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IDC Revenue for AI software Will Reach $279B in 2027

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Sheryl_Wharff
Sheryl_Wharff Posts: 274 QUANTEXA TEAM

A recent forecast from International Data Corporation (IDC) shows that the worldwide artificial intelligence (AI) software market will grow from $64 billion in 2022 to nearly $251 billion in 2027 at a compound annual growth rate (CAGR) of 31.4%.

The forecast for AI-centric software includes Artificial Intelligence Platforms, AI Applications, AI System Infrastructure Software (SIS), and AI Application Development and Deployment (AD&D) software (excluding AI platforms). However, it does not include Generative AI platforms and applications, which IDC recently forecast will generate revenues of $28.3 billion in 2027.

A recent IDC survey found that, in the next 12 months, roughly a third of respondents believe that organizations will prefer to buy AI software from a vendor or use in-house support alongside vendor-supplied AI software for specific use cases or application areas. This indicates a growing demand for AI solutions and highlights the need for customized approaches based on individual business requirements.

Quantexa's Parsa Ghaffari weighs in with his thoughts: IDC: Revenue for AI Software Will Reach $279B in 2027

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