Many technology vendors will invest in AI in the next couple of years

By September 30, 2021News

Among technology firms that have plans to invest in artificial intelligence (AI), a third expect to invest at least a million dollars over the next two years. And among these companies, almost all (87 per cent) expect industry-wide funding for AI to increase at least moderately, if not significantly, throughout 2022.

These are the findings of a new report published by analyst firm Gartner, based on a poll of 268 respondents from across the globe, which asserts that AI has the second-highest mean funding allocation compared with other emerging technologies.

Among those investing in AI, computer vision is the most popular technology (an average of $679,000 over two years), Gartner further said. And very few organizations reported investing less than $250,000 in AI.

However, according to Errol Rasit, Managing VP at Gartner, AI is not an easy segment to enter “due to the complexity of building and training AI models.”

Compared to other areas of innovation, AI is also relatively immature, with roughly half of respondents reporting significant target customer adoption of their AI-enabled products and services. For 41 per cent, AI emerging technologies are still either in the early adoption stages or in development. Some of the key roadblocks, the respondents confirmed, are product complexity and a lack of skills.

“Technology organizations are increasing investments in AI as they recognize its potential to not only assess critical data and improve business efficiency but also to create new products and services, expand their customer base and generate new revenue. These are serious investments that will help to dispel AI hype,” Rasit added.

“These survey responses reflect the difficult cycle of developing AI technology, given its complexity, as well as industrywide challenges in hiring AI talent due to the finite number of skilled individuals.”

Courtesy: IT ProPortal