While the pandemic has slowed adoption of many technologies, deployments of artificial intelligence solutions continue to grow at double digit rates. Utilities are using the emerging application building block to make sense of the gobs of information that they have been collecting and also to service their customers more effectively.
Worldwide revenue for the artificial intelligence market, which includes software, hardware, and services, is expected to reach $156.5 billion in 2020, an increase of 12.3% over 2019 — but a bit lower than expected because of the Covid 19 pandemic –, according to International Data Corp. The market research firm projects that worldwide revenue will surpass $300 billion in 2024, a five-year Compound Annual Growth Rate (CAGR) of 17.1%, quite impressive.
