European spending on Artificial Intelligence to reach $22 billion

The new Worldwide Artificial Intelligence Spending Guide from International Data Corporation (IDC) forecasts that European spending on AI systems will jump from $17.3 billion in 2021 to more than $50 billion in 2025. The compound annual growth rate (CAGR) for 2021–2025 will be 26.7%.

Banking and manufacturing will spend the most on AI solutions over the five-year forecast period, with healthcare spending growing the fastest in the long term. Retail AI spending will largely focus on automating customer service and implementing sales process recommendation and automation engines. Manufacturing will allocate much of its AI investment to quality management and investigation solutions and systems that help manufacturers carry out predictive maintenance.

"European spending on AI will reach $22 billion in 2022, and the market will grow significantly, meaning that European companies will consider AI as a priority tech that will bring significant impacts across different industries," said Andrea Minonne, senior research analyst at IDC UK. "European companies are increasing investments in intelligent solutions as they recognized the value of implementing intelligent and automated approaches during last year's COVID-19 pandemic in terms of business efficiency and digital resilience."

Exabeam integrates Google Cloud technology to tackle insider threats posed by AI agents.
RingCentral acquires CommunityWFM to boost its contact centre platform with advanced AI workforce...
Zoho expands its UK footprint, investing in local teams and technology, with plans for a new office...
The UK’s AI sector commands record investments, bolstering its status as a global technology...
Eviden launches the JUPITER Booster, Europe's most potent supercomputer, set to revolutionise AI...
AI is evolving rapidly, with enterprises racing to integrate Gen AI, flagging challenges but...
Cleveland Police adopts new AI technology to enhance their redaction process, in partnership with...
Cato Networks acquires Aim Security to bolster its SASE platform with AI security capabilities,...