Businesses and organizations across all industries are ramping up investments in artificial intelligence (AI) to create a competitive advantage by better understanding customers, improving employee efficiency, and accelerating innovation. This conclusion is contained in the forecast prepared by the specialists of the analytical company IDC. Global spending on artificial intelligence systems is forecast to grow from $ 85.3 billion in 2021 to over $ 204 billion in 2025. The CAGR from 2021 to 2025 will be 24.5%.
Retail and banking are the two industries that will spend the most on AI over the five-year forecast period, with retail spending growing at a slightly faster pace. They will mainly focus on solutions that improve customer experience through automated service and recommendation mechanisms. The banking industry will focus most of its AI investments on risk mitigation through automated threat and fraud analytics applications. Discrete manufacturing, the third-largest industry in AI spending, will invest primarily in quality management and automated preventive maintenance solutions.
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