AI Spending: IDC Reports Growth Projections Reaching $632 Billion

Monday, 19 August 2024, 11:03

AI spending is expected to explode, with IDC forecasting a rise to $632 billion by 2028. This substantial growth reflects a 29% annual increase, driven significantly by financial services, software, and retail industries. The infusion of AI and generative AI technologies promises to redefine operational strategies across various sectors.
Computerworld
AI Spending: IDC Reports Growth Projections Reaching $632 Billion

AI Spending Insights and Projections

AI spending is poised to soar, with IDC projecting the total global investment to exceed $632 billion by 2028. This surge marks a stunning 29% annual growth rate across the sector.

Driving Industries Behind AI Growth

The financial services industry takes the lead, expected to account for over 20% of all AI spending. Following closely are software, information services, and retail sectors, cumulatively representing around 45% of the total investment.

Fastest Growing Sectors

  • Business and personal services: 32.8% CAGR
  • Transportation and leisure: 31.7% CAGR

With 17 of the 27 industries in IDC's analysis predicted to surpass a 30% growth rate over the next five years, the AI landscape is set for transformative changes.

Conclusion: AI as a Business Catalyst

The integration of AI and particularly generative AI technologies is reshaping product offerings and operational efficiencies, reflecting a significant and lasting impact across industries.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Subscribe to our newsletter for the most reliable and up-to-date tech news. Stay informed and elevate your tech expertise effortlessly.

Subscribe