AI is taking the business world by storm, with some estimates saying the enterprise AI market will be worth $6.14 billion by the year 2022. The McKinsey Global Institute, say labour market shifts will result in a 1.2% increase in gross domestic product growth (GDP) for the next 10 years and help to secure 20-25% in net economic benefits. That's $13 trillion globally over the next 12 years.
Gartner's survey, reported by venturebeat.com, really shed some light on the implementation of AI in business in 89 countries. Chris Howard is Gartner's vice president, and he had the following to say: “We still remain far from general AI that can wholly take over complex tasks, but we have now entered the realm of AI-augmented work and decision science — what we call 'augmented intelligence'. If you are a CIO and your organisation doesn’t use AI, chances are high that your competitors do and this should be a concern.”
AI Becomes Integrated
The CIOs who were surveyed have employers who represent $15 trillion in revenue and public-sector budgets and IT spending of $284 billion. AI deployment tripled in the past year, up by 25% from 2018. Gartner feels this rise is due to AI's capabilities, maturation and the fact that AI has rapidly become an integral part of digital strategies.
This all fits together with Deloitte's second state of the enterprise compendium released last autumn, with 42% of executives stating that they believed AI would be critically important within the next 2 years. The same report showed natural language processing outstripping all the other categories regarding growth. 62% of companies reporting adopted it – up from 53% a year ago. Machine learning came in 2nd, with 58% (up 5% year-over-year) and computer vision and deep learning following close behind, with 57% and 50% adoption respectively (increasing by 16% from 2017). The Deloitte report went on to say that 20% of those surveyed see a shortage in AI software developers, data scientists, user-experience designers, chane-management experts, project managers, business leaders and subject-matter experts.
The Hurdles Of Machine Learning
Although machine learning is making major progress, its adoption for enterprises faces one problem – there is a lack of workers with AI know-how. About 54% of those surveyed told Gartner researchers that they think the skills gap is the largest challenge facing their organisation. This falls into place with a report from Tata Communications that came out late last year, which found the lack of appropriate skills and emplyees' understanding about the technologies being adopted were among executives' top worries.
Again, Chris Howard: “In order to stay ahead, CIOs need to be creative. If there is no AI talent available, another possibility is to invest in training programmes for employees with backgrounds in statistics and data management. Some organisations also create job shares with ecosystem and business partners.”