In 2023, spending on artificial intelligence development in Europe will reach $34.2bn, representing approximately 20.6% of the global total. By 2027, annual AI spending in Europe could grow to $96.1 billion, according to IDC.
The company estimates that the industry will continue to see serious growth despite high inflation, macroeconomic and geopolitical complexities. The compound annual growth rate (CAGR) from 2022 to 2027 forecast to reach 29.6 per cent in Europe, compared to 26.9 per cent globally.
The largest AI segments are banking (15.7 percent), professional services (11.2 per cent), retail (10.9 per cent), manufacturing (10.3 per cent) and telecommunications (8 per cent). Generative neural networks are helping to develop the industry, and AI is being used to optimize IT departments, improve customer service and security, and prevent cyber-attacks.
