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AI Software Market Forecast to Hit $62.5 Billion in 2022!

Many enterprises are boosting spending on AI as they seek better processes to develop applications

The AI software market is expected to hit $62.5 billion in 2022, a 21.3% increase, according to a Gartner Inc. report, as enterprises boost their AI spending.

Wunderman Thompson plans to increase its artificial-intelligence spending next year, and the New York-based marketing agency isn’t alone.

“We’re seeing higher performance delivered faster for our clients,” said Alex Steer, Wunderman Thompson’s global chief data officer.

Businesses increasingly are using AI applications to capture and analyze information on their customers, products and markets, but spending could be higher, according to the technology research and advisory firm, as many businesses are still trying to find better processes for scaling their applications development

*Deloitte A.I Chart

The Mayo Clinic plans to increase its AI spending in 2022, with Chief Information Officer Cris Ross saying, “The investment will grow as AI becomes a priority for more departments and clinicians.”

To help speed along projects, it uses an assembly-line approach to artificial-intelligence development known as an AI factory, where small teams use a common set of software tools and procedures.

  • The Mayo Clinic has more than 75 active AI projects using the AI factory approach.

One application in development aims to analyze medical images to identify and classify biomarkers—measurable medical signs, such as excess abdominal fat—that could help predict patient health.






Photo by:AI mag