AI Spending to Grow by High Teens Annually Through 2026: IDC

Global AI market revenue, including software, hardware and services, totaled $383.3 billion in 2021, a 20.7% increase from 2020, reported IDC Monday. IDC expects the AI market value will reach nearly $450 billion in 2022 and maintain a year-over-year growth rate in the high teens throughout the five-year forecast period ending in 2026, it said. "Across all industries and functions, end-user organizations are discovering the benefits of AI technologies, as increasingly powerful AI solutions are enabling better decision-making and higher productivity," said IDC analyst Rasmus Andsbjerg. “AI can be a source for fast-tracking digital transformation journeys, enable cost savings in times of staggering inflation rates and support automation efforts in times of labor shortages."