The focus for IDC’s 10 predictions for next year and beyond is the rise of the digital economy. By 2023, IDC predicts, over half (52%) of global GDP will be accounted for by digitally transformed enterprises. This digital tipping point heralds the emergence of a new enterprise species, the digital-first enterprise.
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Recent surveys, studies, forecasts and other quantitative assessments of the progress of AI highlighted the rapidly increasing expectations regarding the business benefits of AI and the low incidence of business gains so far; the increasing adoption of AI by businesses worldwide and the challenges in its implementation and integration with exiting processes; and how companies respond to AI by both reducing and training their workforce.
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A report by CB Insights shows that, as of August, 2019 was on track to surpass last year’s record number of AI startup acquisitions. The annual tally has grown an average of 38 percent every year since 2010.
Bloomberg: Automation has “contributed substantially” to reducing the portion of national income that goes to U.S. workers over the past two decades, according to a new study by economists at the Federal Reserve Bank of San Francisco. Despite the lowest unemployment rate in around 50 years, the so-called labor share has fallen to about 56% from 63% in 2000 and the increased use of robots and other technology has been an important driving factor.
Source: Decoding AI in the US
Asked what is the biggest misconception about AI, Yoshua Bengio answered without hesitation “AI is not magic.” Winner of the 2018 Turing Award (with the other “fathers of the deep learning revolution,” Geoffrey Hinton and Yann LeCun), Bengio spoke at the EmTech MIT event about the “amazing progress in AI” while stressing the importance of understanding its current limitations and recognizing that “we are still very far from human-level AI in many ways.”
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Chinese AI startups received $6.1 billion in VC funding over the past four years – almost 70% more than their U.S. counterparts, which raised $3.6 billion during the same period.
The price of computation today is roughly one hundred-millionth what it was in the 1970s, when the first microprocessors became commercially available (see chart). According to figures collected by John McCallum, a computer scientist, a megabyte of data storage in 1956 would have cost around $9,200 ($85,000 in today’s prices). It now costs just $0.00002.
