Massive AI market growth to be driven by retail, banking

Worldwide spending on artificial intelligence (AI) systems is forecast to reach US$35.8 billion in 2019, an increase of 44.0% over the amount spent in 2018. With industries investing aggressively in projects that utilise AI software capabilities, the IDC Worldwide Semiannual Artificial Intelligence Systems Spending Guide expects spending on AI systems will more than double to $79.2 billion in 2022 with a compound annual growth rate (CAGR) of 38.0% over the 2018-2022 forecast period. Spending will be led by the retail industry where companies will invest $5.9 billion this year on solutions such as automated customer service agents and expert shopping advisors & product recommendations. Banking will be the second largest industry with $5.6 billion going toward AI-enabled solutions including automated threat intelligence and prevention systems and fraud analysis and investigation systems. Discrete manufacturing, healthcare providers, and process manufacturing will complete the top 5 industries for AI systems spending this year.