By Kate Yuan

(JW Insights) Apr 10 -- Market research firm IDC projected  that China's artificial intelligence market will achieve a compound annual growth rate of over 20% during the 2021-2026 period. The market value is expected to reach $26.44 billion in 2026, said the report released on March 29.

The spending of the country's AI market is forecast to hit $14.75 billion in 2023, accounting for about 10% of the world total.

Optimistic about the long-term expansion of China's AI market, IDC emphasized the importance of innovation and upgrading of AI technology in promoting the better landing of application scenarios.

Enterprises' enthusiasm for digital transformation will also stimulate diversified demand in the Chinese market, it said.

Besides, China's big data market will continue to expand in the coming years, driven by the country's economic development and digital transformation, said the report.

China's big data market saw an estimated $17 billion of information technology investment in 2022, according to IDC.

Governments, banking, professional services and telecommunications accounted for over 60% of total spending in the big data market.

In terms of size, by 2026, China's big data market is expected to account for almost 8 percent of the world's total, said the IDC report.