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Artificial Intelligence: AI Budgets Skyrocket in 2021
Businesses are buying into AI in a big way as AI budgets across industries increase by more than 55 percent from 2020. Business budgets range from $500,000 to $5 million per year, according to a report/survey from Appen Limited.
Mark Brayan, CEO at Appen, said that “companies are going all-in on AI. When we first set out to understand the state of AI and machine learning seven years ago, organizations globally were eager to start AI projects but weren’t making meaningful progress. Today, in a time of transition during the pandemic, AI is considered core to survival, and we see this in the results of the survey – increased budgets, more technologists in charge, and increased reliance on external training data providers.”
Zeus Kerravala, founder of ZK Research, wrote for InfoWorld that “it’s my belief that AI has the power to be the most transformative technology since the Internet. Once organizations have gained experience with AI and understand the pitfalls and learn some best practices, they should be aggressive about rolling out AI more broadly.”
