Companies Are Spending Over $5 Million On Artificial Intelligence

Yesterday, Fortune reported that a recent survey of over 300 companies by Figure Eight showed that some businesses are spending over $5 million on artificial intelligence projects.

According to the article, “over half the respondents said they oversee an annual A.I. budget of at least $51,000. 13% said they control A.I. budgets of $251,000 to $500,000, an amount that reflects a modest commitment and likely small staff. 5% said they’re spending over $5 million. That would imply a huge operation that rivals spending on corporate tech basics like some cybersecurity products.”

Figure Eight vice president of marketing Sid Mistry speculates the budgets of the surveyed businesses include capturing and labeling data, building and running machine-learning models and then improving the models’ performance over time.

Check out the enormous increase in A.I. spending per country by Deloitte here

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Andre Moncayo
Andre Moncayo
Marketing Associate