Investment in Artificial Intelligence will grow by 20%

Spending on AI software, hardware, and services is projected to be $432.8 billion in 2022

Global spending on artificial intelligence (AI), encompassing software, hardware, and services, will reach $432.8 billion in 2022, representing at least 19.6 % growth from 2021.

This forecast from the consulting firm IDC contemplates that this market will break the barrier of 500,000 million dollars in 2023. The compound annual growth rate (CAGR) of artificial intelligence over the next five years is estimated at 22 %.

“Artificial intelligence is at the crest of the wave of innovation. Advances in language, voice and vision technologies, along with multimodal AI solutions, are revolutionizing human efficiency,” said Vice President of Global Artificial Intelligence and Automation Research at IDC, Ritu Jyoti, in a statement.

According to IDC forecasts, of the three categories in which the artificial intelligence market is classified, both hardware and services will experience the greatest growth. Thus, AI hardware will grow over the next five years at a CAGR of 20.5 %.

While in 2021 artificial intelligence applications accounted for 47 % of spending in its first half, in terms of growth AI platforms are expected to reach a CAGR of 34.6 % over the next five years, while the infrastructure ‘software’ will have a growth of 14.1 %.

Source: dpa

You might also like