Global spending on AI is forecast to double over the next four years, growing from $50.1 billion in 2020 to more than $110 billion in 2024. According to IDC, spending on AI systems will accelerate over the next several years as organizations 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%. "Companies will adopt AI -- not just because they can, but because they must," said Ritu Jyoti, Program VP, Artificial Intelligence at IDC. "AI is the technology that will help businesses to be agile, innovate, and scale. The companies that become'AI powered' will have the ability to synthesize 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)."

Worldwide spending on artificial intelligence will double over the next four years to reach $110 billion in 2024, according to new spending figures released by IDC. The analyst firm says spending will grow on AI will grow from $50.1 billion in 2020 to more than $110 billion in 2024, with spending on AI systems set to accelerate over the next several years as organisations deploy the technology as part of their digital transformation efforts and to remain competitive in the digital economy. "Companies will adopt AI -- not just because they can, but because they must," says Ritu Jyoti, program vice president, Artificial Intelligence at IDC. "AI is the technology that will help businesses to be agile, innovate, and scale. 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)," he explains. Jyoti says two of the leading drivers for AI adoption are delivering a better customer experience and helping employees to get better at their jobs.

According to the International Data Corporation (IDC) Worldwide Artificial Intelligence Spending Guide, spending on AI systems will accelerate over the next several years as organizations 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%. "Companies will adopt AI -- not just because they can, but because they must," said Ritu Jyoti, program vice president, Artificial Intelligence at IDC. "AI is the technology that will help businesses to be agile, innovate, and scale. The companies that become'AI powered' will have the ability to synthesize 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)." Two of the leading drivers for AI adoption are delivering a better customer experience and helping employees to get better at their jobs.

Artificial Intelligence is way overhyped. I remember well how over-hyped AI was back in the early 1980s when I worked with Applied Expert Systems, a startup founded by some MIT professors that aspired to use expert systems to transform the world of personal financial planning. I helped bring the software to the company and participated in so-called knowledge engineering by interviewing a personal financial planning expert. The idea was to convert the expert's decision making rules into software and build a system that would replace personal financial planners. Sadly for those who invested time and money in this company, its product never found much of a market and it folded.

New Delhi: Artificial Intelligence (AI) companies' revenue projections are increasing at a fast pace and expected to touch around $3.06 billion by 2024, says an Avendus Capital report. According to the report, Deep Learning is expected to have the fastest growth within the Arificial Intelligence space and will become the largest portion of total AI companies revenue. "Artificial Intelligence revenue projections are on a fast growth axis as they are increasing at a rate of CAGR 40 percent and are expected to be at a value of $3,061 million in 2024," the report said. Moreover, increased demand for robots has led to a rise in investment and M&A in the Artificial Intelligence space. According to the report, AI industry has received more than $11.5 billion of investments in the last three years and going forward, over $6 billion of VC investments are expected in 2017.