Almost Half of Businesses Have Implemented Machine Learning, but What Is Next for the Technology?
February 29, 2024

Bartek Roszak
STX Next

Share this

The popularity of machine learning (ML) has skyrocketed in recent years, driven largely by its ability to process data at much faster speeds than humans and produce invaluable insights to unlock business value. By 2026, Gartner predicts that over 80% of enterprises will have used GenAI APIs and models and/or deployed GenAI-enabled applications in production environments, up from less than 5% in early 2023.

Recent STX Next research found that at present, almost half of businesses have now implemented machine learning into business processes in some way, with the most common application being image detection/segmentation, followed by recommendation systems and optical character or text recognition.

Despite the growth in popularity of artificial intelligence (AI) and ML across a number of industries, there is still a huge amount of unrealized potential, with many businesses playing catch-up and still planning how ML solutions can best facilitate processes. Further progression could be limited without investment in specialized technical teams to drive development and integration.

Room for Growth

At present, STX Next data suggests that 50% of CTOs still do not have a single member of staff employed in an AI, ML or data science role at present, underlining the scale of the progress that still needs to be made. To add to this, just a quarter of companies have a separate AI/data division and 38% have between just one and five team members in a dedicated AI/ML or data science role.
Clearly, while many leaders acknowledge AI's potential, there is still a need for more investment in specialized resources to support its development. Implementing machine learning in one form or another will soon be crucial in keeping pace with changes in the industry and meeting customer expectations. As with the roll out of any new technology, its success relies on investment in time, headcount and finances.

This will no doubt become more prominent over the next year and beyond as organizations look for more ways to economically and efficiently scale their business and tackle new challenges. In many cases, leaders will need to assess the extent to which off-the-shelf ML solutions can support their businesses, and work out how much they need to invest in R&D to deliver the required level of expertise.

AI ≠ ChatGPT

AI's popularity and constant presence in headlines this year has been driven largely by the success of large language models like ChatGPT. However, AI has many use cases beyond models like these and can support many business functions that organizational leaders may not yet be aware of.

In 2024, we'll no doubt see an increase in uptake of AI and ML in other business processes. While large language models serve a valuable purpose, they are just one part of AI and ML's arsenal.
The most common applications of AI at the moment are largely unsurprising, as AI's ability to tackle repetitive processes and recognize patterns within images and text is clear and evident. What is surprising is that these are still only adopted by a quarter of businesses. AI can and will revolutionize many industries, but there is still work to be done in educating the market on its capabilities.

Striking the Balance

AI and ML's popularity shows no sign of slowing. CTOs looking to stay ahead of the curve should embrace its potential, remaining careful to balance the needs of the business with the unique needs of clients and customers.

There is also the need to balance the implementation of AI with support for existing employees. In many cases, AI can enable people to exceed in their roles and create new efficiencies, rather than replacing them altogether. Businesses that are able to leverage its potential by enhancing their skillsets will reap the rewards in 2024.

Bartek Roszak is Head of AI at STX Next
Share this

The Latest

April 19, 2024

In MEAN TIME TO INSIGHT Episode 5, Shamus McGillicuddy, VP of Research, Network Infrastructure and Operations, at EMA discusses the network source of truth ...

April 18, 2024

A vast majority (89%) of organizations have rapidly expanded their technology in the past few years and three quarters (76%) say it's brought with it increased "chaos" that they have to manage, according to Situation Report 2024: Managing Technology Chaos from Software AG ...

April 17, 2024

In 2024 the number one challenge facing IT teams is a lack of skilled workers, and many are turning to automation as an answer, according to IT Trends: 2024 Industry Report ...

April 16, 2024

Organizations are continuing to embrace multicloud environments and cloud-native architectures to enable rapid transformation and deliver secure innovation. However, despite the speed, scale, and agility enabled by these modern cloud ecosystems, organizations are struggling to manage the explosion of data they create, according to The state of observability 2024: Overcoming complexity through AI-driven analytics and automation strategies, a report from Dynatrace ...

April 15, 2024

Organizations recognize the value of observability, but only 10% of them are actually practicing full observability of their applications and infrastructure. This is among the key findings from the recently completed 2024 Observability Pulse Survey and Report ...

April 11, 2024

Businesses must adopt a comprehensive Internet Performance Monitoring (IPM) strategy, says Enterprise Management Associates (EMA), a leading IT analyst research firm. This strategy is crucial to bridge the significant observability gap within today's complex IT infrastructures. The recommendation is particularly timely, given that 99% of enterprises are expanding their use of the Internet as a primary connectivity conduit while facing challenges due to the inefficiency of multiple, disjointed monitoring tools, according to Modern Enterprises Must Boost Observability with Internet Performance Monitoring, a new report from EMA and Catchpoint ...

April 10, 2024

Choosing the right approach is critical with cloud monitoring in hybrid environments. Otherwise, you may drive up costs with features you don’t need and risk diminishing the visibility of your on-premises IT ...

April 09, 2024

Consumers ranked the marketing strategies and missteps that most significantly impact brand trust, which 73% say is their biggest motivator to share first-party data, according to The Rules of the Marketing Game, a 2023 report from Pantheon ...

April 08, 2024

Digital experience monitoring is the practice of monitoring and analyzing the complete digital user journey of your applications, websites, APIs, and other digital services. It involves tracking the performance of your web application from the perspective of the end user, providing detailed insights on user experience, app performance, and customer satisfaction ...

April 04, 2024
Modern organizations race to launch their high-quality cloud applications as soon as possible. On the other hand, time to market also plays an essential role in determining the application's success. However, without effective testing, it's hard to be confident in the final product ...