Artificial intelligence has evolved from an esoteric research topic--with its origins six decades ago in corporate and academic computer science labs--into a collection of powerful technologies with mainstream business promise and applicability. Deloitte's global AI study finds that, in organizations adopting AI, more than eight in 10 leaders see AI as "very" or "critically" important to their business success in the next two years.1 AI adoption and spending are surging globally. According to one report, 37 percent of organizations have now deployed AI--a 270 percent increase from four years ago.2 Analysts project global spending on AI to top US$35 billion in 2019 and more than double to US$79.2 billion by 2022.3 What is driving this tremendous upswing? Many foresee AI helping to spur enormous productivity gains over the next decade, making it essential to the competitiveness of national economies.4
For the third straight year, Deloitte surveyed executives about their companies' sentiments and practices regarding AI technologies. We were particularly interested in understanding what it will take to stay ahead of the pack as AI adoption grows--and we wanted to learn how adopters are managing risk around the technologies as AI governance, trust, and ethics become more of a boardroom issue. Get the Deloitte Insights app. Adopters continue to have confidence in AI technologies' ability to drive value and advantage. We see increasing levels of AI technology implementation and financial investment. Adopters say they are realizing competitive advantage and expect AI-powered transformation to happen for both their organization and industry. Early-mover advantage may fade soon. As adoption becomes ubiquitous, AI-powered organizations may have to work harder to maintain an edge over their industry peers.
Source: Deloitte analysis based on Deloitte's "State of AI Enterprise, 2nd Edition" survey of 1,900 AI early adopters in seven countries. Note: Percentages may not add up to 100 due to a small number of respondents who answered, "Don't know." AI adoption and spending have been on a global tear over the past several years. In 2019, 37 percent of enterprises say they have deployed AI--an increase of 270 percent from four years ago.1 IDC estimates 2019 global spending on AI to be $35.8 billion, an amount that could more than double to $79.2 billion by 2022.2 In an era when everyone seems to be jockeying for an edge and looking for ways to ward off disruption, AI can be a powerful tool.
A balanced strategy can be critical to realizing the benefits of AI technologies, according to a global survey of early AI adopters. Nobody likes to be left behind when the next big thing comes along, and business leaders are no exception. With AI widely seen as helping to drive a major economic expansion, a fear of missing out is spreading among many organizations worldwide. A number of businesses are rushing to advance their AI capabilities through investment and talent development, and several governments have set up formal AI frameworks to help spur economic and technological growth. As Deloitte's annual State of AI in the Enterprise survey¹ shows, AI technology will likely exert an enormous effect on economic development and the nature of work--and it's already transforming early-adopter companies.
Where do you stack up against your competitors when it comes to your AI initiative? Deloitte has released its 2020 State of AI in the Enterprise report which found only 47% say that they have a high level of skill around selecting AI technologies and suppliers. Deloitte's third edition of the "State of AI in the Enterprise" survey, conducted between Oct. and Dec. 2019, finds businesses are entering a new chapter in AI implementation where early adopters may have to work harder to preserve an edge over their industry peers. The study shows that companies at the top will be those that utilize AI to pursue creative and novel applications, actively address inherent AI risks and -- as more organizations buy AI-powered capabilities -- become smarter consumers of AI technology. "Seasoned" adopters are the example to follow as the global survey of 2,737 information technology and line-of-business executives finds this category has undertaken many AI production deployments.