Today, companies across all industries are leveraging Artificial Intelligence as it’s offering great potential to streamline business processes, lessen operational costs and automate dreary tasks. Since the progression of Cloud Computing, Big Data, and Internet of Things (IoT) could empower further market growth in the AI space, the global market for this emerging technology is predicted to touch $190.61 billion by 2025. However, in its recently issued market analysis report, market intelligence firm Tractica expects that the annual global market for AI software revenue could be worth $105.8 billion by 2025.
While AI has been disrupting all the industries in the past few years, it is majorly impacting the marketing, security, healthcare, and automotive industries.
Healthcare sector is one of the most AI technology adopter that is leveraging this technology to ease burden from the physicians, reduce human errors throughout the diagnosis process, save costs, and improve better outcomes. The use of AI in medicine has been clearly improving in the last few years. It can be deployed to a range of structured and unstructured healthcare data. For structured data, prevalent AI techniques, such as Machine Learning methods including the traditional support vector machine and neural network, while for unstructured data, the modern deep learning in addition to natural language processing (NLP) can be used. Healthcare organizations majorly utilize AI tools to diagnose major diseases including cancer, neurology and cardiology. Recently, the solution has gained a huge traction across healthcare with increasing an active discussion over AI-enabled physicians will eventually replace human physicians in the coming years.
However, many analysts believe that AI will not be replaced human physicians, but it can assist them to make better clinical decisions and in some functional areas it can replace human judgement. AI can utilize advanced algorithms to learn features from a vast amount of healthcare data, and then assist clinical practices by leveraging the received insights.
Marketers nowadays are utilizing AI to advance their major marketing applications like virtual assistants, consumer behavior prediction, copywriting, dynamic pricing and among others. They have been even facing major marketing challenge and that is customer engagement, which is the most prevailing factor to companies. Without this, companies cannot succeed and live longer in this competitive market. To remain competitive, marketers will continue to be adoptive of AI technologies to execute more effective campaigns in the future. With AI solutions, marketers will have the access to create more personalized and compelling content that meets growing consumer needs. By utilizing this technology, they even know about their consumer behavior, such as what consumers are thinking, exploring, saying and feeling about their brand in real-time. With this obtained data, savvy marketers can then quickly modify personalized messages or branding for maximum efficiency.
Besides adoption and growth of AI in several industries, automotive space is slightly behind this trend. A latest report from Capgemini found the number of companies in the automotive industry implementing AI at scale grew only slightly by 3% in last year. In its report, titled “Accelerating Automotive’s AI Transformation,” just 10% of respondents surveyed reported that their organizations were implementing AI-driven initiatives across its entire operations during 2018, compared to 7% in 2017. With this slow uptake, the report illustrates that the industry has not made significant progress in AI-optimized transformation since 2017.
Apart from this slow pace growth, automotive industry is among the industries at the forefront of leveraging AI to mimic, escalate, and support the human actions. Simultaneously, it is leveraging the improved reaction times and identify machine-based systems accuracy. In fact, today’s semi- and fully-autonomous vehicles will rely heavily on AI systems.
Since small and large organizations across the globe are generating massive amount of data every day, it is progressively becoming an uncertain and vulnerable place for the organizations’ systems. Last year, the total cost of data breaches, in the United States alone, reached $7.91 million, according to an IBM report. To overcome this challenge, organizations are immensely deploying AI technology into their business processes to secure their most penetrating information. Several companies leverage this technology to advance risk and compliance management for anti-money laundering investigations, and identity and access management (IAM). Recently it was reported that networking hardware giant Cisco will use analytics to spot malware in encrypted bottlenecks.
Today, AI is playing a significant role in assisting organization with securing their data and bolstering their network security. It provides an array of lucrative opportunities to business leaders in the security solution platform where they can provide next-gen AI-enabled solutions that can assist organizations to shield both public and private infrastructures. Hence, to thwart vulnerability in the companies’ network, security providers must leverage advanced AI-powered security solutions.