Highlights
- Use of AI technologies reached 81%, up 33 percentage points
since 2018
- AI investment and adoption accelerated during COVID-19
pandemic
- 86% of survey respondents believe that ethical considerations
are a strategic priority in the design and implementation of their
AI systems
- AI is more likely to be used to increase efficiencies and
worker productivity than to replace labor
- US competitiveness in AI on the world stage remains a
concern
The adoption of new artificial intelligence (AI) technologies
and further investment in existing AI technologies accelerated
during the COVID-19 pandemic, according to a study released today
by RELX, a global provider of information-based analytics and
decision tools for professional and business customers. The study
also reveals that overall implementation of AI technologies across
the business landscape increased for the third consecutive
year.
The 2020 RELX Emerging Tech Executive Report marks the third
edition of the survey and provides a three-year overview of AI
adoption. It features insights from business leaders across eight
industries (government, healthcare, insurance, legal,
science/medical, banking and agriculture) and covers AI’s impact on
businesses’ success, the future of work, global competition,
ethics, and the global COVID-19 response. More than 1,000 U.S.
senior executives were surveyed.
COVID-19 Drove AI Technology Investment and Adoption
COVID-19 is the most pressing issue facing US executives today
as it reshapes and disrupts industries across the US. The majority
of respondents (68%) increased their investment in AI technologies
during the COVID-19 pandemic with 48% investing in new AI
technologies and 46% investing further in AI technologies already
in use at their companies. Similarly, 63% of business leaders
polled report that AI technologies had a positive impact on their
business’s ability to stay resilient in the face of the
pandemic.
For many respondents, the COVID-19 response effort underscored
the importance of AI, with 77% agreeing that these technologies
helped slow the spread of the virus and almost eight in ten (79%)
responding that countries should share AI technology resources in
light of the pandemic.
“Businesses’ response to COVID-19 has confirmed the view of US
business leaders that artificial intelligence has the power to
create smarter, more agile and profitable businesses,” said Vijay
Raghavan, Executive Director of the Chief Technology Officer Forum
at RELX. “Businesses face more complex challenges every day and AI
technologies have become a mission-critical resource in adapting
to, if not overcoming, these types of unforeseen obstacles and
staying resilient.”
The Use of Artificial Intelligence has Increased Across
Nearly all Sectors Polled
Artificial intelligence is transforming industries and changing
competitive dynamics. Modern organizations are increasingly
implementing AI technologies to uncover new efficiencies and inform
business decisions.
While AI is now driving market reinvention, in 2018, less than
half (48%) of business leaders responded that their companies used
these technologies. The 2020 RELX Emerging Tech Executive Report
shows that this number has reached 81%, up from 72% in 2019. The
use of AI is viewed as a key competitive differentiator and 60% of
those who say their company utilizes these technologies have
increased their data scientist and technologist headcount to
support these technologies while 60% say that they’ve increased the
areas of their business touched by AI.
AI is a value add for businesses, but there are hurdles that
need to be cleared on the path to emerging technology adoption. The
leading reasons for companies not using AI are budget constraints
(44%) and lack of technical expertise (39%). More than half of all
respondents agree that in order to increase investment in AI, data
quality and availability needs to improve (57%), and there needs to
be a better understanding of the legal and regulatory implications
(53%) for adopting these technologies.
Ethical AI is a Priority and a Competitive Advantage
The rapid adoption and implementation of AI needs to be balanced
with ethical considerations not only for greater social good, but
also because it is a differentiator in a crowded landscape. Almost
nine in ten (89%) business leaders believe that ethical standards
in the development and use of emerging technologies lead to a
competitive advantage for businesses. A similar number (86%) report
that ethics considerations have been made a strategic priority in
the design and implementation of their AI systems.
Only 5% of respondents believe that no regulations are needed
for AI technologies. While this represents a small number of
business leaders, there are differences in opinions as to how AI
should be regulated. Most (68%) business leaders believe emerging
technologies should be regulated at a national level, while 60%
believe they should be regulated at an international level and 45%
believe they should be regulated at a state level.
International Competition Remains a Concern for US
Businesses
The study shows a clear perceived link between technological
supremacy and economic growth. While the vast majority (90%) of
business leaders see the US as the leader in artificial
intelligence, up 10 percentage points from the year prior, 82% say
that they are concerned with the possibility of other countries
surpassing the US in terms of AI technology development and
implementation. This sentiment has increased every year since the
survey began in 2018, reflecting an ongoing concern that foreign
competitors could overtake US businesses.
Among business leaders who share these concerns, half (50%)
state that their business would be negatively impacted if other
countries passed the US in AI expertise. Respondents believe the
keys to promoting AI development and implementation domestically
are rolling out programs to help employees stay competitive as AI
becomes further ingrained in the business world (59%), increasing
research and development funding (58%) and providing training
opportunities for employees (58%). Training is on the rise, as 75%
of companies offer training on AI technologies, up from 62% in 2019
and 46% in 2018.
“A trend we’ve seen over the last three years is that AI
implementation consistently outpaces training,” said Raghavan.
“Companies that do not dedicate the necessary resources to training
existing employees on new AI technologies risk leaving growth
opportunities on the table and using biased or otherwise flawed
systems to make and enforce major decisions.”
Key three-year trends include:
TREND
2018
2019
2020
Artificial intelligence (AI) technologies
are being utilized by my business
48%
72%
81%
I am somewhat or very concerned about
other countries being more advanced than the US in artificial
intelligence technology development and implementation
70%
72%
82%
I believe US companies should invest in
the future artificial intelligence workforce through educational
initiatives such as university partnerships
92%
93%
95%
My company currently offers training on
artificial intelligence technologies
46%
62%
75%
The US government should develop programs
to help employees stay competitive as AI becomes more integrated in
the business world
45%
52%
59%
The US government should leave the
promotion of AI technologies to the private sector
30%
34%
36%
Executive summary
A summary of the findings, with a breakdown of data relating to
each of the eight industries surveyed can be found here.
Infographics
Infographics can be found here.
Methodology
With Ipsos, RELX surveyed 1,014 adults in the United States
between the ages of 30 – 74. To qualify, respondents had to be
employed full-time, have a household income of at least $50,000,
work at a company with more than 50 employees, and currently be a
business executive or business decision maker/leader at their
company. Respondents also had to be employed in one of eight
industries featured in this report to qualify, and they had to
either use AI technology at their business or be aware of it. The
qualifications were consistent to those used in 2019 though new
definitions were included in this survey to describe each
industry.
About RELX
RELX is a global provider of information-based analytics and
decision tools for professional and business customers. The Group
serves customers in more than 180 countries and has offices in
about 40 countries. It employs over 33,000 people, of whom almost
half are in North America. The shares of RELX PLC, the parent
company, are traded on the London, Amsterdam and New York Stock
Exchanges using the following ticker symbols: London: REL;
Amsterdam: REN; New York: RELX. The total market capitalization is
approximately £33.7bn, €37bn, $43.6bn.
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