Artificial intelligence becomes strategic for European companies with increased investment | ICT Business | TechBuzz

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Artificial intelligence is becoming strategic for European companies with increased investment


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European spending on artificial intelligence systems is forecast to jump from $25.4 billion in 2022, up 27.8 percent from 2021, to more than $72.9 billion in 2026, according to IDC.

The compound annual growth rate (CAGR) for the period 2021-2026 will be 29.6 percent. Germany, Spain and the United Kingdom — the fastest growing markets in Europe — will drive growth in 2021-2022. The AI ​​market is more resilient to current macroeconomic events than other technologies. AI technologies and software help companies build efficiency through automation and contribute to a safer work environment.

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“AI is a strategic investment for European companies focusing on productivity and automation solutions and looking for new ways to deliver business value,” said Carla La Croce, head of research at IDC Italy.

“In addition, the European Union is playing a key role in strengthening research and industrial capacities related to artificial intelligence, with the Commission and Member States working together on policy and investments that will impact the Recovery and Resilience Facility,” Carla La Croce points out.

Software technologies are driving AI spending in Europe, with AI applications accounting for the largest share by 2023, which are more focused on long-term innovation and use cases to create products/services. AI platforms will gain share from 2023; this is the fastest growing category and includes AI lifecycle software, AI software services, and intelligent knowledge discovery software. Banking, manufacturing and retail will spend the most on AI solutions over the five-year forecast period, accounting for almost half of total spending. In the long term, professional services, healthcare and insurance will have the fastest growth.
The banking sector will invest in fraud analysis and investigation, along with an expanded threat intelligence and prevention system, given the growing cyber security risks. Manufacturing will focus on maintenance by investing in automated preventive maintenance and quality management research and recommendation systems. Retail will focus on customers and automation, investing in expanded customer service agents, as well as referrals and sales process expansion, and smart business innovation and automation.

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