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Global spending on GenAI software, solutions to reach $143 billion in 2027

Economic Times

Economic Times · 1y ago

Global spending on GenAI software, solutions to reach $143 billion in 2027

According to a report from the International Data Corporation (IDC), global spending on generative AI (GenAI) software and solutions is projected to reach $143 billion in 2027 with a CAGR of 73.3%. This growth rate is more than twice that of overall AI spending and significantly higher than worldwide IT spending. The report highlights that GenAI investments will transition from early experimentation to widespread adoption across various business activities. The largest area of investment during this build-out phase will be GenAI infrastructure, including hardware and system infrastructure software.

Related News

Global GenAI spending to reach $644B in 2025: Gartner

YourStory

YourStory · 4m ago

Global GenAI spending to reach $644B in 2025: Gartner

Global spending on generative AI (GenAI) is projected to reach $644 billion in 2025, up 76.4% from 2024, despite declining expectations due to high failure rates and dissatisfaction with current results. Nonetheless, foundational model providers continue investing billions to improve GenAI's size, performance, and reliability. Device-related GenAI spending will see the most significant increase, nearly doubling, while software and services spending will also experience substantial growth. Most spending will target hardware as AI becomes integral to devices.

India’s tech spending to grow by 10.8% in 2024, highest in APAC: report

Economic Times

Economic Times · 1y ago

India’s tech spending to grow by 10.8% in 2024, highest in APAC: report

Technology spending in India is expected to grow by 10.8% to reach $54.5 billion in 2024, the highest in the Asia Pacific region, according to a report by Forrester. The report also states that spending in AI-augmented software and services will outpace other IT categories. The overall technology spending in the Asia Pacific region is projected to grow at a compound annual growth rate of 6.4% to 7.4% per year, reaching $876 billion in 2027. The report highlights China, Singapore, Australia, and the rest of Southeast Asia as other regions with significant tech spending growth potential.

India's AI Market To Touch $17-Billion By 2027: Nasscom-BCG report

OutlookIndia

OutlookIndia · 1y ago

India's AI Market To Touch $17-Billion By 2027: Nasscom-BCG report

India's AI market is expected to reach $17 billion by 2027, driven by factors like increasing enterprise tech spending and a growing AI talent base, according to a report by Nasscom and BCG. The global investments in AI have seen a 24% CAGR since 2019, with data analytics, GenAI, and ML algorithms and platforms being the majority of the investments. The report also highlights India's strong position in the AI talent market, with the second-highest installed talent base and three times more AI skilled talent compared to other countries. However, to accelerate AI growth, significant investments in AI skilling and ethical development practices are needed.

APAC businesses to nearly triple spends on GenAI in 2024: Infosys Research

Economic Times

Economic Times · 1y ago

APAC businesses to nearly triple spends on GenAI in 2024: Infosys Research

According to Infosys Research, businesses in the Asia Pacific (APAC) region are projected to nearly triple their spending on generative AI (GenAI) to reach USD 3.4 billion by 2024. This represents a 140% increase, with China leading the way in investment growth, followed closely by Australia and New Zealand. However, APAC companies are more cautious about the impact of GenAI on their reputation and have concerns about responsible AI practices. Despite these obstacles, APAC's adoption and growth in GenAI are among the highest globally.

Indian IT spending to grow 11% YoY in 2024 to reach $44 billion: report

Economic Times

Economic Times · 1y ago

Indian IT spending to grow 11% YoY in 2024 to reach $44 billion: report

India's IT spending is predicted to hit $44 billion in 2024, growing at a rate of 11% annually, according to market intelligence firm IDC. The spending is expected to have a compound annual growth rate (CAGR) of 9.9% and surpass $59 billion by 2027. Notably, the AI spending in the country is projected to increase by 35% this year, with generative AI spending expected to surge by 160%. The software market is also expected to experience double-digit growth over the next three years, reflecting a continued investment in digital transformation by Indian enterprises.

GenAI spending by banks to reach $85 billion globally by 2030

Economic Times

Economic Times · 1y ago

GenAI spending by banks to reach $85 billion globally by 2030

According to a report, banks are projected to spend $85 billion on generative AI (GenAI) by 2030, a 1,400% growth from the current global spending of $6 billion in 2024. Leading banks are expected to adopt generative AI services to offer personalized user experiences and reduce costs. Generative AI platforms can create text, images, and other media by learning patterns and structure from training data. The report emphasizes the importance of investing in GenAI now to gain a competitive advantage.

Decoding GenAI: 40+ Essential GenAI Terms You Must Know

Inc42 · 1y ago

Decoding GenAI: 40+ Essential GenAI Terms You Must Know

GenAI (generative artificial intelligence) is a rapidly growing trend in the tech industry. In India alone, there are over 100 native GenAI startups, and the global market size for GenAI is projected to reach $552 billion by 2030. With automation becoming more prevalent in business operations, GenAI promises to revolutionize how work is done and improve productivity. It has the potential to impact job roles and reduce the need for manual interventions. To understand and stay updated on GenAI, it is essential to be familiar with the various terms and acronyms associated with it.

AI spending in India may triple to $5 billion by 2027: report

Economic Times

Economic Times · 1y ago

AI spending in India may triple to $5 billion by 2027: report

According to a report by Intel and IDC, spending on Artificial Intelligence (AI) in India is projected to triple to $5 billion by 2027. The report reveals that AI spending in India reached $1,703.8 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 31.5% between 2023 and 2027. The major contributors to AI spending in 2023 were AI infrastructure provisioning, augmented customer service agents, digital assistance, augmented threat intelligence, and program advisors recommendation systems. The report suggests that AI will have a significant presence in various sectors by 2027.

Budy Bags $4.2 Mn To Simplify Sales & Marketing For Businesses

Inc42 · 10m ago

Budy Bags $4.2 Mn To Simplify Sales & Marketing For Businesses

Budy, an AI-driven sales and marketing software stack management platform, has raised funding to strengthen its AI capabilities. Founded by Samay Kohli, Budy aims to simplify the deployment and management of software stacks for enterprises. The funding comes at a time when India's GenAI market is expected to grow significantly and reach a value of over $17 billion by 2030.

Lessons for Indian IT services firms as Accenture, IBM lead GenAI charge

Livemint

Livemint · 11m ago

Lessons for Indian IT services firms as Accenture, IBM lead GenAI charge

IBM is experiencing a turnaround as it gains more clients for its generative artificial intelligence (GenAI) services. The company's GenAI bookings stood at over $2 billion as of July, while Accenture reported $3 billion in GenAI bookings for the period 2023-24. The growth in consulting business has contributed to the success of both IBM and Accenture, which outpaces Indian IT services companies. Indian IT firms have not reported revenue from consulting or AI practices and have faced challenges with lower client spending on IT services. GenAI revenues are expected to flow from consulting before expanding to other IT segments.

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