The article discusses the rapid growth of small businesses focused on artificial intelligence (AI) and machine learning technologies. According to a report by the U.S. Census Bureau, the number of AI-related firms with fewer than 20 employees increased by 60% between 2017 and 2022, outpacing the overall growth rate of small businesses. These AI startups are concentrated in major tech hubs like San Francisco, New York, and Boston, but are also emerging in other regions. The report highlights the role of large tech companies in driving demand for AI services, as they seek to outsource specialized AI projects to smaller firms. However, the article notes that many of these small AI businesses face challenges in securing funding, hiring skilled workers, and navigating regulatory uncertainties. Despite these obstacles, the rapid growth of the AI sector reflects the increasing importance of these technologies across various industries.
Source: https://abcnews.go.com/US/wireStory/ai-businesses-small-growing-rapidly-led-sector-firms-109871539