• The market size in the Artificial intelligence (AI) market is projected to reach US$305.90bn in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 15.83%, resulting in a market volume of US$738.80bn by 2030.
  • In global comparison, the largest market size will be in the United States (US$106.50bn in 2024) (Source: Statista)

By 2027, spending on AI software will grow to $297.9 billion, with a CAGR of 19.1%. Over the next five years, the market growth will accelerate from 17.8% to reach 20.4% in 2027. Generative AI software spend will rise from 8% of AI software in 2023 to 35% by 2027, according to Gartner.

Today’s leading Top AI companies in the world are expanding their technological reach through other technology categories and operations, ranging from predictive analytics to business intelligence to data warehouse tools to deep learning, alleviating several industrial and personal pain points. There are several areas where artificial intelligence trends will have a tremendous impact in the year 2024.

“The AI software market is picking up speed, but its long-term trajectory will depend on enterprises advancing their AI maturity,” said Alys Woodward, senior research director at Gartner.

The AI software market encompasses applications with AI embedded in them, such as computer vision software, as well as software that is used to build AI systems. Gartner’s AI software forecast is based on use cases, measuring the amount of potential business value, timing of business value and risk to project how use cases will grow.

Gartner forecasts that the top five use case categories for AI software spending in 2022 will be knowledge management, virtual assistants, autonomous vehicles, digital workplace and crowdsourced data (see Table 1).

Table 1. AI Software Market Forecast by Use Case, 2021-2022, Worldwide (Millions of U.S. Dollars)

Segment2021 Revenue2021 Growth (%)2022 Revenue2022 Growth (%)
Knowledge Management5,46617.67,18931.5
Virtual Assistants6,21012.07,12314.7
Autonomous Vehicles5,70313.76,84920.1
Digital Workplace3,59313.74,30920.0
Crowdsourced Data3,48313.64,17119.8
Source: Gartner (November 2021)

A large share of IBM’s patent applications in 2019 focused on natural language processing (NLP). Speech recognition, machine learning, and neural networks have been particularly prominent among Big Tech’s patent applications recently.

AI tech firms

The leaders in AI technology

The number of AI-related Merger & Acquisitions deals has increased from less than 100 deals in 2016 to 500 in 2019, with Apple leading the US tech giants, followed by the rest of GAFAM alongside Intel and IBM. Top AI companies and big data analytics companies are focusing on developing AI products to increase market.

AI company buys

The global AI platform market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is estimated to be the largest revenue-generating region. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D.

It’s clear that companies with access to large amounts of data to power AI models are leading AI development. Key groups within AI include GAFAM (Google, Apple, Facebook, Amazon and Microsoft), BAT (Baidu, Alibaba, and Tencent), early-mover IBM and hardware giants Intel and Nvidia. The top artificial intelligence companies and ai data analytics companies are investing in AI and machine learning.

Worldwide revenues for the artificial intelligence (AI) market, including software, hardware, and services, is forecast to grow 19.6% year over year in 2022 to $432.8 billion, according to the latest release of IDC Worldwide Semiannual Artificial Intelligence Tracker. The market is expected to break the $500 billion mark in 2023.

Among the three technology categories, AI Software will see its share of spending decline slightly in 2022 as spending for AI Hardware and Services grows more quickly. This trend will continue into 2023. Overall, AI Services is forecast to deliver the fastest spending growth over the next five years with a compound annual growth rate (CAGR) of 22% while the CAGR for AI Hardware will be 20.5%.

In the AI Software category, AI Applications accounted for 47% of spending in the first half of 2021, followed by AI System Infrastructure Software with around 35% share. In terms of growth, AI Platforms are expected to perform the best with a five-year CAGR of 34.6%. The slowest growing segment will be AI System Infrastructure Software with a five-year CAGR of 14.1%.

Within the AI Applications segment AI ERM is forecast to grow the fastest over the next several years relative to AI CRM and the rest of AI Applications. Among all the named software markets published in the Tracker, AI Lifecycle Software is forecast to see the fastest growth with a five-year CAGR of 38.9%.

IDC Forecasts AI software market
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Top 100 AI companies in the world:

To keep up with the AI market, Here is the list of top 100 AI companies in the world, These top Artificial Intelligence companies, ai data analytics companies and big data companies playing a key role in shaping the future of AI.

  1. Google  
  2. Apple
  3. Facebook
  4. Amazon Web Services  
  5. Microsoft  
  6. HPE  
  7. Ayasdi  
  8. Qualcomm Technologies  
  9. Absolutdata
  10. Alibaba Cloud
  11. Salesforce  
  12. IBM  
  13. Intel  
  14. Tencent
  15. Cambricon
  16. Darktrace
  17. Megvii
  18. Mobvoi
  19. SenseTime
  20. OpenAI
  21. Vicarious
  22. Ubiquity6
  23. AIBrain
  24. CloudMinds
  25. Affectiva
  26. Nvidia
  27. AI.Reverie [Enterprise technology]
  28. Siemens
  29. DefinedCrowd
  30. MightyAI
  31. Dataiku
  32. Machinify
  33. DataRobot
  34. Tamr
  35. H20.ai
  36. Trifacta
  37. Dremio
  38. SigOpt
  39. Mabl
  40. Applitools
  41. Demisto
  42. Anodot
  43. Shape Security
  44. Vectra Networks
  45. Area 1 Security
  46. Agari Data
  47. Jask Labs
  48. Perimeter X
  49. BounceX
  50. Unbabel
  51. Gong
  52. Gamalon
  53. FullStory
  54. UiPath
  55. Automation Anywhere
  56. Orbital Insight
  57. Descartes Labs
  58. Element AI
  59. SparkCognition
  60. Prowler.io
  61. Bossa Nova Robotics
  62. SenSat
  63. 4Paradigm [Finance and insurance]
  64. BioCatch
  65. DataVisor
  66. HyperScience
  67. Behavox
  68. AppZen [Government]
  69. One Concern
  70. SenseTime
  71. Face++
  72. Yitu Technology
  73. Fortem Technologies
  74. Shield AI
  75. Benson Hill Biosystems [Agriculture]
  76. Taranis
  77. Auto
  78. Nuro
  79. Pony.ai
  80. Drive.ai
  81. Nexar
  82. DeepMap
  83. Mapillary
  84. Momenta
  85. AEye
  86. DeepScale
  87. Iris Automation
  88. Perceptive Automata
  89. Qventus [Health care]
  90. LeanTaaS
  91. Insitro
  92. Owkin
  93. Atomwise
  94. Paige.ai
  95. Niramai
  96. Butterfly Network
  97. IDx Technologies
  98. Arterys
  99. Viz.ai
  100. Mindstrong Health
  101. Gauss Surgical
  102. Medopad
  103. Sense Labs [Industrial]
  104. Falkonry
  105. C3
  106. Kebotix
  107. Zymergen
  108. Landing AI
  109. LawGeex [Legal, compliance, and HR]
  110. Eigen Technologies
  111. Onfido
  112. Textio
  113. AI Foundation [Media]
  114. New Knowledge
  115. Arraiy
  116. Hover [Real estate]
  117. Skyline AI
  118. TwentyBN [Retail]
  119. Abeja
  120. Signifyd
  121. AiFi
  122. Sift
  123. Habana Labs [Semiconductor]
  124. Graphcore
  125. Cerebras Systems
  126. Horizon Robotics
  127. Thinci
  128. Syntiant
  129. Mythic
  130. Mist Systems

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