Worldwide spending on artificial intelligence (AI) is projected to grow 29% annually over four years, incentivized by embedded tools and generative AI, reaching $632 billion.
Ritu Jyoti at IDC notes, 'AI-powered transformations have delivered tangible business outcomes and value for organizations worldwide, with a focus on employee experience and customer engagement.'
The financial services industry is set to contribute over 20% of all AI spending, with software, information services, and retail also seeing significant investments.
IDC's findings highlight that 17 of the 27 industries forecast a five-year CAGR greater than 30%, driven predominantly by the adoption of AI and generative AI.
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