Asia/Pacific Artificial Intelligence Systems Spending to Reach Nearly $5.5 Billion in 2019, IDC Forecasts

Asia/Pacific spending on artificial intelligence (AI) systems is forecast to reach nearly $5.5 billion in 2019, an increase of almost 80 percent versus 2018, according to new research from International Data Corp. (IDC). As industries invest aggressively in projects that utilize AI software capabilities, IDC expects spending on AI systems will increase to $15.06 billion in 2022 with a compound annual growth rate (CAGR) of 50 percent over the 2018-2022 forecast period.

 "Artificial Intelligence is changing the world as we speak. In fact, Asia/Pacific is quickly driving the growth in adoption of artificial intelligence because of its fertile & nascent digital ecosystem,” said Swati Chaturvedi, Senior Market Analyst at IDC Asia/Pacific. “Countries are developing economically with the help of technological advancements, increasing talent pool of millennials and growing number of tech-savvy businesses, to stay in this competitive market.”

Regional spending on AI systems will be led by the retail industry where retailers will invest more than 70 percent of this industry spend on solutions such as merchandising, expert shopping advisory & recommendations, automated customer service agents and supply & logistics.

Banking will be trailing behind retail when it comes to investments in AI-enabled solutions, wherein use cases such as fraud analysis & investigation, program advisors and recommendation as well as automated customer agents will be taking the major chunk of value spend. The industries that will experience the fastest growth in AI systems spending over the 2018-2022 forecast are healthcare providers (60.2 percent CAGR) and process manufacturing (60.1 percent CAGR).

 (For more information visit www.idc.com).