These 2 Problems Are Holding The AI Industry Back

One of the hottest trends in big tech right now is inarguably artificial intelligence (AI). Tech industry giants like Facebook, Inc. (NASDAQ: FB) and Google parent company Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) are paying exorbitant salaries for those with AI experience to draw specialists to their teams. At the same time, everyone from venture capitalists (VCs) to Uncle Sam have contributed billions of dollars into what is likely to be one of the biggest innovations in the tech space (read: DARPA’s new AI initiative).

Artificial Intelligence (AI) Report Q3 2017, Venture Scanner

AI funding has increased substantially and Venture Scanner estimates a compound annual growth rate (CAGR) of 49 percent, much higher than many other industries. However, even with the continued increase in funding, there appears to be a slowing down of new projects and VC deals being made in the AI space. Crunchbase found that in 2018, there’s been a plateauing of the number of VC deals made with AI startups, though investment amounts remain high. Now that the AI industry is relatively mature, AI isn’t declining, but rather slowing in growth. So the question that needs to be asked is: What are the factors holding back growth, and how can we fix them?

Fear of Emerging Tech and Solving Trust

New technology is not always welcomed with open arms by consumers, especially something like AI. When it comes to AI demonstrations and advancements, it’s not uncommon for there to be a significant divide in how consumers feel. When Google demonstrated its AI progress at the I/O developer conference earlier in the year, responses were polarizing. Some consumers thought it was fantastic, others found it “horrifying” and “unethical”. Clearly, something needs to change about trust …

Read the full story at Benzinga.

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