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AI will be unstoppable with market value to jump 457% by 2025
Wed, 11th Mar 2020
FYI, this story is more than a year old

The emergence of artificial intelligence (AI) in tandem with the growing volume and complexity of business data means there will be few in the future workforce to have their work untouched by AI.

The global AI software market will be an unstoppable force in the coming years, with a 457% leap in market value from 22.6 billion this year to USD$126 billion in 2025, according to Learnbonds.

As a result of this, one in five workers in a nonroutine job will rely on AI for at least part of their role.

AI can easily bolster business efficiency and quality, and these draws are proving irresistible to many organisations worldwide looking to streamline operations.

By using automation, deep learning, and natural language processing, AI can ease decision making and predict trends.

Evidence of the great shift to AI has been revealing itself in recent years, with companies such as IBM, Microsoft, Google, and Samsung having each submitted thousands of AI patent applications.

AI-related start-ups are filling voids made by the rapid emergence of the technology, and have already started collecting billions of dollars in investment.

Over the last two years, the market value has doubled from $10.1 billion in 2018 to $22.6 billion this year, according to Tradica Artificial Intelligence Market Forecast.

But Learnbonds says this doesn't hold a candle to the projected growth in the upcoming five-year period, where the market value will increase fivefold.

North America is the leading AI software industry in the world, with giants like Microsoft, IBM, Google leading the market, and will likely maintain this supremacy for the near future, says Learnbonds.

The North American market alone is expected to top $9.8 billon this year, with projections showing it will hold 40% of the market by 2025 with its market value within the industry at $51.5 billion in five year's time.

The Asia-Pacific region ranked as the second-largest AI software industry globally, valued at $6.3bn. By 2025, this figure is forecast to grow five times to $32.9bn, which will represent 26% market share.

The European market, the third-largest globally, is expected to jump from $5bn in 2020 to be worth $26.5bn in 2025, a 21% market share.

Although many people consider automation and AI as traditional job killers, the coming years are expected to witness a growing integration between human and digital workers, creating a new hybrid workforce.

Routine and mundane tasks can be assigned to AI while more complex and analytical jobs will be left for humans, allowing more time and effort to be invested in these key tasks.

This new hybrid workforce is expected to reduce costs, improve efficiency, and create better products and services for customers, says Learnbonds.