McKinsey’s State Of Machine Learning & AI, 2017 — from forbes.com by Louis Columbus
Excerpts:
- Tech giants including Baidu and Google spent between $20B to $30B on AI in 2016, with 90% of this spent on R&D and deployment, and 10% on AI acquisitions.
- Artificial Intelligence (AI) investment has turned into a race for patents and intellectual property (IP) among the world’s leading tech companies.
- U.S.-based companies absorbed 66% of all AI investments in 2016. China was second with 17% and growing fast.
- By providing better search results, Netflix estimates that it is avoiding canceled subscriptions that would reduce its revenue by $1B annually.
These and other findings are from the McKinsey Global Institute Study, and discussion paper, Artificial Intelligence, The Next Digital Frontier (80 pp., PDF, free, no opt-in) published last month. McKinsey Global Institute published an article summarizing the findings titled How Artificial Intelligence Can Deliver Real Value To Companies. McKinsey interviewed more than 3,000 senior executives on the use of AI technologies, their companies’ prospects for further deployment, and AI’s impact on markets, governments, and individuals. McKinsey Analytics was also utilized in the development of this study and discussion paper.