Machine Learning And AI Spending To Surge Toward $47 Billion By 2020: IDC - Which-50

Spending on cognitive systems and artificial intelligence (AI) across a broad range of industries will drive worldwide revenues from nearly $8.0 billion in 2016 to more than $47 billion in 2020. In its Worldwide Semiannual Cognitive/Artificial Intelligence Systems Spending Guide IDC said the market for cognitive/AI solutions will experience a compound annual growth rate (CAGR) of 55.1 per cent over the 2016-2020 forecast period. According to David Schubmehl, research director, Cognitive Systems and Content Analytics at IDC, "Software developers and end user organizations have already begun the process of embedding and deploying cognitive/artificial intelligence into almost every kind of enterprise application or process" "Recent announcements by several large technology vendors and the booming venture capital market for AI startups illustrate the need for organizations to be planning and undertaking strategies that incorporate these wide-ranging technologies," he said. Schubmehl said identifying, understanding, and acting on the use cases, technologies, and growth opportunities for cognitive/AI systems will be a differentiating factor for most enterprises and the digital disruption caused by these technologies will be significant. The ability to recognize and respond to data flows using algorithms and rule-based logic enables cognitive/AI systems to automate a broad range of functions across many industries.