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Market intelligence firm Tractica has released a new report which explores the global market for artificial intelligence (AI) software between 2018 and 2025.

According to the study, the annual global AI software revenue will grow from $10.1 billion to $126.0 billion during the forecast period.

More than 330 AI software use cases will contribute to market growth across 28 Industries.

The strongest enterprise AI opportunities are in the automotive, consumer, financial services, telecommunications and retail industries.

The top five sectors dominating the AI software market have clear business cases for incorporating AI unlike other industries with pie-in-the-sky use cases that may not generate a return on investment for many years.

The consumer sector will draw large amounts of revenue owing to a combination of three key factors, large data sets, high-performance hardware and state-of-the-art algorithms, which require the use of AI software.

Principal analyst Keith Kirkpatrick said AI within the consumer, enterprise, government, and defence sectors is migrating from a conceptual “nice to have” to an essential technology driving improvements in quality, efficiency, and speed.

“The global AI market is entering a new phase in 2020 where the narrative is shifting from asking whether AI is viable to declaring that AI is now a requirement for most enterprises that are trying to compete on a global level.”

Click here for more information about the report.