The global AI software system market is expected to reach $78bn by the end of 2025, up from $2.65bn in 2017, reflecting a CAGR of 52.6% between 2018-25, according to a report by QY Research.
The report found that AI software is mainly used for three applications: Image processing; text processing; and voice processing. Of these applications, text processing was the most widely used area, taking up almost 50% of the global total in 2017. Image processing is an area which is anticipated to see significant growth and is expected to occupy a much larger share in the forecast period.
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"The US has been the largest consumption country of artificial intelligence software system in the world for the past few years and it will keep the leader position over the next few years," said QY Research. "The US market took up about 35.8% of the global market in 2017, while Europe was at about 22.4%."
In addition to holding the highest market share, the report identified the US as the key developers of AI software systems, with most companies being based in the US.
Despite concerns that AI will cause job redundancies, Gartner research forecast that AI will eliminate 1.8 million jobs but create 2.3 million by 2020.