43% of enterprises say their AI and Machine Learning (ML) initiatives matter “more than we thought,” with one in four saying AI and ML should have been their top priority sooner.
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50% of enterprises plan to spend more on AI and ML this year, with 20% saying they will be significantly increasing their budgets.
56% of all enterprises rank governance, security and auditability issues as their highest-priority concerns today.
In just over a third of enterprises surveyed (38%), data scientists spend more than 50% of their time on model deployment.
Enterprises accelerated their adoption of AI and machine learning in 2020, concentrating on those initiatives that deliver revenue growth and cost reduction. Consistent with many other surveys of enterprises’ AI and machine learning accelerating projects last year, Algorithmia’s third annual survey, 2021 Enterprise Trends in Machine Learning finds enterprises expanding into a wider range of applications starting with process automation and customer experience. Based on interviews with 403 business leaders and practitioners who have insights into their company’s machine learning efforts, the study represents a random sampling of industries across a spectrum of machine learning maturity levels. Algorithmia chose to limit the survey to only those from enterprises with $100M or more in revenue. Please see page 34 of the study for additional details regarding the methodology.
Key insights from the research include the following:
- 76% of enterprises prioritize AI and machine learning (ML) over other IT initiatives in 2021. Six in ten (64%) say AI and ML initiatives’ priorities have increased relative to other IT priorities in the last twelve months. Algorithmia’s survey from last summer found that enterprises began doubling down on AI & ML spending last year. The pandemic created a new sense of urgency regarding getting AI and ML projects completed, a key point made by CIOs across the financial services and tech sectors last year during interviews for comparable research studies. […]
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