A study recently published by Juniper Research has revealed that total spending on artificial intelligence (AI)-enhanced platforms and solutions will surpass $15 billion by 2024.
Juniper Research’s latest study, titled AI Strategies for Network Operators: Key Use Cases & Monetisation Models 2020-2024, noted that only $3 billion will be spent on AI-powered solutions this year. Fraud mitigation and network optimization solutions will most likely be the most widely-used AI-enabled services during the next few years, the study confirmed.
The researchers at Juniper noted that North American and European markets are on track to account for more than 40% of total AI spending by 2024. The research group says that increased AI spending may be attributed to stricter requirements related to operational efficiencies.
The Juniper research team said that total AI spend by emerging market participants is projected to surpass $5 billion by 2024, which is a significant increase from the estimated $900 million that will be spent this year. The study concludes that the considerable growth in AI spend may be due to a steady increase in the number of industry participants who are looking into the potential use cases of AI for enabling the inclusion of enhanced services.
The research study notes that the MENA region and Indian markets are on track to record a significant increase in AI spending. The Juniper team expects an increase of more than 550% in this area by 2024. Industry participants will most likely make strategic investments in AI-enhanced customer relationship management (CRM) solutions.
Juniper’s report notes that it’s important to adopt a holistic approach toward developing AI-powered solutions across different service operations, instead of implementing separate or independent AI systems. The research study recommends unifying internal data resources and engaging in cross-functional information sharing.