1 min readThe State of Artificial Intelligence in 2017

How much money was spent on artificial intelligence in 2017? Read this article and find out.

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.

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