Artificial Intelligence

AI spending set to soar in the next five years

Banking and retail lead the pack, with professional services also ramping up investment in AI-related technologies

AI-related software hit $340 billion in market value in 2021 with applications representing nearly half the total

Worldwide revenues for artificial intelligence, including software, hardware and services, topped $383 billion last year, a 20.7 per cent increase on 2020, new figures show.

IDC, which collated the data, predicted the AI market value will reach $450 billion in 2022 and maintain a year-over-year growth rate in the high teens over the next five years.

AI-related software hit $340 billion in market value in 2021 with applications representing nearly half the total. The AI ...