The team at CBInsights has shared key industry insights in an update, entitled Enterprise AI Roadmap: How the AI development platform landscape has transformed, changing how buyers assess ROI, use cases.
The researchers reportedly mined CB Insights data and spoke “with 50+ buyers of AI development platforms — including Databricks, Hugging Face, and Scale AI — to understand how they’re deploying AI models, what they’re paying, and what the future holds for the landscape.”
According to the CBInsights report, Generative AI has marked “a new era in AI development.”
The research report explains that increasingly sophisticated models “are opening up new applications that enterprises are eager to harness.”
AI development platforms — which enable enterprises “to manage the AI lifecycle, from data preparation to model deployment and continuous monitoring — are responding to the call.”
These one-stop shop platforms, “from enterprise machine learning (ML) players (Dataiku, H2O.ai) to big tech products (Google Cloud Vertex AI, Amazon SageMaker and Bedrock), are jumping on the opportunity to adapt their offerings for the genAI era and capture more enterprise AI spend.”
The researchers also mentioned that they mined CB Insights “valuation, headcount, and financing data, as well as 50+ buyer interviews, to map the evolving landscape and analyze its future.”
As stated in the CBInsights update, the AI development platform market landscape is seeing GenAI “putting pressure on legacy ML companies while new players muscle in.”
The report delves into how enterprise buyers are “evaluating the ROI of their AI tool spend: Productivity gains and cost savings are in focus.”
The future of enterprise AI development includes everything “from small language models to big tech’s advantages in the landscape.” There are various opportunities and challenges both that enterprises and vendors face.
While advancements in AI continue to impact almost every industry, the Fintech and broader financial services sector appears to be leveraging the latest artificial intelligence innovations in the most effective manner. With the rise of AI tech, regtech and insurtech platforms are increasingly improving the security and robustness of their services. For instance, AML/KYC processes are also becoming increasingly sophisticated and more accurate.
However, bad actors are also using AI to engage in malicious activities, particularly with the use of deepfakes to deceive consumers into making potentially fraudulent transactions. Although AI has its drawbacks, the technology can also be harnessed to streamline digital financial services while considerably improving the user experience (UX).
