Global AI Spending to Jump, With Retail Industry Leading Transition, Says IDC
With interest and awareness of artificial intelligence at a “fever pitch,” IDC is forecasting worldwide spending on cognitive and AI spending to grow to $52.2 billion by 2021, from $19.1 billion this year, it reported Thursday. Industries and organizations should…
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be evaluating how AI will affect their business processes, said analyst David Schubmehl, citing forecasts that by next year, 40 percent of digital transformation initiatives will use AI services, and by 2021, 75 percent of enterprise applications will use the technology. AI is "changing the face of how we interact with computer systems,” he said, referencing predictions, recommendations, advice, automated customer service agents and intelligent process automation. Retail will overtake banking in 2018 to become the industry leader in cognitive/AI spending, with retail firms expected to invest $3.4 billion this year on AI processes including automated customer service agents, expert shopping advisors and product recommendations, along with merchandising for omni channel operations, he said.