AI investment will increase despite recession says new survey

cnvrg.io, an Intel company, provider of the artificial intelligence (AI) and machine learning (ML) platform, 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.

The ML Insider survey is an annual analysis by cnvrg.io, an Intel company, of the machine learning industry highlighting key trends, points of interest, and challenges that AI developers experience every day. 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.

cnvrg.io ML Insider 2022 survey reveals AI investment will increase despite economic recession

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 the 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 descriptions. The role of AI developers has evolved. 75% of respondents reported that AI is being built by data scientists, engineers, and software developers in their organizations. In 2023, this trend may help alleviate hiring challenges and accelerate AI’s maturity.

"Confidence in AI's potential is at an all-time high with most companies realizing the benefits of their AI solutions and plans to increase investment in AI despite economic conditions. Enabling engineers, software developers, and data scientists to build AI can alleviate hiring challenges and accelerate AI maturity. Accessibility will be key to driving universal AI adoption in 2023," said Yochay Ettun at CEO and Co-founder at cnvrg.io.