Financial sector AI spending worldwide 2023, with forecasts to 2027
The financial sector's spending on artificial intelligence (AI) is projected to experience substantial growth, with an estimated increase from 35 billion U.S. dollars in 2023 to 97 billion U.S. dollars in 2027. This represents a compound annual growth rate (CAGR) of 29 percent, indicating a significant upward trajectory in AI investment within the financial industry.
AI investment across industries
In 2023, the banking and retail sectors led in AI investments, with the banking sector accounting for 20.6 billion U.S. dollars and retail sector investing 19.7 billion U.S. dollars. This demonstrates the varying degrees of AI adoption across different industries, with the financial sector poised for substantial growth over the coming years. These findings highlight the competitive landscape of AI investment and the potential for the financial sector to capitalize on AI technologies.
Global corporate AI investment trends
The global corporate investment in AI reached nearly 92 billion U.S. dollars in 2022, marking a significant increase from previous years. Private investments played a substantial role in driving this growth, underscoring the increasing importance of AI development worldwide. This trend signifies a strong foundation for the expansion of AI technologies, with implications for the financial sector's investment landscape as it navigates the evolving AI market.
