Amazing new areas of growth, innovation and focus for investment. Definitely #AI and #MachineLearning to watch. Here is a good summary from Forbes:
- “Tech giants including Baidu and Google spent between $20B to $30B on AI in 2016, with 90% of this spent on R&D and deployment, and 10% on AI acquisitions.
- Artificial Intelligence (AI) investment has turned into a race for patents and intellectual property (IP) among the world’s leading tech companies.
- U.S.-based companies absorbed 66% of all AI investments in 2016. China was second with 17% and growing fast.
- By providing better search results, Netflix estimates that it is avoiding canceled subscriptions that would reduce its revenue by $1B annually.
These and other findings are from the McKinsey Global Institute Study, and discussion paper, Artificial Intelligence, The Next Digital Frontier (80 pp., PDF, free, no opt-in) published last month. McKinsey Global Institute published an article summarizing the findings titled How Artificial Intelligence Can Deliver Real Value To Companies. ”
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