The artificial intelligence (AI) market was valued at $21.5 billion in 2018 and will reach 190.6 billion by 2025 — that’s a CAGR of 36.6 percent. Major drivers are big data, cloud-based applications, and demand for intelligent virtual assistants.
More and more non-technology companies are adopting digital technologies like AI, data analytics, and machine learning. This study of the economic performance of non-tech firms adopting new digital technologies finds a persistent future increase in valuation.
“It’s too soon to say that machine-learning is the secret to properly evaluating candidates, or that the world is ready for whatever is going to replace resumes. But it’s plain to see how even small changes in the process might address some of the biggest failings of traditional hiring methods.”
The North America retail market is an example of incumbent disruption and slow-moving, executive responses to technology-fueled change. The world’s largest consumer-driven economy is likely a precursor to market shifts that will impact retailers across the globe.
According to the latest worldwide market study by Juniper Research, global spending by retailers on AI services will reach $12 billion by 2023 — that’s up from an estimated $3.6 billion in 2019. Juniper expects over 325,000 retailers to adopt AI technology over the forecast period.