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% (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% growth and remain on track to break the $500 billion mark by 2024.

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

“However, in terms of growth, AI Hardware is estimated to grow the fastest in the next several years. From 2023 onwards, AI Services is forecast to become the fastest growing category,” the report showed.