Artificial intelligence spending to surge in 2017, hit $46 billion by 2020

IDC predicted that worldwide spending on artificial intelligence and cognitive computing technologies will leap by 60 percent to $12.5 billion this year -- and then escalate to $46 billion by 2020. The IT consultancy's estimates span several vertical industries, healthcare included, and suggest that businesses and consumers will spend the most on cognitive applications, AI platforms, cognitive-related services, as well as dedicated storage and servers, respectively. IDC distinguishes between cognitive applications and platforms as such: apps contain features and functionalities capable of learning and discovery to ultimately make recommendations, while platforms provide tools for accessing and analyzing both structured and unstructured data. "Intelligent applications based on cognitive computing, artificial intelligence, and deep learning are the next wave of technology transforming how consumers and enterprises work, learn, and play," IDC research director David Schubmehl said. Healthcare IT News and HIMSS Analytics published survey results just last week that found approximately one-third of hospitals intend to deploy AI technologies within two years and more than half plan to do so within five years.