According to a report by IT Home on November 2, according to the latest estimate report released by market research agency IDC, the global AI software market size will be $64 billion in 2022 and is expected to increase to $279 billion in 2027, with a compound annual growth rate (CAGR) of 31.4%. A recent IDC survey found that in the next 12 months, about one-third of respondents believe that organizations would prefer to purchase AI software from a vendor, or use in-house support and vendor-provided AI software for a specific use case or application area. This indicates the growing demand for AI solutions and highlights the need for a customized approach based on individual business needs. AI software includes AI platforms, AI applications, AI system infrastructure software (SIS), and AI application development and deployment (AD&_D) software, among others, with generative AI platforms and applications generating $28.3 billion in revenue by 2027. AI applications account for the highest share of AI software, accounting for about one-third of the total market revenue in 2023. This category includes collaboration, content workflow and management, enterprise resource management (ERM), supply chain management, production and operations, engineering, and customer relationship management (CRM) applications. The AI application category is growing at a CAGR of 21.1% over the next 5 years.
