The artificial-intelligence market is expected to reach $1 billion by 2020, according to a new report from the market research firm Canaccord Genuity.
It is the first estimate of the market’s value since the report was released in November.
“Our forecast is based on an assessment of how many artificial-learning platforms exist in the market and what they do for the market, as well as how well they are integrated into the software that people use,” Canaccords report reads.
“The number of artificial-equivalent (AI) platforms is expected by 2020 to be between 500 million and 1.8 billion, with the majority being in the $1 trillion to $5 trillion range.”
While the market is valued at over $1,500 billion, there are also companies like Amazon and Apple who have already announced significant AI investments in the past year.
The AI market has been growing exponentially in recent years.
In December 2017, the company announced its AI-focused AI platform called PrimeSense would be launched later that year.
That same month, Google launched its AI research lab in Boston and is planning to open an AI research center in Palo Alto.
In 2017, Amazon said it was expanding its AI lab to Palo Alto, while Apple also announced its own AI lab in the city.
“There is a lot of demand for AI, and a lot more people are going to invest in it than are being asked to,” Canals analyst Robert T. Smith said in an interview with The Wall Street Journal.
Its report notes that the company is forecasting that the AI market is poised to hit $1 million by 2020. “
Canaccord is a major player in the AI space and has over $100 billion in annual revenue.
Its report notes that the company is forecasting that the AI market is poised to hit $1 million by 2020.
But, it also says that this figure could be underestimated.
It estimates that the market could reach $2.4 billion by 2023, and the total value of the artificial-intelligent services could reach up to $3.5 trillion by 2031.
