Worldwide AI spending to reach more than $110 billion in 2024 - Help Net Security

Global spending on AI is forecast to double over the next four years, growing from $50.1 billion in 2020 to more than $110 billion in 2024. According to IDC, spending on AI systems will accelerate over the next several years as organizations deploy artificial intelligence as part of their digital transformation efforts and to remain competitive in the digital economy. The compound annual growth rate (CAGR) for the 2019-2024 period will be 20.1%. "Companies will adopt AI -- not just because they can, but because they must," said Ritu Jyoti, Program VP, 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 synthesize 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)."