Artificial intelligence spending in Europe to reach $ 22 billion in 2022

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Analysts at IDC predict that European spending on artificial intelligence (AI) systems will amount to $ 17.3 billion in 2021, and will exceed $ 50 billion in 2025. At the same time, the average annual growth in the period from 2021 to 2025 will be 26.7%.

According to analysts, banks and factories will spend the most on AI during the specified period. In the long term, health care costs will rise faster. AI spending in retail will mainly focus on automating customer service and implementing recommendation engines and automating the sales process. Manufacturing will focus most of its AI investments on quality management solutions and systems and systems that will help ensure timely preventive maintenance.

Artificial intelligence spending in Europe to reach $ 22 billion in 2022

“European spending on AI will reach $ 22 billion in 2022 and the market will grow significantly, which means that European companies will see AI as a priority technology that will have a significant impact on various industries,” said Andrea Minonne. senior analyst at IDC. “European companies are increasing their investment in smart solutions as they realized the value of implementing smart and automated approaches during last year’s COVID-19 pandemic in terms of business efficiency and digital sustainability.”

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