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Companies Plan To Increase Investment In AI Despite Economic Conditions: Survey

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cnvrg.io, an Intel company, has announced the results of its annual ML Insider survey for 2022 revealing that companies are increasing investment in AI, despite the current economic situation. Additionally, the survey found that the vast majority of organizations are seeing the benefits of AI, but overall adoption is still low due to a lack of AI talent and the technical complexity of AI development.

Nearly 50% of respondents indicated that they believe organization investment in AI development will actually increase despite the current economic situation. Organizations are increasingly confident in the value of AI, with 89% of organizations benefitting from their AI solutions. However, AI maturity still remains low. Over 57% of respondents are running less than 5 machine learning models in their product and 14% do not have AI implemented in their organization at all.

The top challenges for executing AI are the same as those reported in ML Insider survey for 2021, hiring data science talent and the lack of AI expertise. The single most important factor holding back AI acceptance was the technical complexity of development.

However, the 2022 survey shows that AI is evolving and has become more accessible. Data scientists are not the only ones with AI in their job description. The role of AI developer has evolved. 75% of respondents reported that AI is being built by data scientists, engineers, and software developers in their organization. In 2023, this trend may help alleviate hiring challenges and accelerate AI’s maturity.

The report findings offer insights into how over 430 AI professionals are building, training, deploying, and adapting their machine learning stack to better suit today’s modern, complex ML workflow.

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