IDC: Expect AI Spending To More Than Double To $632B
ComputerWorld, Monday, August 19th, 2024
AI spending is expected to grow by nearly 30% a year over the next four years, driven mainly by embedded tools and genAI, according to research firm IDC.
Worldwide spending on artificial intelligence (AI), including AI-enabled applications, infrastructure, and related IT and business services, will more grow by 29% annually at least through 2028 and reach a value of $632 billion, according to a new IDC Worldwide AI and Generative AI Spending Guide.
The financial services industry is expected to spend the most on technology, with banking leading the way; financial services will account for more than 20% of all AI spending, followed by software and information services and retail. Combined, those three industries will account for roughly 45% of all AI spending during the period.