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AI set to hit $500 billion in sales

10/12/2021

A new report shows the field is growing beyond expectations

A new report just released by the global market research firm IDCestimates that worldwide sales of AI and all its related services will grow to $341.8 billion by the end of this year—more than double of what was estimated last year. The future looks even rosier, with global sales breaking the $500 billion mark in 2024.

The report forecasts a growth rate of almost 19%, in three major categories: software, hardware, and services. Under the software category, whose sales comprise nearly 90% of the entire AI market, apps look to rise the quickest, with a growth rate averaging just above 33% each year for the next five years.

It’s a lot of stats and event horizons, but for anyone planning a career or a move into AI, a more optimistic picture could hardly be illustrated. Engineers currently in school considering a pivot into AI, go for it. Software, hardware, and service companies that are looking to grow their AI divisions—there’s no time like the present.