Investment in AI increases substantially

Gwen Kaufmann - Wednesday, October 14, 2020    

Photo: RELX

The adoption of new artificial intelligence (AI) technologies and further investment in existing AI technologies accelerated during the COVID-19 pandemic, according to a study by RELX: 68% of US businesses have increased their investment in AI technologies. Thus, the total use of AI technologies reached 81%, up 33 percentage points since 2018. And the investment seems to be worth it as 63% of business leaders polled report that AI technologies had a positive impact on their business’s ability to stay resilient in the face of the pandemic. The study also reveals that overall implementation of AI technologies across the business landscape increased for the third consecutive year. Even though AI is added value for businesses, there are hurdles that need to be cleared on the path to emerging technology adoption. The leading reasons for companies not using AI are budget constraints (44%) and lack of technical expertise (39%). The 2020 RELX Emerging Tech Executive Report marks the third edition of the survey and provides a three-year overview of AI adoption. It features insights from business leaders across eight industries (government, healthcare, insurance, legal, science/medical, banking and agriculture) and covers AI’s impact on businesses’ success, the future of work, global competition, ethics and the global COVID-19 response. More than 1,000 US senior executives were surveyed. (kf)


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