Fast Facts: Need For AI Tools Creating $10B Market

In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.

The Artificial Intelligence market value is expected to see the most growth in the shortest period of time since the technology’s inception decades ago, a testament to its current need in the workplace. According to a new forecast from MarketsandMarkets, the Artificial Intelligence Platform Market, defined by component, deployment mode, application, and end-user, will see a 30.5% CAGR between now and 2022, jumping from $2.61 billion to $9.88 billion in that time frame.

See related: 7 Essential AI Terms And What They Mean

So what’s driving the boom?

“The increasing demand for AI-based solutions and proliferation in data generation are some of the major driving factors of the AI Platform Market,” the report said. “Furthermore, the increasing demand for intelligent business processes and growing innovation across end-users are expected to provide opportunities for the growth of the AI platform market.”

The report also states North America is the most competitive and rapidly changing AI market in the world, and will continue to be the market leader during the forecast period. Additionally, all major vendors in the market named as leaders over the next half decade are based in the United States.

Have more Fast Facts? Share them with editor Jason Koestenblatt by emailing Get more news and industry analysis directly to your inbox from Enterprise Mobility Exchange by signing up for our newsletters here.