By Madhav Sheth The current global spread of AI has helped businesses in significantly reducing inertia throughout their value chains. It has made it possible for the workforce to strive for newer skill sets and undertake complex responsibilities besides allowing them the freedom to make decisions faster and cooperatively improving customer experience.The application of AI in businesses has increased by 270% in just a few years. Reason- primarily to save money, which is quite evident. In fact, according to Pitchbook, venture capital investments in AI businesses totaled $1.37 billion in 2022, more than in the last five years. Investing in AI has enormous advantages for the public sector too, including federal, state, and municipal governments. AI has the ability to improve organisational productivity, cost control, and research advancement.

The impact of the economic slowdown for vendors depends on the type of vendor. Some large technology companies, including Google, have frozen nonessential hiring. However, some vendors have yet to feel the impact of the economic slowdown. Pecan AI, a vendor that provides a deep learning platform designed to build predictive models for enterprises, has raised about $100 million in the past year. The Israel-based company raised $66 million in its last funding round in February.