AI spending to top $200bln a year by 2025, claims International Data Corporation
AI will rise by almost 140%, up from $85.3bln in 2021: analysis
Image used for illustrative purpose. Portrait of woman operating digital interface technology.
By Staff Writer, Arab News
Artificial intelligence spending is set to sky-rocket over the next four years, with businesses investing more than SR769 billion ($204 billion) per annum in the technology by 2025, according to a market intelligence company.
Analysis by the International Data Corporation (IDC) estimates the amount spent on AI will rise by almost 140 percent, up from $85.3 billion in 2021.
Retail and banking are set to lead the way, with AI being used to improve customer service facilities for shoppers, and detect threats and fraud in financial services.
Ritu Jyoti, a group vice president at IDC's Artificial Intelligence and Automation Research section, claimed the global pandemic has served as a "catalyst for innovation, growth, and business transformations".
She said: "Today, AI expertise is focused more on developing commercial applications that optimize efficiencies in existing industries. Acceleration of AI adoption and proliferation of smart, intuitive ML/DL [Machine Learning/Deep Learning] algorithms will spawn the creation of new industries and business segments and overall will trigger new opportunities for business monetization."
According to the IDC's Worldwide Artificial Intelligence Spending Guide, the two ares of biggest spend across all industries are automated customer service agents and sales process recommendation and automation.
These will account for $15.9 billion or more than 18 percent of all AI spending this year, IDC estimates.
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