AI software market to quadruple to $251B by 2027

The market for software that uses artificial intelligence (AI) to automate tasks and generate content in response to user prompts is expected to grow nearly four-fold through 2027.

The worldwide AI software market will grow from $64 billion last year to nearly $251 billion in 2027, representing a compound annual growth rate (CAGR) of 31.4%, according to a new report from IDC, Worldwide Artificial Intelligence Software Forecast, 2023–2027.

Leading the AI software category are generative AI (genAI) applications that can automatically learn, discover, and make recommendations or predictions in response to user requests. There are two forms of AI applications:

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Source:: Computerworld