Enterprises spent about $19.4 billion worldwide on generative artificial intelligence (genAI) technologies in 2023 — and that amount is expected to double this year, according to research by IDC.
Organizations are spending on genAI software as well as related infrastructure hardware and IT/business services. By 2027, spending is expected to reach $151.1 billion, representing a compound annual growth rate of 85.9% over the 2023-27 period.
"Despite IT headwinds in 2023, businesses accelerated their exploration of genAI to boost business …