Electronic enthusiasts eight o'clock: consulting firm McKinsey recently released a report on the status quo and future of artificial intelligence and machine learning.
The following are the main points of the report:
-- Technology giants including Baidu and Google (microblogging) invested between $20 billion and $30 billion in artificial intelligence in 2016, 90% of which was spent on R&D and deployment, and 10% Artificial intelligence acquisition.
-- Artificial intelligence investment has become a patent and intellectual property war between the world's top technology companies.
-- US companies absorbed 66% of artificial intelligence investment in 2016, and China ranked second with 17%, and it is growing rapidly.
-- With better search results, Netflix estimates that the company will lose $1 billion in annual revenue losses by avoiding user unsubscribe.
These conclusions come from the "Arithmetic Intelligence, The Next Digital FronTIer" released by the McKinsey Global Institute last month. They interviewed more than 3,000 executives to learn about the use of artificial intelligence technology by these people and their future deployment prospects. It also includes the impact of artificial intelligence on markets, governments and individuals.
The main points of this study are as follows:
-- Technology giants, including Baidu and Google, invested between $20 billion and $30 billion in artificial intelligence in 2016, 90% of which went into research and development and deployment, and 10% for artificial intelligence acquisitions. The current artificial intelligence investment rate is three times higher than the external investment growth since 2013. McKinsey found that 20% of companies with artificial intelligence awareness are early adopters, mainly in the high-tech/telecommunications, automotive/assembly and financial services industries. The chart below shows the trends that the research team found during their analysis.
-- Artificial intelligence investment has become a patent and intellectual property war between the world's top technology companies. McKinsey found that there is only a small percentage of venture capital firms, private equity firms and other external funds (up to 9%). Among all publicly available categories, M&A growth was the fastest (85%) from 2013 to 2016. The report cites many examples of internal development, including Amazon's investment in robotics and speech recognition, and Salesforce's investment in virtual agents and machine learning. BMW, Tesla and Toyota are leaders in the automotive industry, and their investment direction includes machine learning technology for robots and driverless cars. Toyota also plans to invest $1 billion to build a new artificial intelligence research institute that specializes in robots and driverless cars.
-- McKinsey estimates that external investment in artificial intelligence in 2016 was between $8 billion and $12 billion, and machine learning attracted nearly 60% of investment. Robotics and speech recognition are two of the most popular investment areas. Investors are most interested in machine learning startups because the software code-based startups can quickly scale up and add new features. Software-based machine learning startups are gaining more favor than cost-intensive robot startups. Under the combined influence of these factors and other factors, the compound annual growth rate (GAGR) of M&A in this area between 2013 and 2016 is about 80%. The chart below shows the distribution of external investments in different areas.
-- High-tech, telecommunications and financial services are early adopters of machine learning and artificial intelligence. These industries have always been willing to invest in new technologies to gain competitiveness and increase the efficiency of internal processes. Many startups also started by focusing on the digital challenges facing the industry. The heat map below shows the relative popularity of artificial intelligence in various industries and key areas.
-- McKinsey expects that high-tech, communications and financial services will become the main industry for artificial intelligence in the next three years. The competition for patents and intellectual property in these three industries is accelerating. The equipment, products and services that leading technology companies now offer and plan to offer will gradually demonstrate their level of innovation today. For example, in the financial services industry, artificial intelligence-optimized fraud detection systems can significantly improve accuracy and speed, and are expected to become a $3 billion market by 2020. The chart below provides an overview of the areas or industries that are currently at the forefront of the use of artificial intelligence, and the areas and industries that are most likely to expand their investment over the next three years.
-- Healthcare, financial services, and professional services have seen the largest increase in profit margins due to the spread of artificial intelligence. McKinsey found that senior management supports artificial intelligence projects, and that companies have invested in infrastructure to support their scale, and companies that have established clear business goals have achieved profit margin growth of around 3% to 15%. Most of the more than 3,000 business leaders surveyed expect a profit margin of 5 percentage points over the next year.
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