Asia Pacific to spend US$32bn in 2025 on artificial intelligence

Asia Pacific spending on artificial intelligence (AI) systems will rise from $17.6 billion in 2022 to around $32 billion in 2025, said a study. According to IDC's latest Worldwide Artificial Intelligence Spending Guide, businesses invest in AI to gain a competitive advantage through improved customer insight, increased employee efficiency, and accelerated decision making. IDC forecasts a compound annual growth rate (CAGR) of 25.2% for the period 2020-2025, the study noted. Over the next five years, the banking industry will continue to invest the most in AI solutions. Risk mitigation would be vital for the banking industry's AI investment through augmented threat intelligence and fraud analysis applications.