Managing AI and ML in the Enterprise
The AI and ML deployments are well underway, but for CXOs the biggest issue will be managing these initiatives, figuring out where the data science team fits in and figuring out what algorithms to buy vs. build.
The adoption of artificial intelligence (AI) technologies in marketing organizations has increased by 44% in 2018, as compared to 2017. Use of AI by customer service teams is projected to increase by 143% over the next 18 months.
There are currently 2,487 companies that have raised $59.4 billion in funding from 3,400 investors in 72 countries across 13 AI technology categories, this according to Venture Scanner.
What is driving the growth in AI investments?
AI Investment Landscape 2019 – Venture Scanner
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Nader Ghaffari, CEO Venture Scanner
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To learn more about what is feuling this incredible growth in AI startup investments, I reached out to Venture Scanner.
Nader Ghaffari is the co-founder and CEO of Venture Scanner, a technology powered analyst research firm covering the startup markets. I asked Ghaffari to share Venture Scanner’s latest research about these three contributing factors behind the explosive growth of AI investments — here are the findings:
AI has become one of the hottest sectors in recent years, with its technology promising to revolutionize and automate every industry imaginable. We have been covering this trend, showing a massive increase in AI startup funding. As you can see in the graphic below, AI funding more than doubled from 2016 to 2017. Its funding more than tripled from 2016 to 2018.
Artificial Intelligence Funding over Time
Venture Scanner
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This phenomenon then begs the question; What caused this explosive growth in AI funding? These are the contributing forces behind the growth. It can be attributed to three factors:
The geopolitical battle between the US and China The AI sector maturing over time Specific AI functions gaining strong traction
“Artificial Intelligence has gotten no shortage of headlines in recent years, with funding of startups in the sector more than tripling between 2016-2018. Our research team dug in and unpacked the three main contributing factors behind this explosive growth. First the rise of China, second the maturation of the AI sector, and third the dominance of machine learning and computer vision technologies,” said Ghaffari.
— US and China’s Geopolitical Battle for AI Dominance
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