IBM Watson to generate $500M this year: 5 things to know

After a slow start, IBM's artificial intelligence technology, Watson, is expected to grow in the coming years, according to the New York Times.

Here's what you need to know:

1. IBM has spent more than $4 billion in purchasing companies that own medical data, including billing records, patient histories and X-ray images.

2. Watson may generate $500 million in revenue this year, according to estimates from the securities research arm of the Swiss bank UBS.

3. UBS also estimates that Watson may generate up to $6 billion by 2020 and up to $17 billion by 2022.

4. The research firm IDC predicts that, by 2020, 60 percent of artificial intelligence applications will run on Amazon, Google, Microsoft or IBM.

5. The artificial intelligence-related hardware, software and services market is expected to grow from $8 billion this year to $47 billion by 2020, according to IDC.

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