CIO & LEADER-Issue-01-April 2018 (1)
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insight<br />
Companies Are Going To<br />
Spend A Lot More On AI<br />
and Cognitive Systems<br />
Every industry is evaluating to see how it will impact their<br />
business processes and go-to-market efficiencies<br />
By <strong>CIO</strong>&Leader<br />
W<br />
Worldwide spending on cognitive and artificial<br />
intelligence (AI) systems will reach USD<br />
19.1 billion in 2<strong>01</strong>8, an increase of 54.2% over<br />
the amount spent in 2<strong>01</strong>7. With industries<br />
investing aggressively in projects that utilize<br />
cognitive/AI software capabilities, the International<br />
Data Corporation (IDC) Worldwide<br />
Semi-annual Cognitive Artificial Intelligence<br />
Systems Spending Guide forecasts cognitive<br />
and AI spending will grow to USD 52.2 billion<br />
in 2021 and achieve a compound annual<br />
growth rate (CAGR) of 46.2% over the 2<strong>01</strong>6-<br />
2021 forecast period.<br />
“Interest and awareness of AI is at a fever<br />
pitch. Every industry and every organization<br />
should be evaluating AI to see how it will<br />
affect their business processes and go-tomarket<br />
efficiencies,” said David Schubmehl,<br />
research director, Cognitive/Artificial Intelligence<br />
Systems at IDC. “IDC has estimated<br />
24 <strong>CIO</strong>&<strong>LEADER</strong> | <strong>April</strong> 2<strong>01</strong>8