Introduction to the Artificial Intelligence (AI) & Machine Learning Industry, Business and Industry Trends Analysis

Artificial intelligence (AI) spending worldwide was estimated at $85.3 billion for 2020 by analysts at IDC and is expected to grow to $204.0 billion by 2023.  This is an estimate on a broad basis that includes spending on software and services.  Plunket Research estimates the U.S. market for AI on this basis at $80 billion for 2021.  Researchers at Gartner estimated that the global business value derived yearly from AI had already reached $2.9 trillion by 2021, while analysts at McKinsey Global Institute estimated that AI’s contribution to the global economy could soar to $13.0 trillion by 2030. In many…

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