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Early adopters are ramping up investment in artificial intelligence[1] (AI) technologies in 2018, reveals an AI study conducted by Constellation Research[2].
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Sixty percent of C-level executives surveyed say their organizations plan to increase investment in AI by over 50 percent compared to last year (Figure 1). AI budgets, however, remain relatively modest with 92 percent of respondents expecting to spend less than $5 million on AI in 2018.
(Image: Figure 1. AI Budgets Rising in 2018)
Modest AI budgets signal cautious adoption and deployment of foundational AI technologies for now. However, because AI often delivers successes exponentially, Constellation expects AI budgets to continue to rise by more than 50 percent annually for the next four to five years as AI R&D yields bigger successes at an increasing pace.
Firms investing in AI to improve the customer experience and drive growth
AI adoption highest among IT, customer service, and sales and marketing departments
The Constellation Research 2018 AI Study reveals firms are investing in AI to help improve the customer experience and drive growth. C-level executives [5]surveyed by Constellation reported the highest levels of investment and adoption in the following departments: Information technology, customer service/commerce, sales and marketing, and employee productivity.
Fifty-two percent of respondents report AI projects in production or in pilots in the IT department; 50 percent report production or pilot AI projects in customer service/commerce; 46 percent report AI projects in production or pilots in