In 2016, Gartner estimated that 60% of data science projects were failing. In 2017, Gartner analyst Nick Heudecker said it was likely closer to 85%. Add artificial intelligence (AI) into the mix and IDG says only one out of every three projects is a success.
With these dismal success rates, you’d think that businesses would be abandoning ship. Yet, IDC predicts worldwide spending on cognitive and AI systems will reach $77.6 billion in 2022. That same year, Gartner predicts the business value created by AI will reach $3.9 trillion. Given these numbers, businesses are highly motivated to turn these projects into successful outcomes or risk falling behind the competition. In my experience, data science projects fail not because of poor technology or lack of available data.
Author: Bill Waid