How much money was spent on artificial intelligence in 2017? According to the McKinsey Global Institute Study around $20 to $30 billion were invested by tech companies. 90% of this amount was spent on research and development, and deployment, and 10% on AI acquisitions.
While investment in AI is growing exponentially, the McKinsey research gives us important insights: the flow of investments and adoption of AI is concentrated among larger, high tech companies. With this uneven playing field, smaller, low tech, and labor-intensive companies will find it harder to compete in the next few years as their major industry competitors become even more sophisticated with AI.