AI spending will jump to $154 billion worldwide in 2023

For more insights and key statistics on the biggest trends in today’s most disruptive industries, subscribe to our Chart of the Day newsletter.

Global spending on AI-centric systems—including the software, hardware, and services for these systems—will increase 27% this year to reach $154 billion, according to the International Data Corporation (IDC).

Beyond the chart: The two industries investing the most in AI are banking and retail, and the use cases driving spend are sales and customer service, per the IDC.

As companies incorporate AI into their business operations, spending on AI-centric systems will rise at a compound annual growth rate of 27% between 2022 and 2026, to exceed $300 billion.

More like this:

• Google employees label AI chatbot Bard ‘worse than useless’ and ‘a pathological liar’: report
• Retailers are bullish on generative AI’s potential
• 5 new AI tools and why they matter to marketers
• ChatGPT, TikTok ban, and more: 5 charts to prepare marketers for the rest of 2023
• Yesterday’s Chart of the Day: The top 15 ecommerce companies