Firms investing fortunes in AI
 

Spending reaching $19.1 billion in 2018.

Tarot readers at IDC have shuffled their decks and decided that worldwide spending on cognitive and AI systems will reach $19.1 billion in 2018.

This is an increase of 54.2 percent over the amount spent in 2017 and IDC believes that industries are aggressively investing in projects that use cognitive/AI software capabilities,

IDC forecasts cognitive and AI spending will grow to $52.2 billion in 2021 and achieve a compound annual growth rate (CAGR) of 46.2 percent between 2016-2021.

IDC Cognitive/Artificial Intelligence Systems research director David Schubmehl said that interest and awareness of AI is at a fever pitch.

“Every industry and every organisation should be evaluating AI to see how it will affect their business processes and go-to-market efficiencies", said David Schubmehl.

"IDC has estimated that by 2019, 40 percent of digital transformation initiatives will use AI services and by 2021, 75 percent of enterprise applications will use AI. From predictions, recommendations, and advice to automated customer service agents and intelligent process automation, AI is changing the face of how we interact with computer systems."

Retail will overtake banking in 2018 to become the industry leader regarding cognitive/AI spending. Retail firms will invest $3.4 billion this year on a range of AI use cases, including automated customer service agents, expert shopping advisors and product recommendations, and merchandising for omnichannel operations.

Much of the $3.3 billion spent by the banking industry will go toward automated threat intelligence and prevention systems, fraud analysis and investigation, and program advisors and recommendation systems.

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