Investments in artificial intelligence to triple, as firms seek payday

Worldwide spending on cognitive and artificial intelligence systems is expected to triple over the next three years, as organizations invest in projects that use cognitive/AI software capabilities, according to a recent report from International Data Corporation. Spending on cognitive and AI systems will reach $77.6 billion in 2022. That's up more than three times compared with the $24.0 billion spending forecast for 2018. The compound annual growth rate (CAGR) for the 2017 to 2022 period will be 37 percent, the firm said. Organizations using these technologies to drive innovation are seeing benefits in terms of revenue, profit and overall leadership in their respective industries and segments, said David Schubmehl, research director, cognitive/artificial intelligence systems at IDC. Software will be both the largest and fastest growing technology category throughout the forecast period, accounting for about 40 percent of all cognitive/AI spending and with a five-year CAGR of 43 percent.