- Omdia sees continued double-digit growth ahead, although the cumulative market size for 2019-2025 will be reduced by 22 per cent compared to the pre-COVID forecasts
- It added that it will rise by a factor of six from $16.4 billion in 2019 despite the varying effects of the COVID-19 pandemic across different industries
Omdia added that the AI software market has experienced tremendous growth over the past several years. Though the COVID-19 pandemic has dampened growth forecasts for the market, its impact is uneven across the industry. It added that some industries are retrenching like energy, oil, gas, and mining. There are few markets, like healthcare that are accelerating AI adoption.
Omdia sees continued double-digit growth ahead, although the cumulative market size for 2019-2025 will be reduced by 22 per cent compared to the pre-COVID forecasts.
Omdia senior analyst, Neil Dunay said, “Economic effects from the COVID-19 pandemic have widened the dichotomy between early AI adopters—the ‘AI haves’—and the trailing followers—the ‘AI have nots. Industries that have pioneered AI deployments and have the largest AI investments are likely to continue to invest in what they view as proven, indispensable technology for cost-cutting, revenue generation, and enhancing customer experience.”