Global spending on AI could reach $100 billion by 2024

The IDC Worldwide Artificial Intelligence Spending Guide has forecast that global spending on artificial intelligence (AI) will double over the next four years, from US$50.1 billion in 2020 to more than US$100 billion in 2024. Spending on AI systems will accelerate, as organisations 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%. Ritu Jyoti, program vice president, Artificial Intelligence at IDC, predicts that AI technology will help businesses be agile, innovate and scale. "Companies will adopt AI -- not just because they can, but because they must. The companies that become'AI powered' will have the ability to synthesise 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)," Jyoti said.