Generative AI Spending To Reach $143 Billion In 2027, Says IDC
ZDNet, Monday, October 16,2023
The forecasted growth of generative AI investments is more than twice the growth rate in overall AI spending and 13 times greater than the CAGR for worldwide IT spending over the same period, according to IDC.
It seems that nearly every major company is finding ways to incorporate AI into their business plans, investing in building or adopting generative AI models to carry out specific tasks. A new report forecasts that the spending will only increase.
International Data Corporation (IDC) predicts that by 2027, spending on generative AI solutions, which includes software, related infrastructure hardware, and IT/business services needed to implement the generative AI, will reach $143 billion.