Ever wonder how exactly does artificial intelligence (AI) work and what sort of impact could you expect in the near future?
We’ve curated a list of hand-picked insights for a quick read to understand the various facets of AI in under 5 minutes! See if there’s something useful for you here.
Artificial Intelligence: An area of computer science that emphasizes the creation of intelligent machines that work and react like humans.
General Traits: knowledge, reasoning, problem-solving, perception, learning, planning and the ability to manipulate and move objects.
Types of AI
1 – Functional AI: IoT solutions and robots
2 – Analytics AI: Sentiment analysis and supplier risk assessment
3 – Interactive AI: Chatbots and smart personal assistants
4 – Text AI: Text recognition and speech-to-text conversion
5 – Visual AI: Computer vision and augmented reality
Countries Winning AI
1 – United States
2 – China
3 – Japan
4 – United Kingdom
5 – Germany
6 – France
7 – Canada
8 – Russia
9 – Israel
10 – Estonia
AI Industry Impact
Estimated impact of AI and analytics per industry (% revenue)
Insurance – 16.8%
High tech – 15.5%
Pharmaceutical and medical product – 16.1%
Travel – 15.1%
Advanced electronics and semiconductors – 14.9%
Telecom – 13.2%
Media and entertainment – 12.4%
Banking – 10.3%
Consumer packaged goods – 9.4%
Aerospace and defense – 10.4%
Transport and logistics – 10.1%
Retail – 8.7%
Healthcare systems and services – 10.0%
Agriculture – 8.3%
Automotive and assembly – 6.2%
Basic materials – 5.8%
Chemicals – 3.8%
Public and social sector – 3.7%
Oil and gas – 3.6%
Future of AI
Forecasted cumulative global artificial intelligence revenue 2016 – 2025, by use case (US Dollars)
Static image recognition, classification, and tagging – $8,097.9M
Algorithmic trading strategy performance improvement – $7,540.5M
Efficient, scalable processing of patient data – $7,366.4M
Predictive maintenance – $4,680.3M
Object identification, detection classification, tracking – $4,201.0M
Text query of image – $3,714.1M
Automated geophysical feature detection – $3,655.5M
Content distribution on social media – $3,566.6M
Object detection and classification avoidance, navigation – $3,169.8M
Prevention against cybersecurity threats – $2,472.6M
Key Insights – AI and Digital Marketing
- 54% of marketers plan to increase AI spend in the next three years.
- 62% of consumers place higher trust in companies whose AI interactions are perceived as ethical.
- 74% of consumers said they want more transparency when a service is powered by AI.
- 75% of executives say AI will be actively implemented in their organization over the next 3 years.
source: technopedia.com, scnsoft.com, technology-info.net, seekingalpha.com, statista.com, econsultancy.com, eiu.com, Mckinsey Global Institute.