Companies to spend $342 billion on AI solutions in 2021: IDC

New Delhi: Worldwide revenues for the artificial intelligence (AI) market, including software, hardware and services, is estimated to grow 15.2 per cent (year-over-year) in 2021 to $341.8 billion, according to the International Data Corporation (IDC).

The market is forecast to accelerate further in 2022 with 18.8 per cent growth and remain on track to break the $500 billion mark by 2024.

Among the three technology categories, AI software occupied 88 per cent of the overall AI market.