There had been an increase in spending on the Artificial Intelligence (AI) market as the International Data Corporation (IDC)’s latest Worldwide Semiannual Artificial Intelligence Tracker discovers total spending of $383.3 billion in 2021. The expenditures on AI include hardware, software, and services for both AI non-centric and AI-centric applications.
With its finding, IDC is anticipating the market value to balloon to $450 million in 2022 as well as maintain a YoY growth of around 16 to 19 percent in the next five years.
With proven benefits in improving decision-making and promoting productivity, IDC Associate Vice President Rasmus Andsbjerg claims AI’s all-encompassing capability in providing solutions. Importantly, he highlights AI’s importance in being a “source for fast-tracking digital transformation journeys, enables cost savings in times of staggering inflation rates and support automation efforts in times of labor shortages”.
Out of every segment that makes up the AI market, AI Software proved to be most in-demand as, once again, it displays the largest market share. Comprised of four categories, namely AI Applications, AI Applications Delivery & Deployment, Artificial Intelligence Platforms, and AI System Infrastructure Software, AI Software occupies nearly half of the market with a delivered market value of more than $340 billion.