Applied AI investments shot up 150% in 3 years: McKinsey – CIO Dive

Dive Brief:

• Investments toward applied AI, which includes ML, computer vision and natural-language processing, grew 150% between 2018 and 2021, according to a report from the McKinsey Technology Council released last week. In 2018, businesses spent $66 billion on applied AI technologies, compared to $165 billion in 2021.
• The business functions with the highest rates of AI adoption are product development, service development, service operations, marketing and sales, the firm found. To compile the report, McKinsey collected data based on search engine queries, news publications, patents, research publications and investments.
• Businesses saw cost reduction and revenue growth as a result of adopting AI. However, companies still grapple with high up-front investments in talent and resources, cybersecurity and privacy concerns, increasing regulation, and compliance and ethical implications, according to the report.

Dive Insight:

Companies adopting AI expect to optimize their business…

Read Full Story: https://www.ciodive.com/news/AI-investments-data-ML-ethics/630749/

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