Home| Features| About| Customer Support| Request Demo| Our Analysts| Login
Gallery inside!
Technology

C3.ai CEO Says AI Will Soon Be A $600 Billion Software Market

March 7, 2023
minute read

The hype surrounding AI is continuing to grow, and so is the size of the market - with some analysts estimating the market may be worth as much as $600 billion by 2025, according to the CEO of C3.ai (AI), Tom Siebel.

In an interview with Yahoo Finance on Friday, Siebel stated that artificial intelligence is expected to grow into a $600 billion market in the near future. "Everyone is going to use enterprise AI applications as they use PCs, as they use databases, and as we use CRM applications," said Siebel.

There has been a massive uptick in AI stocks since the sector experienced its "ChatGPT moment" when an Open AI-developed chatbot sent artificial intelligence careening into the consciousness of the general public.

Siebel credits some of this uptick in investors' interest in these stocks, such as C3.ai, to the role that generative artificial intelligence, such as ChatGPT, has played in upping the levels of curiosity among investors. C3.ai, for example, has seen its share price rise about 134% year-to-date.

According to Siebel, it is undeniable that the trend of development of artificial intelligence has been accelerated by the advent of generational AI. This has led to a growing interest in AI, which seems to work well for C3.ai since we represent the largest application player in that field.

The adoption of AI is moving into high gear as well, according to Haim Israel, Head of Global Thematic Research at Bank of America, who says it's not just a matter of interest.

The technology itself is at warp speed in terms of how fast it's developing, and the technology itself is just at warp speed as far as how fast it's spreading. There has never been a technology that has spread so fast so much, and it has spawned an unprecedented amount of applications on its back," he told Yahoo Finance Live a few weeks ago. "I think it is now in exactly the same place as when the iPhone was launched in 2007 and we will start to see much more applications and value-added services going forward."

C3.ai reported on March 3 that its Q3 2023 revenues were $66.7 million and its net loss was $0.57 per share, based on its quarterly report for Q3 2023. As much as Siebel made it clear that C3.ai's focus is not conversational AI, he made it clear that it is strongly committed to generative AI.

The impact of [generative AI] cannot be overestimated, according to him, so we cannot exaggerate its significance. In this case, we are not using it for chat, okay? We are using it for a fundamentally different purpose than what you might imagine. A fundamental change in the nature of the human-computer interface for enterprise applications is being made by combining enterprise search with natural language processing, generative artificial intelligence, and reinforcement learning."

The types of enterprise applications that are available range from human resource applications to manufacturing applications, Siebel explained. It is worth mentioning that C3 AI's current customers include Shell, ConEdison, Raytheon, the United States Defense Department, the United States Air Force, as well as the United States Army, according to the website of the company.

Tags:
Author
Cathy Hills
Associate Editor
Eric Ng
Contributor
John Liu
Contributor
Editorial Board
Contributor
Bryan Curtis
Contributor
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

Subscribe to our newsletter!

As a leading independent research provider, TradeAlgo keeps you connected from anywhere.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Explore
Related posts.