IDC: AI market continues to grow tremendously

IDC: AI market continues to grow tremendously

New York, Feb. 22, 2022

The artificial intelligence (AI) market is expected to grow 19.6% this year to $432.8 billion, according to a new report from IDC (International Data Corporation). The market, which includes spending on AI hardware, software and services, could surpass $500 billion sometime in 2023, according to IDC.

The market research firm expects AI software spending to actually decline slightly this year. Meanwhile, AI hardware and services are expected to grow faster in 2022, a trend that will continue through 2023.

Over the next five years, AI services will have the fastest spending growth of the three categories, with a CAGR of 22%. In second place is AI hardware, with a projected growth rate of 20.5%.