Watch Out for the 2022 Budget Predictions for AI and ML

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Watch Out for the 2022 Budget Predictions for AI and ML

by January 21, 2022

AI and ML

The tech industry is believed to see a great focus in making AI and Ml development 

Needless to say, the budget presented every year draws attention from all corners of the country. This surely remains a hot topic for quite some time and the progress with respect to what has been promised is kept an eye on, undoubtedly. This time too, the budget garnered the attention of many. Be it the agricultural sector, education, technology, or healthcare, a lot has been said and promised. But what seems to have stood out from the rest is the discussion pertaining to AI and ML Artificial Intelligence and machine learning.

According to Gartner’s latest analysis, worldwide IT spending will total US$4.2 trillion in 2021 (8.6% up on 2020), rising to US$4.4 trillion in 2022 (5.3% up on 2021). CIOs are looking for partners who can think past the digital sprints of 2021 and be more intentional in their digital transformation efforts in 2022. This means building technologies and services that don’t yet exist, and further differentiating their organization in an already crowded market.

Even before the budget was presented, a lot had already been saying and speculated about how much importance should be given to AI and analytics. Some were of the opinion that in order to accelerate research and development and technology, setting up of robotics centers of excellence, incubation centers, continued research grants for robotics R&D, and continuation of income tax deduction could be the key drivers. Also, warehouse automation should be given importance as it ultimately leads to an increase in customer traction.

Also, measures to deploy deep analytics and artificial intelligence to identify the tax evaders and fake billers have been taken and special drives are launched against them. When it comes to tax evasion, a lot of steps have been taken up in the past that included machine learning tools. With so much that’s been promised as far as the usage of AI, machine learning, and analytics to change our lives for the better, all eyes are now on the implementation aspect. 

In 2022, AI experts believe, the IT industry will see a great focus in making AI and Ml development processes reproducible and adaptive to changing business environments. COVID taught us how drastic changes in user behavior and consumption patterns bring down the accuracy of ML models. 

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