40% of US businesses have reached maturity in terms of AI investment

New Ideas in MarketingEssential news for marketers, summarised by YouGov
March 04, 2022, 5:23 PM GMT+0

The latest LXT-Reputation Leaders survey found that AI training data is a key component to success across all organisations.

The study found that mid-to-large businesses in the United States continue to increase investments in Artificial Intelligence. 40% of these organisations rate themselves at the highest levels of AI maturity – indicating they have already achieved operational to transformative implementations.

Over a third of high-revenue companies spend between $51-$100 million on AI. Around seven in ten businesses are spending $1 million or more of the budget on this technology. According to these companies, innovation/product development is the key business driver of AI strategies, followed by scaling more quickly, competitive advantage, and risk management.

Four in ten businesses allocate 70% of their AI budgets to training data. Around two-thirds of all businesses expect their need for training data will increase over the next five years. LTX Founder and CEO, Mohammad Omar said, “The strategic importance of artificial intelligence continues to grow, and companies are starting to see transformative business benefits—which is leading to the levels of investment revealed in the research findings.”

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