European spending on Artificial Intelligence to reach $22 billion

The new Worldwide Artificial Intelligence Spending Guide from International Data Corporation (IDC) forecasts that European spending on AI systems will jump from $17.3 billion in 2021 to more than $50 billion in 2025. The compound annual growth rate (CAGR) for 2021–2025 will be 26.7%.

  • 7 months ago Posted in

Banking and manufacturing will spend the most on AI solutions over the five-year forecast period, with healthcare spending growing the fastest in the long term. Retail AI spending will largely focus on automating customer service and implementing sales process recommendation and automation engines. Manufacturing will allocate much of its AI investment to quality management and investigation solutions and systems that help manufacturers carry out predictive maintenance.

"European spending on AI will reach $22 billion in 2022, and the market will grow significantly, meaning that European companies will consider AI as a priority tech that will bring significant impacts across different industries," said Andrea Minonne, senior research analyst at IDC UK. "European companies are increasing investments in intelligent solutions as they recognized the value of implementing intelligent and automated approaches during last year's COVID-19 pandemic in terms of business efficiency and digital resilience."

The Internet of Things (IoT) is a top IT priority for global organisations for the next 12 months. But while the vast majority (92%) agree that they need to invest in IoT technologies in order to remain competitive, IT complexity and proven ROI are creating challenges. Delays and budget cuts due to the global pandemic have also had a more recent impact on project implementation.
FortiNDR leverages machine learning and deep neural networks – the next-generation of AI – to identify cyberattacks based on anomalous network activity and limit threat exposure.
New capabilities to find and fix process inefficiencies will extend Pega’s market-leading AI-powered decisioning and workflow automation capabilities.
Vivacity Labs sensors deployed to monitor the change in pedestrian footfall in retail areas and the change in vehicle yield rates at informal crossings.
Deloitte is expanding its cloud observability practice, encompassing DevOps principles, AI/ML, cloud complexity management and software engineering. The practice will leverage the Dynatrace® Software Intelligence Platform’s extensive observability and advanced AIOps capabilities and is charged with developing targeted solutions for clients, with the goal of accelerating digital transformation for the world’s largest organizations.
New decision intelligence software to help solve supply chain crisis.
New analysis shows that whilst AI patent filings are still actively growing, the rate of this growth is slowing, a sign the market may now be maturing.
Flexible options, funded directly by the specialist distributor, will help partners easily transition to the subscription economy and make tech more accessible and affordable.