47% of Businesses Implement Machine Learning, But Lack of Technical Teams Hinders Growth
According to a recent survey conducted by STX Next, a leading software development company specializing in Python, 47% of businesses have now incorporated machine learning (ML) into their operations. The increasing popularity of artificial intelligence (AI) and ML is undeniable. However, further growth in this field may be limited due to a lack of investment in specialized technical teams necessary to drive integration.
The survey also revealed that 50% of Chief Technology Officers (CTOs) currently do not have any staff members employed in AI, ML, or data science roles. Shockingly, 41% of technical leaders admitted that their businesses had not implemented any AI technologies at all. These findings highlight the significant progress that still needs to be made in this sector.
STX Next’s 2023 Global CTO Survey, which interviewed 500 CTOs worldwide about the most significant challenges their organizations face, provided these insights. The research also uncovered other key findings:
– The most common AI solution in businesses today is image detection/segmentation, implemented by 23% of companies. It is followed by recommendation systems at 20%, and optical character or text recognition at 19%.
– Approximately 24% of companies have integrated natural language processing into their operations, while 22% claim to have implemented deep learning.
– Surprisingly, despite the rapid growth of AI, only a quarter of companies have a dedicated AI/Data division, and 38% have between one and five team members specializing in AI/ML or data science.
Head of AI at STX Next, Bartek Roszak, emphasized the popularity of AI throughout this year, largely driven by the success of large language models like ChatGPT. However, he noted that AI possesses many use cases beyond these models and can significantly support various business functions. Roszak expressed hope that in 2024, there will be a greater uptake of AI and ML in other critical business processes.
Although the current applications of AI discovered in the survey are not surprising to those working in technical roles, as AI’s effectiveness in handling repetitive processes and recognizing patterns in images and text is well known, it is astonishing that only a quarter of businesses have adopted them. AI has the potential to revolutionize numerous industries, but more effort is needed to educate the market about its capabilities.
The survey’s results also indicate that while many business leaders recognize the potential of AI, they must invest more in specialized resources to support its development. Implementing machine learning in some form will soon become crucial for companies to keep up with industry changes and meet customer expectations.
As organizations seek more ways to scale their businesses economically and efficiently and tackle new challenges, the importance of AI and ML will undoubtedly become more prominent in the next year and beyond. In many cases, leaders will need to assess the extent to which off-the-shelf ML solutions can support their businesses and determine how much they should invest in research and development to deliver the necessary level of expertise.
The continued popularity of AI and ML shows no sign of slowing down in the coming months. CTOs should embrace the potential of these technologies by finding the right balance between their business needs and the unique requirements of their clients and customers. Those who can leverage AI’s potential by enhancing their skill sets will undoubtedly reap the rewards in 2024.
