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The International Data Corporation (IDC) predicts that spending on generative AI solutions will reach $143 billion by 2027. IDC’s forecast shows enterprises investing nearly $16 billion worldwide in generative AI solutions in 2023, representing a compound annual growth rate (CAGR) of 73.3% over the 2023-2027 forecast period. The growth of generative AI investments is more than twice the growth rate in overall AI spending and 13 times greater than the CAGR for worldwide IT spending over the same period. By the end of the forecast period, generative AI spending will account for 28.1% of overall AI spending.