STX Next: CTO Report Says Half of Businesses Now Using ML

Machine learning’s popularity looks set to continue with 66% of CTOs predicting it will become much more prominent in the next two to four years

Almost half (47%) of businesses today have now implemented machine learning (ML) into their processes, according to research from Europe’s largest software development company STX Next. But despite this growth in popularity of AI and ML, further growth could be limited without investment in specialised technical teams.

Despite AI and ML’s popularity, STX Next’s survey evealed that 50% of CTOs do not currently have a single member of staff employed in an AI, ML or data science role, with 41% of technical leaders saying that their business hadn’t implemented any AI technologies at all. 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.

“AI’s popularity this year has been driven largely by the success of large language models like ChatGPT,” Bartek Roszak, Head of AI at STX Next said. “However, AI has many use cases beyond models like these and can support many business functions. In 2024, we hope to see an increase in uptake of AI and ML in other business processes.

“That said, the existing applications of AI that the survey uncovered are largely unsurprising, as AI’s ability to tackle repetitive processes and recognise patterns within images and text is clear and evident to those working in technical roles. What is surprising is that these are still only adopted by a quarter of businesses. AI can and will revolutionise many industries, but there is still work to be done in educating the market on its capabilities.”

Business leaders acknowledge AI’s potential, but more specialist investment is still needed

The findings were taken from STX Next’s 2023 Global CTO Survey, which surveyed 500 global CTOs about the biggest challenges facing their organisation. Other key findings from the research included:

  • The most common AI solution within businesses at present is image detection/segmentation with 23%, followed by recommendation systems at 20% and optical character or text recognition at 19%.
  • 24% of companies have now implemented natural language processing at their business and 22% say that they’ve implemented deep learning.

“Our survey results have also revealed that while many leaders acknowledge AI’s potential, there is still a need for more investment in specialised resources to support its development,” adds Roszak. “Implementing machine learning in one form or another will soon be crucial in keeping pace with changes in the industry and meeting customer expectations. 

“This will no doubt become more prominent over the next year and beyond as organisations 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 and ML’s popularity shows no sign of slowing over the coming 12 months. CTOs should embrace its potential, balancing the needs of the business with the unique needs of clients and customers. Those that are able to leverage its potential by enhancing their skillsets will reap the rewards in 2024.”

******

Make sure you check out the latest edition of Technology Magazine and also sign up to our global conference series - Tech & AI LIVE 2024

******

Technology Magazine is a BizClik brand ​​​​​​​

Share

Featured Articles

Dell Technologies: Powering Reliable Global Connectivity

Dell Technologies is announcing new solutions to help communications and service providers (CSPs), so that their systems are faster and more flexible

MWC Barcelona 2024: Unveiling the Future of Technology

Technology Magazine is live at MWC Barcelona 2024 this week, where global industry leaders come to reveal cutting-edge innovations in connectivity

Google Gemma: An AI Model Small Enough to Run on a Laptop

Tech giant Google, with Google DeepMind, has launched its latest AI model Gemma which it says achieves best-in-class performance for its size

Why Tech Leaders Should Attend Sustainability LIVE: Net Zero

Digital Transformation

OpenText Report: IT at Forefront of Sustainability Efforts

Digital Transformation

‘Magnificent Seven’ Tech Companies Driving Forward With AI

AI & Machine Learning