Worldwide spending on AI technology is expected to more than double over the next four years, from $50b now to $110b by 2024, according to a new International Data Corp. forecast. Yesterday, the firm released its latest Worldwide Artificial Intelligence Spending Guide, which predicts that retail, health-care, and banking will see the biggest demand and investments in AI moving forward.
- The report says the primary ways AI will be used are through customer service chatbots, sales automation, and automated threat detection and prevention.
- Companies will adopt AI "not just because they can, but because they must,” said IDC's program president of AI, Ritu Jyoti.
- Retailers are expected to spend $19.6b on AI by 2024, an increase from $8.4b in 2020. They will focus on using AI to improve customer experiences via chatbots and recommendation engines.
- Banks are expected to spend $14.5b by 2024, up from $7.1b in 2020. Most of the focus will be on fraud analysis and investigation.
- Health-care providers are expected to spend $7.55b in four years, up from $3.58b on AI in 2020. They'll primarily use the technology to improve patient care and operations.