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by Analytics Insight

March 5, 2022

Start-ups or companies must lookout for a budget for AI and machine learning

In advancing technology, all kinds of industries are turning towards Artificial Intelligence and Machine Learning for their efficient services enabling businesses to achieve key goals, objectives, insights, and help in decision-making processes. And this is the reason many governments across the globe are funding AI and ML for better services. The government’s attempts include unleashing Federal AI computing, increasing AI research investment, and data resources, building an AI workforce, setting AI technical standards, and engaging with international allies. It can assist members of the public to interact with the government and its services. Let’s see a few of the governments that have allocated budgets for AI and ML.

  • The Government of China is determined to become the world’s primary AI innovation centre with an increase in R&D expenditure by 10.6% in 2021 and over 7% each ear over the next five years.
  • The Government of the USA is set to pass a bill to increase DARPA’s annual budget by US$3.5 billion with total authorized funding to US$7 billion over the next five years. The bill provides US$29 billion over 2022-2026 for emerging tech research and innovation and to be allocated for existing initiatives at US$52 billion for AI and machine learning along with US$1.5 billion for 5G R&D.
  • The Government of South Korea has allocated 11.6 trillion won for 2021 and a total of 68.7 trillion won by 2025. It has mentioned these allocations for 2021— Data dam with 2.8 trillion won, AI government with 0.8 trillion won, a smart healthcare facility with 60 billion won, smart schools with 0.1 trillion won, and digital twin with 0.3 trillion won.
  • The Government of India announced that US$477 million would be required for Digital India for more innovations and R&D on Artificial Intelligence and the completion of the MCA 21 project with Rs.357.81 crore.
  • The Government of Russia allocated US$5.3 million to complete a project on an experimental model of neural network development known as Kashtan and has a plan to spend 244 billion rubels for AI by 2024. 120 billion rubels will be spent on AI Federal Project.
  • The Government of Germany will spend 230 million euros on AI funding for more R&D. Over 190 million euros are allocated to young scientists
  • The Government of France has dedicated EUR 1.5 billion for the development of AI including EUR 700 million for research by 2022

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Analytics Insight

Analytics Insight is an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.

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