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Worldwide AI Spending: Digital Transformation Powered by AI Goes Global
“Interest and awareness of AI is at a fever pitch. Every industry and every organisation should be evaluating AI to see how it will affect their business processes and go-to-market efficiencies,” said David Schubmehl, research director at IDC.
Global spending on Artificial Intelligence (AI) is expected to reach $19.1 billion in 2018, 54 percent growth from 2017, and is on-track to grow to $52.2 billion by 2021.
Marianne Daquila, research manager at IDC, said that “enterprise digital transformation strategies are increasingly including multiple cognitive/artificial intelligence use cases. Business transformation is occurring across all industries as successful companies embrace the array and potential impact of these solutions. Automated customer service agents, increased public safety, preventative maintenance, reduction of fraud, and improved healthcare diagnosis are just the tip of the iceberg driving spend today.”
When industries are ranked by the total amount that they are spending on AI, retail tops the list with $3.4 billion in 2018, followed by $3.3 billion in finance and banking, and then $2 billion by discrete manufacturing.
