Security News > 2020 > August > Worldwide AI spending to reach more than $110 billion in 2024

Global spending on AI is forecast to double over the next four years, growing from $50.1 billion in 2020 to more than $110 billion in 2024.

Software and services will each account for a little more than one third of all AI spending this year with hardware delivering the remainder.

The largest share of software spending will go to AI applications while the largest category of services spending will be IT services.

Software will see the fastest growth in spending over the forecast period with a five-year CAGR of 22.5%. On a geographic basis, the United States will deliver more than half of all AI spending throughout the forecast, led by the retail and banking industries.

China will be the third largest region for AI spending with state/local government, banking, and professional services as the leading industries.

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