Global Spending on AI Systems to Hit $98 Billion by 2023 – IDC -- ADTmag

Spending on artificial intelligence (AI) hardware and software is predicted to expand two-and-a-half times from current expenditure of $37.5 billion to $97.9 billion, according to a new report by International Data Corporation (IDC). That is a compound annual growth rate (CAGR) of 28.4 percent during the five-year 2018-2023 period of the report's forecast. Developers will see increased spending for AI software as it is predicted to overtake hardware purchases by 2023, according to the IDC Worldwide Artificial Intelligence Systems Spending Guide. In 2019 hardware spending for AI infrastructure is outpacing software purchases, IDC reports. But by 2023, it predicts that spending for AI software and AI software platforms will see 36.7 percent CAGR.