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Saturday, February 4, 2023

Investment in Artificial Intelligence in the United States will reach $120,000 million in 2025

IDC confirms this by noting that spending in the North American market will double in less than three years. Furthermore, it will be the retail business that will lead the investment in AI.

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Investment in Artificial Intelligence (AI) is on the rise in the United States. This is confirmed by a new spending guide from IDG Communications, which states AI spending to grow to $120 billion by 2025, some figures that mean Compound Annual Growth Rate (CAGR) of 26% during the forecast period between 2021 and 2025, Thus, the 19 US economic sectors analyzed will experience an increase in investment in artificial intelligence of close to 20%, leading to the conclusion that More than half of global AI spending will be in the US As revealed by the latest IDC World AI Spending Guide.

Here’s how IDC’s AI Spending Guide reveals it Dimensions of investment data in those technologies capable of analyzing, organizing, accessing and providing advisory services based on a range of unstructured information, It also provides data that quantifies the AI ​​opportunity for 30 use cases across 19 industry types across nine regions and 32 countries globally. The results from a regional distribution perspective of investment in AI are further explored below.

Sectoral distribution of investment in AI

According to the consultant, the Retail investment in AI continues to lead after the banking sector, At approximately $20 billion of the total estimated amount, these two areas will account for approximately 28% of AI spending in the United States by 2025. On the other hand, professional services, media and investment and securities services are the sectors which will register the fastest growth of investment in this technology branch registering an average annual growth rate of over 30%.

As far as the retail sector is concerned, the use cases that will receive the most investment will be customer service and purchasing and marketing consultants. These two use cases, which represent around 40% of spending on AI within the sector, will also add to the significant contribution of online purchases. The growth of online shopping is a significant contributor to the adoption of AI in retail, especially as it relates to customer service and expert recommendations, AI spend The banking industry will be distributed into the following functional areas: Customer service (Program Advisory and Recommendation System), Operation (Fraud Analysis and Investigation) and Security (Enhanced Threat Intelligence and Prevention System).

Of the 30 AI use cases covered in the spend guide above, Customer service and marketing remain top positions in sales processes; Furthermore, it is noteworthy that they will represent more than 20% of total spending in the North American market over the next three years. Thus, stressing on the conditions of development, The second most important use case will be determined by public safety and emergency response and claims processingWith a CAGR of over 30% over five years. in third placewith a CAGR of 29.7% IT Customization,

The Greatest Potential Is Hidden Behind the New Business Model

“oldest The potential of artificial intelligence is emerging in the development and creation of new business models“, according to Mike Glennon, senior research manager on the Customer Insights and Analytics team, who explains that “however, existing companies continue to show their skepticism when it comes to betting on this technology, leaving room for new players who fear are not. change, and they can easily adapt to new ways of doing business. The future of business is artificial intelligence and companies that know how to take advantage of it could easily become the new business giants,

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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