The AI industry is set for a major boom in investment as it becomes a more common presence around the world.
A new report from KPMG (opens in new tab) suggests that investment in AI, along with machine learning and robotic process automation (RPA) technology, is set to reach $232bn by 2025 - a major increase from the $12.4bn seen today.
KPMG found that 40 per cent of industry leaders said they would be increasing AI investment by 20 per cent or more, and 32 per cent saying they would be upping investment in RPA by 20 per cent or more.
Nearly two-thirds of respondents said they plan to fully implement RPA within three years.
"Many traditional businesses with legacy approaches risk falling behind digital-first companies if they stay with the status quo," said Cliff Justice, KPMG partner, innovation & enterprise solutions.
"It takes a comprehensive transformation of business and operating models to compete in their own market at the level at which a Tesla or Amazon do in theirs."
"A lot of change has to happen that’s really uncomfortable and sometimes political, and most companies are not prepared for that. Projects implemented from the bottom up are not going to scale because they haven’t been designed to scale. If this isn’t a C-level initiative, then it’s not going to be successful at scale."