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%.

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."

Organisations expect 28% of their revenue, on average, to come only from intelligent services in the next three years.
New partnership will allow stor.ai to offer grocers Web Application Firewall (WAF) capabilities to secure e-commerce platforms and prevent cyber attacks quickly and seamlessly.
Genesys Cloud AI Experience simplifies how organisations deliver and improve bespoke end-to-end customer journeys with turnkey personalisation, automation and prediction.
cnvrg.io Metacloud enables AI developers to leverage optimized hardware for AI workloads in one click via the Intel Developer Cloud, serving as another step to the sky computing vision.
Partnership brings together leaders in Robotic Process Automation and high-performance low-code to seamlessly and securely automate complex, cross-platform applications with ease.
Eseye’s second annual State of IoT Adoption Survey reveals how IoT estates are set to surge from 2022 to 2024 with organisations citing operational efficiencies and cost reduction as key benefits to mitigate the impact of the economic downturn and spiralling energy and business costs.
Continuous runtime application security helps leading fintech company to reduce time spent detecting and remediating critical software vulnerabilities from days to minutes.
FortiAIOps builds on Fortinet's rich history of developing artificial intelligence to deliver actionable network insights for self-optimising management.