Boom Times for Machine Learning, Despite Obstacles
Concerns about ethics and security aside, spending around machine learning is poised to grow sharply over the next five years.
From $1.58 billion in 2017, Zion Market Research projects that machine learning spending will hit $20.83 billion in 2024, a compound annual growth rate of just over 44 percent.
Among the biggest drivers of the adoption of machine learning are “technological advancements and proliferation in data generation,” according to the report’s authors. They also cited heightened demand for intelligent business processes and increasing adoption of modern applications.
There are several issues preventing more widespread adoption, however — chief among them the ongoing shortage of skilled employees. It’s a concern that’s cropped up in other research, including the 2019 CIO Survey by research firm Gartner, which found that 54 percent of respondents considered the shortage of skilled artificial intelligence (AI) practitioners as the biggest challenge facing their organizations.
Other top obstacles to machine learning identified in the Zion report were data security and the ethical implications of deployed machine learning algorithms.
The report tracks spending across a broad range of sectors, including banking, financial services and insurance (BFSI), health care and life science, retail, manufacturing, telecommunications, government and defense, and others.
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