Companies to spend $342 bn on AI solutions in 2021: IDC

Worldwide revenues for the artificial intelligence (AI) market, including software, hardware and services, is estimated to grow 15.2 per cent (year-over-year) in 2021 to $341.8 billion, according to the International Data Corporation (IDC). The market is forecast to accelerate further in 2022 with 18.8 per cent growth and remain on track to break the $500 billion mark by 2024. "However, in terms of growth, AI Hardware is estimated to grow the fastest in the next several years. From 2023 onwards, AI Services is forecast to become the fastest growing category," the report showed. In AI Server market, there were a total of six companies that generated over $500 million each in 2020 - Dell, HPE, Huawei, IBM, Inspur, and Lenovo.