Research firm IDC predicts AI spending will double by 2028, as IT leaders look to ramp up AI strategies to lay the foundation for more comprehensive use cases on the horizon.
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While the ROI of any given AI project remains uncertain, one thing is becoming clear: CIOs will be spending a whole lot more on the technology in the years ahead.
Research firm IDC projects worldwide spending on technology to support AI strategies will reach $337 billion in 2025 — and more than double to $749 billion by 2028.
Those bullish numbers don’t surprise many CIOs, as IT leaders from nearly every vertical are rolling out generative AI proofs of concept, with some already in production.
Nate Melby, CIO of Dairyland Power Cooperative, says the Midwestern utility has been churning out large language models (LLMs) that not only automate document summarization but also help manage power grids during storms, for example.
Global professional services firm Marsh McLennan has roughly …