Artificial Intelligence has not only transformed how people relate to technology but also significantly impacted the business sector. While some fear AI could replace 300 million full-time jobs in the next six years, companies across sectors continue investing heavily in AI solutions to improve their business processes and customer feedback. One of the biggest spenders on AI technology is the financial sector.
According to data presented by Stocklytics.com, the widespread use of AI across the sector has pushed the total spending on this technology to new heights. Statista, IMF and IDC data show financial companies are expected to spend US$45.2 billion on AI solutions this year. By the end of 2025, this figure will grow to US$58.3 billion.
The financial market’s heavy spending on AI will continue in the coming years as more and more companies embrace the technology. In 2026, companies in the market are forecast to splash out almost US$75.2 billion on AI solutions, or US$30 billion more than this year. By 2027, this figure will jump to a massive US$97 billion, showing a huge 177% increase in just four years.
The financial sector’s cumulative spending on AI technology and solutions is even more impressive. Statistics show companies in this market will spend a whopping US$275 billion on AI in the next four years.
The full story and statistics can be found here: https://stocklytics.com/content/financial-sectors-spending-on-artificial-intelligence-to-grow-by-30-per-year-and-hit-97-billion-by-2027/