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According to a report by IDC, worldwide spending on artificial intelligence systems is forecast to reach $35.8 billion in 2019, an increase of 44.0% over the amount spent in 2018. The report also predicts that the retail sector will lead the spending, followed by the banking sector. Artificial intelligence is well-positioned to impact various sectors like retail, healthcare, banking, finance, discrete manufacturing, transportation, etc. According to a Gartner survey, 37% of organizations have implemented AI in some way. In the early stages, AI was based on rule-based systems, in which, the AI system depended on a knowledge base of rules to deliver business value.


Artificial intelligence: The growth factor for Cloud GPU market

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According to a report by IDC, worldwide spending on artificial intelligence systems is forecast to reach $35.8 billion in 2019, an increase of 44.0% over the amount spent in 2018. The report also predicts that the retail sector will lead the spending, followed by the banking sector. Artificial intelligence is well-positioned to impact various sectors like retail, healthcare, banking, finance, discrete manufacturing, transportation, etc. According to a Gartner survey, 37% of organizations have implemented AI in some way. In the early stages, AI was based on rule-based systems, in which, the AI system depended on a knowledge base of rules to deliver business value.


Global AI spend set to double by 2023, says IDC - TechHQ

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The next four years could see companies double their spend on artificial intelligence (AI) as real-world applications of the technology gather pace. Automated customer service agents, threat intelligence and prevention systems, and sales process recommendation and automation will dominate spend. That's based on a report by the International Data Corporation (IDC) that states that spend on AI solutions will reach US$97.7 billion in 2023, more than double that of the US$37.5 billion estimated in 2019. The figure would represent a compound annual growth rate of 28.4 percent over the period. David Schubmehl, the research director at IDC in charge of Cognitive/Artificial Intelligence systems said; "The use of artificial intelligence and machine learning (ML) is occurring in a wide range of solutions and applications from ERP and manufacturing software to content management, collaboration, and user productivity. "Artificial intelligence and machine learning are top of mind for most organizations today, and IDC expects that AI will be the disrupting influence changing entire industries over the next decade." Banking and retail sectors will lead the shift to AI. According to the report, each of these industries will invest more than US$5 billion in 2019. In the retail sector, nearly half of the spending on technology will go towards automated customer service agents, expert shopping advisors, and product recommendation systems. On the other hand, the banking industry is set to ramp up spend on automated threat intelligence and prevention system, as well as fraud analysis and investigation system. Significant investments would also be made in discrete manufacturing, process manufacturing, healthcare, and professional services. The fastest industries to grow in terms of spending would be the media industry and governments with a five-year CAGR of 33.7 percent and 33.6 percent respectively. According to Marianne D'Aquila, Research Manager at IDC Customer Insight & Analysis, said: "Strategic decision-makers across all industries are now grappling with the question of how to effectively proceed with their AI journey.


AI spend in Europe to hit $21bn in 2023 - Supply Management

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European spending on artificial intelligence (AI) is estimated to reach more than $7bn in 2019 and to almost triple over the next four years, according to market intelligence firm IDC. The latest IDC Worldwide Semiannual Artificial Intelligence Spending Guide forecasts AI spending to grow at 32% per year, topping $21bn in Europe in 2023. Industries with the highest AI spend will be banking, retail, and discrete manufacturing, accounting for 39% of total spending. The report found that healthcare remains an attractive market for AI. Many hospitals are piloting projects and are increasing investments in AI-enabled diagnosis and treatment systems which will support a 38% increase in spending across the health sector over the next five years.


Global Spending on AI Systems to Hit $98 Billion by 2023 – IDC -- ADTmag

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Spending on artificial intelligence (AI) hardware and software is predicted to expand two-and-a-half times from current expenditure of $37.5 billion to $97.9 billion, according to a new report by International Data Corporation (IDC). That is a compound annual growth rate (CAGR) of 28.4 percent during the five-year 2018-2023 period of the report's forecast. Developers will see increased spending for AI software as it is predicted to overtake hardware purchases by 2023, according to the IDC Worldwide Artificial Intelligence Systems Spending Guide. In 2019 hardware spending for AI infrastructure is outpacing software purchases, IDC reports. But by 2023, it predicts that spending for AI software and AI software platforms will see 36.7 percent CAGR.