According to IDC guide (Worldwide Semiannual Artificial Intelligence Systems Spending Guide), the global expenditure on AI is bound to grow by $35.8 billion this year. It will be growing twice this rate by about $79.2 billion in 2022, having a CAGR (compound annual growth rate) of 38.0% throughout the period of 2019-22.
The global spending will be mainly involving the retail industry. The big companies are expected to invest around $5.9 billion, this year, on automated customer service agents and expert shopping advisors. Product recommendations will be there too.
Apart from that, banking will be another industry dealing heavily in AI. It will be putting about $5.6 billion for AI-enabled solutions like automated threat intelligence & prevention systems, and fraud analysis & investigation systems. Other remaining top industries will be discrete manufacturing, healthcare providers, and process manufacturing, dealing in AI.
“Significant worldwide artificial intelligence systems spend can now be seen within every industry as AI initiatives continue to optimize operations, transform the customer experience, and create new products and services”, said Marianne Daquila, research manager, Customer Insights & Analysis, at IDC.
“This is evidenced by use cases, such as intelligent process automation, expert shopping advisors & product recommendations, and pharmaceutical research and discovery exceeding the average five-year compound annual growth of 38%. The continued advancement of AI-related technologies will drive double-digit year-over-year spend into the next decade”, she added.