AI and cognitive computing are expected to emerge as major disruptors in business processes, as system developers step up with offerings that business are beginning to deploy on a large scale.
"Software developers and end user organisations have already begun the process of embedding and deploying cognitive/artificial intelligence into almost every kind of enterprise application or process," said David Schubmehl, research director for cognitive systems and content analytics at IDC.
According to IDC, spending on cognitive and artificial intelligence systems will see a compound annual growth of 55.1% from 2016 until 2020. Revenues are expected to surge from $8bn in 2016 to $47bn in 2029, according to IDC.
Evidence for the growth consists largely of capital expenditures by several large technology companies and investments by venture capital firms in start-ups developing AI and cognitive computing systems. Read more on Informationweek