Tuesday, March 1, 2022

Artificial intelligence spending is expected to exceed $500 million by 2023.

Artificial intelligence


At the moment, it is expected to reach 432.8 billion this year across software, hardware, and services.

The artificial intelligence (AI) market is expected to be worth $432.8 billion by 2022. That is IDC's global revenue forecast for 2022, which includes software, hardware, and services, and represents a 19.6 percent increase year on year.

Experts believe that as spending on hardware and services rises, the software category's share will fall slightly. This trend is expected to continue in 2023, when the artificial intelligence market is expected to exceed $500 billion.

"AI has emerged as the next big wave of innovation," says Ritu Jyoti, vice president of IDC's artificial intelligence and automation research group.

"Advances in language, voice, and vision technologies, as well as multimodal AI solutions," he says, "are revolutionizing human efficiency." In this era of digital transformation, the combination of artificial intelligence "plus human ingenuity" is the differentiator for businesses to "scale and thrive."

According to Jyoti, "AI solutions are currently focused on business process problems," with applications including "process improvement, planning and forecasting, empowering superior decision making and results."

Article Author Gerluxe

Image Wikimedia

 

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