33% of technology providers plan to invest $1 million or more in AI within next two years: Report

Mumbai, October 3 A significant number of technology and service provider organisations with artificial intelligence technology plans are planning to increase investment into the technology, according to a recent survey from Gartner Inc. As per the report, one-third of such organisations said that they would invest $1 million or more into these technologies in the next two years. Furthermore, 87 per cent of survey respondents with AI technologies as a major investment area believe that industry wide funding for AI will increase at a moderate to fast pace through 2022. "Rapidly evolving, diverse AI technologies will impact every industry," said Errol Rasit, managing vice president at Gartner. "Technology organisations are increasing investments in AI as they recognize its potential to not only assess critical data and improve business efficiency, but also to create new products and services, expand their customer base and generate new revenue. These are serious investments that will help to dispel AI hype," said Rasit AI technologies reported the second highest mean funding allocation as compared to other emerging technology areas such as cloud and IoT.