KPMG analysts have published the results of surveying technology industry players in the report “Living in an AI World 2020: Technology Insiders”.

Most of the respondents among business insiders agrees that “as the creator and leading proponent of AI, the technology industry is also the most advanced in adopting the groundbreaking technology”.

The appetite for AI tech in the sector is indeed strong with 92% respondents sharing a views that leveraging AI will improve their company’s efficiency. The majority also thinks “their company should be even more aggressive in AI investment and adoption”.

According to the survey results, the greatest impact is expected to come from machine learning, followed by deep learning and facial recognitions, but in the next two years the most impactful are expected to be machine learning, cognitive computing and robotics.

Yet on the way to further AI adoption there are challenges like lack of talent, security and data privacy. KPMG Principal Sreekar Krishna shared also that the big challenge standing on the way to the growth is “data and AI literacy”.

KPMG study also reveals a certain gap: despite that the majority of respondents are eager to integrate more AI tech, 70% of them “believe employees are concerned” about how AI is applied and worry for their job security:

“In fact, more than a third of technology industry insiders (37 percent) are worried that AI could replace their positions”

In 2019, the technological advances rate of artificial intelligence technology has outpaced Moore’s Law, and venture investments in the AI field set a new record. According to Pitchbook, returns of AI investments also exceeded industry average for startups. 

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