AI spend in Europe to hit $21bn in 2023 - Supply Management

European spending on artificial intelligence (AI) is estimated to reach more than $7bn in 2019 and to almost triple over the next four years, according to market intelligence firm IDC. The latest IDC Worldwide Semiannual Artificial Intelligence Spending Guide forecasts AI spending to grow at 32% per year, topping $21bn in Europe in 2023. Industries with the highest AI spend will be banking, retail, and discrete manufacturing, accounting for 39% of total spending. The report found that healthcare remains an attractive market for AI. Many hospitals are piloting projects and are increasing investments in AI-enabled diagnosis and treatment systems which will support a 38% increase in spending across the health sector over the next five years.