According to IDC forecasts, AI spending will more than double to a total of $632 billion over the next five years. The financial sector is the leader with a share of 20 percent.

According to a new forecast from the research firm, global spending on AI will more than double over the next five years to 2028, reaching $632 billion International Data Society (IDC).

The sector that will account for the largest share is the financial sector, with a total of more than 20 percent. This is followed by software and information services and retail, with about 45 percent of all AI spending. AI spending will register a compound annual growth of 29 percent over the forecast period (2024-2028).

More than double

In the Global Spending Guide for AI and Generative AI IDC researchers expect that the rapid integration of AI, and especially generative AI, will lead to a compound annual growth of 29 percent during the forecast period (2024-2028). In addition, AI applications and generative AI tools will become standard in 27 industries.

The IDC researchers differentiate by sector. The financial services industry is expected to spend the most on AI solutions during the forecast period. Banking leads the way with more than 20 percent of all AI spending. The financial sector is followed by software and information services and retail. These three sectors together will account for about 45 percent of all AI spending.

In addition, the sectors where AI spending will grow the fastest are business and personal services (32.8%) and transportation and leisure (31.7%).