AI technology and services revenues hit £156 Billion

A new report from IDC shows that global AI software, hardware, and services revenues are expected to exceed $156 billion in 2020, with 80% generated from software. The market is expected to grow to $300 billion in 2024.

AI-powered CRM and ERM applications account for more than $120 Billion in 2020, with platforms making up the rest. Other areas of activity include content production, management, workflow and collaboration.

The market for AI services will reach $18.4 billion in 2020, an increase of 13% year over year, with AI IT services accounting for nearly 80%.

IDC expects combined AI server and storage hardware revenues to reach $13.4 billion in 2020, with servers accounting for more than 80% and year-on-year growth expected to exceed 35%.

Source: Electronics Weekly