Healthcare organizations will up investments in Artificial Intelligence systems over the next three years, according to a new report by the International Data Corporation (IDC). With revenues for cognitive and AI systems standing at $12.5 billion in 2015, the report expects that number to skyrocket to $46 billion in 2020 as a result of investment from several fields, including health, retail manufacturing and others.
"Intelligent applications based on cognitive computing, artificial intelligence, and deep learning are the next wave of technology transforming how consumers and enterprises work, learn, and play," said David Schubmehl, research director for cognitive systems and content analytics at IDC in a statement regarding the report. "These applications are being developed and implemented on cognitive/AI software platforms that offer the tools and capabilities to provide predictions, recommendations, and intelligent assistance through the use of cognitive systems, machine learning, and artificial intelligence. Cognitive/AI systems are quickly becoming a key part of IT infrastructure and all enterprises need to understand and plan for the adoption and use of these technologies in their organizations."
Cognitive technologies, such as software tools that allow an organization to analyze, organize and advise on data, are proving to be the largest area of spending, driven largely by banking and securities investments.
"Double-digit spending growth is expected for cognitive and artificial intelligence systems across all industries but growth varies depending on how well particular use cases solve existing and future business priorities," said Marianne Daquila, research manager for customer insights and analysis at IDC.