IDC predicts AI spending to close in on $100 billion within five years

The report, the Worldwide Artificial Intelligence Spending Guide, said that in 2019, worldwide spending on AI is expected to be $37.5 billion, but that this amount will almost treble by 2023, hitting just a smidgeon less than $100 billion -- $97.9 billion. Not only does the IDC report present good news for AI, it also refers to the machine learning phrase -- or ML, a nod to those who work in the business and are often quite frustrated by the over use of the AI acronym with all its connotations with hype. David Schubmehl, research director at Cognitive/Artificial Intelligence Systems at IDC said: "The use of artificial intelligence and machine learning (ML) is occurring in a wide range of solutions and applications from ERP and manufacturing software to content management, collaboration, and user productivity. Artificial intelligence and machine learning are top of mind for most organisations today, and IDC expects that AI will be the disrupting influence changing entire industries over the next decade." The IDC report said that investment in AI will be led by retail and banking industries.