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Gartner: AI industry remains in 'evolutionary state'

(Image credit: Shutterstock / ioat)

Despite the fact artificial intelligence (AI) is far from the finished article, its effect on the global economy has been transformative. This is according to a new report from analyst firm Gartner, which asserts that AI is still in an “evolutionary state”.

As reported by VentureBeat, technologies such as edge AI, computer vision, decision intelligence and machine learning are set to change various markets radically - sooner, rather than later.

According to Gartner, many businesses want to use AI for tasks it is not currently equipped to perform. These businesses are focused on implementation, risk management and ethics, while they scale various AI initiatives. However, data leaders are not necessarily prioritizing investments in AI technologies, risking the ability to extract any data from these initiatives in the first place.

Gartner further explained that “responsible AI” is crucial for stakeholders, as they expect more trust, transparency, fairness and auditability. Consequently, by 2023, all experts hired to work on AI will have to show they are capable of working on responsible AI. Precisely what this might entail is unclear.

The pandemic played a major role in the growth of the technology. Startups working on AI products raised more than $73 billion in Q4 2020, up $15 billion compared to 2019.

“Research has found that only half of AI projects make it from pilot into production, and those that do take an average of nine months to do so,” said Svetlana Sicular, Research VP at Gartner. 

“Innovations such as AI orchestration and automation platforms and model operationalization are enabling reusability, scalability, and governance, accelerating AI adoption and growth.”