Spending on cognitive and artificial intelligence (AI) systems will increase 54.2 percent to $19.1 billion in 2018, according to IDC.
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 over the 2016-2021 forecast period.
“Every industry and every organization should be evaluating AI to see how it will affect their business processes and go-to-market efficiencies,” said David Schubmehl, research director, Cognitive/Artificial Intelligence Systems at IDC.
40 percent of digital transformation initiatives will use AI services by 2019. 75 percent of enterprise applications will use AI by 2021.
AI investment
# Retail $3.4 billion
# Banking $3.3 billion
# Discrete manufacturing $2 billion
# Healthcare providers $1.7 billion
“Automated customer service agents, increased public safety, preventative maintenance, reduction of fraud, and improved healthcare diagnosis are just the tip of the iceberg driving spend today,” Marianne Daquila, research manager, Customer Insights & Analysis at IDC, said.
