IDC Forecasts Companies to Increase Spend on AI Solutions by 19.6% in 2022

NEEDHAM, Mass., February 15, 2022 – Worldwide revenues for the artificial intelligence (AI) market, including software, hardware, and services, is forecast to grow 19.6% year over year in 2022 to $432.8 billion, according to the latest release of the International Data Corporation (IDC) Worldwide Semiannual Artificial Intelligence Tracker. The market is expected to break the $500 billion mark in 2023. "AI has emerged as the next major wave of innovation. AI solutions are currently focused on business process problems and range from human augmentation to process improvement to planning and forecasting, empowering superior decisioning and outcomes. Advancements in language, voice and vision technologies, and multi-modal AI solutions are revolutionizing human efficiencies," said Ritu Jyoti, group vice president, Worldwide Artificial Intelligence (AI) and Automation Research at IDC. "Overall, AI plus human ingenuity is the differentiator for enterprises to scale and thrive in the era of compressed digital transformation."