April 5, 2019
Worldwide spend on artificial intelligence systems will hit $35.8 billion this year, reflecting a 44% jump over 2018 spend, according to an IDC report.
That growth will continue, according to the research firm's Worldwide Semiannual Artificial Intelligence Systems Spending Guide, with spending more than doubling, hitting $79.2 billion, in just three years.
The spend will be led by the retail industry which the research predicts will invest $5.9 billion this year, on projects including automated customer service and shopping advisors as well as product recommendation, according to a press release on the findings.
"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, in the release. "This is evidenced by use cases, such as intelligent process automation, expert shopping advisors and product recommendations, and pharmaceutical research and discovery exceeding the average 5-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."
