The business market for artificial intelligence (AI) software is booming as companies seek new ways to cut costs and automate laborious tasks. And that trend is already reflected in this year’s FT-Statista ranking of the Americas’ 500 fastest-growing companies: it includes at least two dozen that claim to use AI or machine learning in their products.
The market for AI services is estimated to be worth $50bn in the US alone this year, but it will still be between three to five years before a majority of companies are using the technology, predicts Nick Patience, managing analyst at 451 Research, part of S&P Global Market Intelligence.
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