We often hear of the rise in Artificial Intelligence (AI) within the workplace, but what exactly is it, and how is it going to reshape the sectors where it is used? Artificial intelligence is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Knowledge engineering is a core part of AI research. Machines can only act and react like humans if they have been installed with an abundant amount of information relating to the world. Artificial intelligence must have access to objects, categories, properties and relations between all of them to implement knowledge engineering. Initiating common sense, reasoning and problem-solving power in machines is a difficult and tedious task, but the more extensive information that is installed into a machine, the greater it’s ability is to carry out the functions that we require a machine to make.
The global Artificial Intelligence market is revolutionizing businesses across entire sectors and is poised to grow at a compound annual growth rate (CAGR) of over 35% during the forecast period of 2017 to 2022. A large growing number of AI applications in various industries and increasing adoption of AI enabled products & software tools improving consumer services are some of the factors driving the market. In addition to this, some of the key drivers include increased usage in 3D printers and adoption of digital assistance systems in healthcare and transportation.
Natural language processing and robotics among the technology sector are expected to dominate the market due to increasing adoption of language processing for the enhanced consumer services. In addition to this, usage of robotics in industry automation and various government initiatives are the reason behind the growth of technology segment. The North American market is estimated to dominate the market due to widening usage of AI applications among various verticals. However, Asia Pacific is expected to be the fastest growing region with respect to developing economies & the electronics overall industry base.
• McKinsey estimates AI techniques have the potential to create between $3.5T and $5.8T in value annually across nine business functions in 19 industries.
• AI will generate up to $2.6T additional value in Marketing and Sales and up to $2T in Supply Chain Management and Manufacturing.
• AI will add $200B in value to Pricing & Promotion and $100B to Customer Service Management in Retail.
• McKinsey predicts AI will have up to an 11.6% impact on Travel industry revenues and up to 10.2% on High Tech.
• A European trucking company reduced fuel costs by 15% using AI to optimize routing of delivery traffic, improving fuel efficiency and reducing delivery times.
• In 69% of the use cases in the study, AI and deep neural networks improved performance beyond what existing analytic techniques were able to deliver.
• McKinsey predicts AI will have up to an 11.6% impact on Travel industry revenues and up to 10.2% on High Tech. The Insurance industry will also see AI have a significant impact on its revenues, with Retail seeing the greatest aggregate dollar impact.
The global cybersecurity market was valued at USD $103.84 billion in 2018 and is expected to reach a value of USD $242.57 billion by 2023 at a CAGR of 15.19% over the forecast period of 2018–2023. The Center for Strategic and International Studies (CSIS), state that cybercime costs businesses $600bn annually, equating to 0.8% of global GDP. This is up from the $445bn in global losses that were recorded in 2014, highlighting the growing threat of cybercrime to businesses. This growth is largely attributed to the increasing sophistication of attacks, with cyber criminals continuing to adopt new technologies that are able to overcome traditional and stagnant cybersecurity frameworks.