Source: London Stock Exchange
LSEG Labs launched the findings of its third annual artificial intelligence and machine learning (AI/ML) report (attached), which explores the current market landscape for AI/ML and how rapid acceleration in data literacy, resulting from the Covid-19 shock, is really just a glimpse of what’s yet to come.
Key themes highlighted in the 2021 report include:
• Deep learning is now the favoured type of AI/ML - 84% of global respondents now apply deep learning in their business.
• Data quality and availability are still stubborn issues, but tech is becoming more of a barrier to adopting new AI/ML technologies/techniques.
• North America loses its AI/ML lead as EMEA and Asia Pacific catch-up.
Asia Pacific (APAC) insights include:
• AI/ML adoption levels into multiple areas of the business have increased in Asia Pacific. This year, 51% of respondents at Asia Pacific-based companies say their company deploys AI/ML in multiple areas of the business, compared with 37% last year.
• Crucially, companies in both Asia Pacific perceive AI/ML as a core component to business strategy far more than was the case last year, with 94% of companies in the region believing this to be case, up from 69% last year.
• This strategic commitment is also backed up by rising levels of investment. This year’s survey shows a 10% rise in the number of Asia Pacific respondents who agree their companies significantly invest in AI/ML.
• Companies in Asia Pacific are also rapidly evolving their processes to match organisational patterns in North America. For example, companies are now on par with having their AI/ML decision-makers distributed across the business.
Geoff Horrell, Head of Group Innovation, London Stock Exchange Group, says:
“Now in its third edition, our 2021 AI/ML report shows that data is now the dominant force shaping strategic decisions: who companies hire, what they invest in and, who they partner with. Nearly half (45%) of companies globally are accelerating away from the others with more AI/ML deployments, broader talent plans and clearer data and technology strategies. As AI/ML adoption in Asia Pacific grows amid a complex, fragmented and rapidly changing technology landscape, so does the need for better engagement - customers, employees and business leadership all need to come together to build the new frontier of data-driven financial markets infrastructure.”