OneX CEO Rob Godlonton has a look ahead at what to expect in the world of business technology, including from AI. The rise of ChatGPT in November 2022, in retrospect, looks like as much of an inflection point for the IT industry as the Covid-19 crisis and the subsequent shift to remote working models. But as much traction as artificial intelligence gained during 2023, that was just the beginning for the technology — 2024 is when AI will burst into the mainstream.
Predictions are being made that the worldwide AI software market will grow from US$64-billion in 2022 to nearly $251-billion in 2027. That excludes generative AI solutions and platforms, a market which is expected to have a compounded annual growth rate (CAGR) of 73.3% between 2023 and 2027, more than twice the rate of growth in overall AI spending and almost 13 times greater than the CAGR for worldwide IT spending over the same period. This is a story that is likely to dwarf every other story in IT for years to come