AI investment is rising, spending more than doubling over four years. A study by International Data Corporation found that AI investment reached $93.5 billion in 2021, up from $40.8 billion in 2017.
This intense growth is due to many factors, including the increasing demand for AI-powered services and the expansion of AI into new markets. As businesses continue to invest in AI, it’ll be imperative to track these trends and ensure that your company is positioned to capitalize on this growing industry. Find internet providers that put you at the forefront of innovation.
What’s Happening
The Stanford Artificial Intelligence Institute (HAI) published its annual AI Index last month. This document attempts to measure the present state of AI in several sectors worldwide.
The report, which has appeared every year since 2012, now includes:
- A new worldwide survey of robotics researchers
- A chapter on AI ethics
- AI policy data in 25 countries
A Noteworthy Number
Global private investment in artificial intelligence rose to $93.5 billion, twice as much as in 2020. However, fewer new businesses are being created. According to the study, recently-funded AI firms have decreased from 1,051 to 762 to 746 in the last three years.
It’s becoming increasingly clear that investment in AI is increasing not just for young firms but also for more established ones, which is a sign that AI applications are becoming large-scale.
However, there’s a disadvantage. Based on these figures, it’s impossible to determine how much easier it is for creative work from tiny businesses to get financed.
Around the World
In terms of artificial intelligence, China, India, and the United States are the top three countries. The Global AI Vibrancy Tool, released by HAI, looks at how nations perform in the AI race based on data from 2017 to 2021. The US topped the list, followed by China and India.
The United States topped metrics like new AI companies, private investment, and patent grants, whereas China outperformed in patent applications and conference and journal articles.
The number of AI publications produced by the US and China has never been higher.
In the World’s Legislatures
According to the legislation of AI Index’s analysis in 25 nations, only one bill with the phrase artificial intelligence was passed in 2016. By 2021, that number had risen to 18. Last year, the United States, the United Kingdom, and Spain passed three AI-related laws.
In the Lab
Cheaper, faster, and better Since 2018, the cost of training an AI image-classification system has dropped almost 64%, while the time to do so has accelerated by nearly 95%. Other AI topics like object detection, recommendation, and language processing also benefit from lower prices and time.
Robotic arms have also become more affordable, with the median price declining by over 45%. As of last year, one of the technologies will cost you just $22,600—versus more than $42,000 a year in 2017.
The Moral Clause
AI ethics research is on the rise. For example, publications regarding AI fairness and openness have increased by 5x since 2014 at ethics-related conferences that researchers published.
Another of the Index’s key findings according to researchers, large language models, which achieve new records on technical metrics, is also better at incorporating biases acquired via training data.
According to one example, a 280-billion-parameter model created last year demonstrated a nearly 30% boost in elicited toxicity compared to a 117-million-parameter model that was regarded as state of the art in 2018.
According to one poll cited in the Index, business efforts to address ethical complaints may lack, 29 percent and 41% of respondents recognize equity, fairness, and explainability as risks when employing AI, only 19 percent and 27% are taking action to reduce them.
Bottom Line
The AI sector is maturing. It’s not just that AI is consolidating. From a venture capital standpoint, machine learning algorithms are becoming more affordable, accessible, and fast enough. That’s great news for frugal companies, but it’s doubtful it to be beneficial for safeguarding against the long-term risks of AI.
On the policy front, AI is still being treated as an afterthought. There’s a need for more legislation dealing with artificial intelligence, not just in the United States. The European Union, for example, has only passed one AI-related law.
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