Almost half of businesses worldwide are now using machine learning (ML) in their processes, according to research by STX Next, a global IT consulting firm. However, the study also revealed that 50% of chief technology officers (CTOs) do not have a single employee in a machine learning or data science role, exposing a significant need for businesses to invest in specialised teams.

The findings were collected from the 2023 Global CTO Survey by STX Next, which focused on the difficulties confronting various organisations, interviewing 500 CTOs globally. Similarly, the study found that 41% of technical leaders said their businesses hadn’t adopted any AI technologies at all, further highlighting the lack of progress still to be made.

Machine learning’s forecasted expansion over the next two to four years is expected by 66% of CTOs. Image detection/segmentation at 23% stood as the current highest utilised AI solution in businesses, followed by recommendation systems at 20% and text recognition at 19%. Meanwhile, 24% of businesses have begun using natural language processing, with 22% implementing deep learning.

STX Next's Head of AI, Bartek Roszak, remarked that despite the clear capabilities of AI in tackling repetitive processes and recognising patterns within images and text, “these are still only adopted by a quarter of businesses.” He added that AI can, and indeed, will change many industries, but “there is still work to be done in educating the market on its capabilities.”

The study also indicated a need for more investment in resources specialising in AI's support, with AI and ML’s popularity showing no signs of reducing over the forthcoming year.

Roszak believes that leveraging AI and ML's potential will become essential to maintain pace with various industries and meet customer expectations. He further predicted an increased AI and ML uptake would be evident in other business processes by 2024.

Roszak stated that despite the majority of leaders acknowledging AI’s potential, more resources are required for its development. He argued that the increase in its prominence over the next year and beyond would lead businesses to look for ways to scale their companies economically and efficiently and face new challenges.

AI and ML's importance is projected to grow further as organisations take into consideration the extent to which readily available ML solutions can back their businesses, and determine how much is required to invest in research and development to provide the necessary expertise.

In closing, Roszak suggested that CTOs should recognise and harness the potential of AI and ML by balancing the needs of the business with the unique requirements of clients and customers. In his words, “those that are able to leverage its potential by enhancing their skillsets will reap the rewards in 2024.”