Global spending on AI 'expected to double in four years', says IDC - AI News

Worldwide spending on artificial intelligence (AI) is forecast to double over the coming for years to hit $110 billion by 2024, according to new data from IDC. The figure, which comes from the analyst firm's latest Worldwide Artificial Intelligence Spending Guide, calculates a CAGR of 20.1% as adopting AI becomes a'must' in the enterprise. In particular, companies will utilise AI to deliver a better customer experience, as well as help employees to become better at their jobs. Automated customer service agents, sales process recommendation and automation, as well as automated threat intelligence and prevention, are the primary use cases outlined by IDC. Retail and banking are the two industries most likely to splurge in the coming years.