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AI Spending: Despite COVID-19, IT Budgets Push Forward on Spending
In a rush to stay competitive, businesses are pouring IT dollars into Artificial Intelligence. IDC expects that global AI spending will double over the next four years, reaching more than $110 billion in 2024. Digital transformation is a major driver that businesses cite as the reason for their increase in AI budgets.
Ritu Jyoti, program vice president, Artificial Intelligence at IDC, said that “companies will adopt AI — not just because they can, but because they must. AI is the technology that will help businesses to be agile, innovate, and scale. The companies that become ‘AI powered’ will have the ability to synthesize information using AI to convert data into information and then into knowledge, the capacity to learn using AI to understand relationships between knowledge and apply the learning to business problems, and the capability to deliver insights at scale using AI to support decisions and automation.”
The US will account for about half of the spending, followed by Europe and China.
Andrea Minonne, senior research analyst, Customer Insights & Analysis, said that “COVID-19 caused a slowdown in AI investments across the Transportation industry as well as the Personal and Consumer Services industry, which includes leisure and hospitality businesses. These industries will be cautious with their AI investments in 2020 as their focus will be on cost containment and revenue generation rather than innovation or digital experiences.”
