At least as measured by new private investment in artificial intelligence, the danger of over-investment might be receding, as AI investment levels peaked in 2021 and appear to be declining, according to Stanford University’s Human-Centered AI institute.
source: Stanford University Human-Centered AI institute
On the other hand, investments clearly have shifted to generative AI. While overall AI private investment decreased in 2023, funding for generative AI sharply increased. In 2023, the sector attracted $25.2 billion, nearly nine times the investment of 2022 and about 30 times the amount from 2019.
Generative AI accounted for over a quarter of all AI-related private investment in 2023.
source: Stanford University Human-Centered AI institute
The most commonly adopted AI use case by function among surveyed businesses in 2023 was contact-center automation (26 percent), followed by personalization (23 percent), customer acquisition (22 percent), and AI-based enhancements of products (22 percent), according to research by McKinsey.
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