Australia’s spending on artificial intelligence (AI) systems will double to US$3.6 billion in 2025, a compounded annual growth rate of 24.4 percent for the period of 2020-25, according to IDC.
Organisations will be increasing their AI investment to keep up with the changing digital environment.
“In Australia, we continue seeing a rapid adoption of AI systems across various industries, indicating strong demands from Australian organisations in streamlining of core business processes and maximise the power of their organisational data,” said Anastasia Antonova, Senior Market Analyst of Data and Analytics at IDC Australia.
“It is going to be very importnant for Australian businesses to continue investing in AI tools and platforms to support decision-making, become more digitally resilient, innovative and be one step ahead from competitors”, she added.
Banking leads the way
Leading the spending will be the banking industry which aims to prevent fraud, identify threats advance, and improve the custom recommendation system.
The federal/central government, the second-highest spender, will focus on detecting, monitoring, and responding to personnel and infrastructure threats.
Next is professional services which is looking at offering better digital assistance by self-regulating and automating mundane software maintenance activities.
Retail is the fourth top spending industry and will target at improving customer service, expert shopping advisors, and product recommendations, as well as optimised digital supply chain operations.
The leading technology will be software, accounting for more than 52.2 percent of AI spending. In terms of investment, AI applications and platforms will account for more than 57.2 percent of total spending.