AI Revolutionizing Retail and Banking

AI's Big Future: Retail and Banking Are the Biggest Users

Source:  AI Stock Image

$110 Billion Global AI Spending by 2024

Artificial intelligence, also known as deep machine learning, has a very big global future.  According to a new forecast by the global market intelligence firm IDC, global spending on AI will reach $50 billion in 2020 and more than double to $110 billion in 2024.  According to the IDC study, AI is the primary tool that will enable businesses to be "agile, innovative and scale".

Big Drivers of AI

The big drivers for AI adoption are delivering better customer experiences and helping employees to get better at their jobs.  The retail and banking industries are the biggest AI spenders.   And, in terms of 2020 market shares, the biggest AI deployments are:

  • Robotic customer service reps (11.3%)
  • Sales process recommendations and automation (7.1%)
  • Cybersecurity/ automated threat intelligence and prevention (6.6%)
  • IT automation (6.3%)
  • Fraud analysis and investigation (6.1%)
  • Other uses - largely commercial applications (62%)
Fastest Growth Areas
The IDC study found that some of the fastest growing uses of AI are pharmaceutical research and development, automated Human Resource and automated IT.  Finally, the US represents more than half of all global AI spending.


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