Corporate funding splurged on AI technology is expected to grow to $120bn by 2025 in the US, a yearly increase of 26 percent over the next four financial years, according to IDC.
The two largest industries ramping up investments in machine learning are retail and banking, according to the market research firm. Together they are predicted to make up 28 percent, nearly $20bn, of investments by 2025. The fastest rate of spending increase, however, will come from media and financial trading businesses. AI investments for these markets are projected to grow 30 percent year over year. Automated claims processing and IT optimization will be growth areas, increasing 30 and 29.7 percent respectively every year until 2025.
"The greatest potential benefit for the use of AI remains its use in developing new business, and building new business models," Mike Glennon, senior research manager with IDC's Customer Insights & Analysis team said.