The artificial intelligence (AI) market is seeing explosive growth not only in traditionally tech-driven industries but also in new lines of business and in the homes of consumers.
As the demand for AI efficiencies continues to grow, data scientists and other AI experts are challenging themselves to harness and apply big data in new ways.
Read on to learn about artificial intelligence, how AI is being used, and the state of the AI market:
The automation and new technologies that come from the development of AI are generating both hype and growth across the AI market.
The artificial intelligence software market hit a value of about $62.3 billion in 2020 and is expected to grow by 16x over the next several years, reaching around $997.8 billion by 2028, according to Grand View Research.
Although AI has been incorporated into various markets and is expected to enter more in the near future, artificial intelligence tools are most commonly used in these industries: tech, automotive, health care, retail, finance, and manufacturing.
More on AI market trends: AI Software Trends
More on AI and communication: Conversational Artificial Intelligence (AI) Market
Most often powered by machine learning, customer experience tools are increasingly meeting customer needs in real-time with AI. Chatbots, virtual assistants, recommendation engines, and self-adjusting search results all work to answer customer questions and offer catered resources, so they can find what they need on their own schedules.
Perhaps the most exciting consumer advantage that comes from AI is the increase in resources that make daily life more accessible. Self-driving vehicles and other autonomous fleet services make it easier for people to access transportation. Home medical diagnostic tools help people get the care they need, even if it’s difficult to leave home. More common daily tools like AI home assistants, bots, readers, and translators make it easier for people with different abilities and linguistic backgrounds to communicate, complete tasks, and enjoy multimedia entertainment.
A small number of specialized teams are developing AIOps, MLOps, and AI-powered security initiatives that automate security monitoring, dashboard analytics, and other security features that preemptively protect against security threats.
Derek Lin, chief data scientist at Exabeam, a cybersecurity and compliance company, explained how AI makes threat monitoring and detection easier for businesses:
“Over the past few years, AI has played a prominent role in threat detection, investigation, and response (TDIR),” Lin said. “Security analysts have been able to use the technology to establish baselines of normal behaviors for users on a network in order to detect anomalies as well as automated threat response to mitigate incidents in a fraction of the time.”
Artificial intelligence algorithms are increasingly being programmed to automate business operations through AIOps and in more specialized settings like smart factories. When AI is used in partnership with Internet of Things (IoT) technology, it can also power highly detailed and actionable models like digital twins.
More on AI and security: Trends in Artificial Intelligence (AI) in Cybersecurity
Language-based use cases are the most common across the artificial intelligence market, but a growing number of other use cases like computer vision, machine development, and cybersecurity tools have gained traction.
In many cases, specialized tech companies are also finding new ways to use AI to their advantage:
“Evisort leverages artificial intelligence and machine learning to help businesses categorize, search, and act on business-driving documents of any type. Evisort’s proprietary AI understands meaning and context in legal language, allowing the technology to process 122,400 pages in one day and eliminating the need for manual data entry and parsing of contracts or business documents.” -Jerry Ting, co-founder and CEO, Evisort
“An increasingly popular use case of AI is to improve conversational intelligence systems for customer service and sales processes. Such technologies include AI-powered guided coaching, which offers salespeople live feedback and recommendations that they can use in the middle of a customer call. … Instead of having to listen to hundreds of hours of calls for training, [new hires] can go straight into a call with AI as their live coach, providing recommendations and scripts while they’re on the phone.” -Greg Armor, EVP at Gryphon.ai
“Artificial intelligence can be a critical element in how businesses identify and battle e-commerce fraud and abuse. For example, there is a lot of nuance in deciding if an e-commerce transaction is too risky to be approved, and AI enables machines to make these assessments that would normally require human insight at far greater scale.” -Liron Damri, president and co-founder, Forter
An intro to top providers: Top Performing Artificial Intelligence Companies
Many tech giants have developed artificial intelligence tools and applications for their users, but a greater number of new companies are entering the tech scene with a singular focus on AI innovation.
Several companies have focused their efforts on one subset of AI use cases, such as sentiment analysis or autonomous vehicle and fleet development.
But the majority of top players in the AI market are developing a wider swath of AI tools across their verticals and customer-facing projects:
A growing number of companies are integrating AI solutions by these providers into their internal operations and consumer products.
But many other companies are hesitant to adopt AI, due to the perceived cost and required expertise to manage these tools.
As companies across industries continue to find ways to optimize their processes and offerings through AI, it will be important for companies without AI to engage with the technology soon, so they don’t fall behind their competitors.
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