37% of Artificial Intelligence Technologies are Adopted by High Tech Industry

by November 23, 2020 0 comments

Hyderabad, November 23, 2020 –– Analytics Insight conducted a survey “The Global Artificial Intelligence Trends 2020” to understand the global adoption of Artificial Intelligence (AI) amongst enterprises and recognize the business perceptions of AI across sectors.

Analytics Insight reached out to 2,200 professionals online located in different geographic regions across a wide range of industries to explore different views toward AI and its current implications among enterprises. Receiving 256 responses for the survey, Analytics Insight articulated a detailed report, which can be indicative of the market as a whole.

Out of the 256 respondents, 48.5% were working at small-scale companies with the company size of fewer than 100 employees. About 29.8% of the respondents were employed at companies which had total employees ranging from 100-1000, while 21.7% of respondents had a company size of over 1000 employees.

On the basis of geographical distribution, 42.1% of the respondents were located in Asia. This was followed by North America at 35.6%, Europe at 17.9%, and the Middle East and Africa contributed at 4.4%.

According to the survey, the High Tech industry is leading the adoption of AI with a 37% share, followed by Professional Services at 18.2% and Financial Services accounting for 16.6%. The survey further finds that the Retail Industry uses AI across multiple areas of business, contributing to the adoption rate of 9.1%. Next up after Retail is Healthcare and Pharma contributing 8%, about 4.8% from Consumer-Packaged Goods, 2.8% from Telecom, 2.3% from Automotive and Assembly, 0.8% from Infrastructure and 0.4% from Travel, Transport, and Logistics.

The majority of AI technologies with 34.3% of total usage are leveraged in the Research and Development initiatives, followed by Finance at 18.2% and IT Management at 12%. The study further unravels that Customer Service is facilitating 9.5% of AI technologies. This is followed closely by HR, 8.9%; Sales and Marketing, at 8.3%, and Manufacturing and Operations accounting to 5.8%.

Analytics Insight observed earlier that artificial intelligence is being readily adopted by organizations across all sectors and industries. To further understand the type of technology that organizations are aiming to deploy, Analytics Insight asked respondents about the primary interest of organizations for AI adoption.

Almost 34.1% of survey respondents indicated Predictive Analytics to be the priority, whereas 24.5% of respondents prioritized General AI Implementation in their organization. Almost 18.3% of respondents feel Process Automation will be the primary step in digital transformation, whereas Hyper-personalization is the priority amongst 7.8% of survey respondents.

While organizations across all sectors and industries embraced AI to ease the human workforce and make the services more efficient, it still has some significant constraints to be deployed. To understand the challenges of adopting this technology, Analytics Insight engaged respondents in the primary challenges of organizations for AI adoption.

Around 31.1% of respondents indicate that the biggest challenge a company faces regarding AI adoption is Limited AI Skills. In comparison, nearly 27.7% of respondents feel that Data Quantity or Quality is a major concern. Almost 22.7% of companies hesitate to adopt AI because it is a High-Cost Technology. Wherein 8.3% of vendors have felt Confused AI Ecosystem, 2.6% of respondents feel Non-AI Approaches are Sufficient. The survey also reveals that 1.7% of companies are far from digitization due to Regulatory or Security Issues, and 5.9% do not have an Incomplete Understanding of AI.

The objective of the survey was to understand which businesses are embracing AI technologies, how willing and comfortable organizations are with AI technologies, making in-roads into their workplaces, and the challenges they face in implementing AI among their organizations.

“The survey speaks out and loud about the issues faced by enterprises in adopting artificial intelligence within their businesses. What makes it more interesting is that even large organizations are struggling to adopt AI fully into their enterprise,” says Ashish Sukhadeve, Founder and CEO, Analytics Insight.

Read the detailed report here: https://bit.ly/35TVpIT

 

About Analytics Insight

Analytics Insight is the world’s first publication focused on Artificial Intelligence, Big Data and Analytics. Analytics Insight uses extensive market research to pinpoint emerging trends and future growth opportunities and help organizations determine where to compete. It helps decision-makers innovate technology processes, predict sales with the ability to sense, react and adapt to changing market conditions. For more information, visit: https://www.analyticsinsight.net/

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