growth in the coming years.

When it comes to AI software in general, applications take 50% of revenue. In terms of growth, AI platforms have the highest five-year compound annual growth rate (CAGR) at 33.2%. Below, find the graph of all the developments according to the categories of software:

Ritu Jyoti, Vice President for AI and Automation Research at IDC commented on these findings:

AI services: a constantly expanding market

The market for AI services was estimated at $19.4 billion in 2020, which represents the fastest growth compared to to hardware and software. For 2021, it is expected to grow by 19.3%. Over the next five years, it is expected to enjoy the best CAGR of 21%. Find a histogram on the services market, with in blue, the IT services market and in turquoise, that of business services.

Jennifer Hamel, head of research in the Analytics and Intelligent Automation Services department, explains:

Hardware is the fastest growing market

Currently, dedicated AI hardware accounts for 5% of the global AI market. Nonetheless, it is expected to experience the fastest growth in 2021 at 29.6% year-over-year. It is also expected to hold the best growth spot in 2022. Over the next five years, its CAGR is estimated at 19.4%. Find below its evolution according to the regions, with in blue, the servers and in turquoise, the storage:

Peter Rutten, Research Director, Infrastructure Systems, Platforms and Technologies at IDC adds:

To conclude, six companies generated more than $500 million each in 2020 in the server market. These are Dell, Hewlett Package Enterprise (HPE), Huawei, IBM, Inspur and Lenovo. Together, these six behemoths hold 62% of the overall server market. In terms of storage, there are also HPE, Dell, Huawei and IBM, along with NetApp and Hitachi. Each of these firms has generated at least $100 million in the storage market for a combined market share of 68%.