AI Systems Budgets Set to Increase by 27% in 2023

AI has finally made its entry into the consumer consciousness, and that is likely going to make companies willing to spend a lot more on developing these systems than might have been the case otherwise. An analysis conducted by a company known as IDC has revealed that AI budgets are projected to increase by as much as 26.9% year over year in 2023, and that will help to bring the systems into the next stage of their development.

With all of that having been said and now out of the way, it is important to note that the projected budget for spending on the development of AI systems is expected to hit $154 billion in 2023. Another prediction that was made in the highly detailed report that IDC put out was that this growth rate will remain more or less consistent at least until 2026, and if that holds true then this budget will almost double within the span of just two or three years.

A compounded annual growth rate of around 27% will lead to spending on AI systems reaching a record high of $300 billion by 2026 with all things having been considered and taken into account. Companies will likely be willing to invest heavily in this sector because of the fact that this is the sort of thing that could potentially end up allowing them to take advantage of the around 36 usage cases that it has to offer.

All signs point to the reality that we are entering a brave new world as far as AI is concerned. There is a lot that can be done with this form of tech, but in spite of the fact that this is the case current AI only scratches the surface of its true potential.

The 2020s are likely going to be the decade of AI, and it will be interesting to see where things end up going from here on out. As companies up their spending limits and start to get returns on their investments, the growth rate could start to go up exponentially over the next few years.

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