IDC: Worldwide spending on AI to double over next four years

Worldwide spending on artificial intelligence will double over the next four years to reach $110 billion in 2024, according to new spending figures released by IDC. The analyst firm says spending will grow on AI will grow from $50.1 billion in 2020 to more than $110 billion in 2024, with spending on AI systems set to accelerate over the next several years as organisations deploy the technology as part of their digital transformation efforts and to remain competitive in the digital economy. "Companies will adopt AI -- not just because they can, but because they must," says Ritu Jyoti, program vice president, Artificial Intelligence at IDC. "AI is the technology that will help businesses to be agile, innovate, and scale. The companies that become'AI powered' will have the ability to synthesise information (using AI to convert data into information and then into knowledge), the capacity to learn (using AI to understand relationships between knowledge and apply the learning to business problems), and the capability to deliver insights at scale (using AI to support decisions and automation)," he explains. Jyoti says two of the leading drivers for AI adoption are delivering a better customer experience and helping employees to get better at their jobs.