IDC forecasts investment in AI to have a global economic impact of US$7.6Bn to 2027

Artificial intelligence (AI) has gained added relevance for top executives since the launch of ChatGPT and the rise of generative AI (GenAI) as an enterprise-grade technology over the past two years.

In the current scenario, investment in all types of AI is increasing at much faster levels than global investment in digital technology.

According to data from International Data Corporation (IDC), a global leader in market intelligence and data and consultancy services, investment in AI will grow at a rate twice that of digital technology, creating a global economic impact of more than US$7.6Bn by the end of 2027.

“Leading digital business organisations are putting AI at the center of their strategies, making digital transformation and AI inseparable. In fact, the new digital business paradigm relies heavily on AI.

Accompanying this change, leading companies are reshaping processes and operations to integrate emerging technologies, harnessing their potential as they build their digital architectures,” explains Gabriel Coimbra, Group Vice President and Country Manager of IDC Portugal.

Through AI technology, companies are becoming more data-driven and more accurate in their ability to assess the return on their investments. In the coming years, many will partner with suppliers to develop AI technologies to meet their goals.

However, IDC warns that the path to digital business success and AI transformation also has its challenges. There is a shortage of data scientists and AI specialists which is delaying projects.

Moreover, with the increase in AI there are concerns over trust that are putting pressure on companies to create responsible AI policies.