IDC: AI Spending Expected to Double Globally to $110B by 2024

Global spending on artificial intelligence technologies will double to $110 billion by 2024 as AI use grows to bolster the competitiveness and digital transformations of more businesses and other organizations. That's the conclusion of a new IDC Worldwide Artificial Intelligence Guide, which examines AI use, trends and markets over the next four years. AI spending in 2020 is estimated at $50.1 billion, but that figure will more than double as new AI use cases and technology improvements continue, according to the guide. The compound annual growth rate (CAGR) for the 2019-2024 period will be 20.1%. The biggest AI business drivers include delivering improved customer experiences and helping employees get better at their jobs, according to the guide.