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August 20, 2024
IDC: Expect AI spending to more than double to $632B
Summary
Research firm IDC projects that global spending on artificial intelligence (AI) will grow at an annual rate of 29% through 2028, reaching $632 billion. Key drivers for this increase include the integration of AI, especially generative AI (genAI), into various products. Financial services, banking, software, information services, and retail sectors are set to account for 45% of total AI expenditure. While genAI's share will be one-third of overall AI spending, its growth rate is expected to outpace the broader AI market. The U.S. will lead in AI investments, with anticipated spending of $336 billion by 2028. IDC also notes a significant rise in AI software demand, which will comprise more than half of total AI technology spending.
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