Artificial Intelligence for Enterprise Applications to Reach $11.1 Billion in Market Value by 2024

Deep Learning Will Be the Breakout Technology; Key Industries for Adoption Will Include Advertising Service Technology, Investment, Media, Manufacturing, and Oil & Gas

After 60 years of false starts, the integration of artificial intelligence (AI) with probability and statistics has led to a marriage of machine learning, control theory, and neuroscience that is yielding practical benefits.  This shared theoretical foundation, combined with the exponential growth of processing power and the unprecedented increase in the amount of data available to analyze, has made AI systems attractive for businesses to adopt.

According to a new report from Tractica, the market for enterprise AI systems will increase from $202.5 million in 2015 to $11.1 billion by 2024.  The market intelligence firm forecasts that enterprise AI deployments will also drive significant investments in professional services such as installation, training, customization, integration, and maintenance, along with additional spending on IT hardware and services including computing power, graphics processor units (GPUs), networking products, storage, and cloud computing.

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“While artificial intelligence has been just beyond the horizon for decades, a new era is dawning,” says principal analyst Bruce Daley. “Systems modeled on the human brain such as deep learning are being applied to tasks as varied as medical diagnostic systems, credit scoring, program trading, fraud detection, product recommendations, image classification, speech recognition, language translation, and self-driving vehicles.  The results are starting to speak for themselves.”

Tractica’s report, “Artificial Intelligence for Enterprise Applications”, examines the practical application of AI within commercial enterprises.  The technologies covered include cognitive computing, deep learning, machine learning, predictive APIs, natural language processing, image recognition, and speech recognition.  The report presents 10-year forecasts for AI software, along with AI-driven services and hardware sales, for the period from 2015 through 2024.  An Executive Summary of the report is available for free download on the firm’s website.

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