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Worldwide spending
on AI, including software, hardware, and services for AI-centric systems, will
reach $154 billion in 2023, according to research from consultancy IDC.
The fastest growth in AI spending will come from the media industry.
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What IDC describes
as the ongoing incorporation of AI into a wide range of products will result in
a compound annual growth rate of 27% over the 2022-2026 forecast with spending
on AI-centric systems expected to surpass $300 billion in 2026.
“Companies that are
slow to adopt AI will be left behind — large and small,” Mike Glennon, senior
market research analyst with IDC says. “AI is best used to augment human
abilities, automate repetitive tasks, provide personalized recommendations, and
make data-driven decisions with speed and accuracy.”
The two industries
that will deliver the largest AI investments between now and 2026 are banking
and retail followed by professional services, but with a five-year CAGR of
30.2% it is the media industry that is exhibiting fastest growth.
The US will be the
largest market for AI-centric systems, accounting for more than half of all
spending worldwide in the sector throughout the forecast. Western Europe and
China will spend 20% each.
Three of the
leading AI use cases in terms of spending focus on sales and customer service
functions: Augmented Customer Service Agents, Sales Process Recommendation and
Augmentation, and Program Advisors and Recommendation Systems.
Per the report,
these three use cases will see investment from nearly every industry and
combined will account for more than a quarter of all AI spend this year.
Other principal use
cases include IT optimization, augmented threat intelligence, and fraud
analysis.
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