Artificial Intelligence (AI) has come to the forefront of public interest in recent years. In 2016, spending on AI development and production was in the range of $26 billion to $39 billion, which was three times as much as was invested in 2013, and that number has only grown as the demand for AI technology increased.
Jobs involving AI competencies have increased by 4.5% since 2013. The rapid growth of AI and the need for AI competent individuals has huge implications across multiple industries.
Top Businesses Have Prioritized Artificial Intelligence
A study conducted by the Boston Consulting Group and MIT Sloan Management Review found that 83% of the 3,000 business executives interviewed worldwide believed that “AI is a strategic priority for their business today.” But even though the majority believed AI was a priority for their business, only 23% of these participants have incorporated it into their business models today.
Thought leaders in the industry believe that as the demand for Artificial Intelligence technology will develop two different types of businesses; those that utilize AI and those that do not. The current demand for AI in business is high and only expected to get higher as these technologies get more advanced and more cost efficient.
How are Companies Currently using Artificial Intelligence?
Companies can be categorized into four groups based on whether or not they have begun to utilize AI:
- Pioneers: Are organizations that are on the leading edge of AI integration.
- Investigators: Are organizations that understand AI but have not yet deployed it past the pilot stage.
- Experimenters: Are organizations that are piloting and adopting AI without a deep understanding of it.
- Passives: Are organizations that either don’t know how to apply AI to their business model or do not think AI can benefit their business.
In the modern market it is surprising that Passives make up the largest group of respondents polled in the study; ranking at 36%. Given current growth, if these passive organizations can’t adapt to utilize or understand AI integration soon, it may be too late for them to catch up with competitors.
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