IDC: AI spending will reach $342B in 2021

All the sessions from Transform 2021 are available on-demand now. Companies could spend nearly $342 billion on AI software, hardware, and services in 2021. That's according to the latest edition of IDC's Worldwide Semiannual Artificial Intelligence Tracker, which forecast that the AI market will accelerate in 2022, with 18.8% growth, and remain on track to break the $500 billion mark by 2024. For its report, IDC surveyed over 700 large enterprises across a total of 27 countries and five rest-of regions. While the report suggests the competitive AI landscape remains highly fragmented, 2020 was the year that strengthened the value of enterprise AI, according to IDC's Ritu Jyoti.