Artificial Intelligence (AI) is already today one of the most disruptive revolutions with which businesses and managers are confronted. Like the steam engine and electricity in the past, artificial intelligence is transforming our world. The market that revolves around this incredible technology in 2017 reached a turnover of 12.5 billion (source: IDC). And this trend is only expected to continue: the forecast is that in 2021 it will reach a quota of 46 billion dollars, thanks above all to the increase in business investment. These applications of artificial intelligence in companies are used to solve problems and carry out activities typical of the human mind, but with amplified potentialities.
An example in particular: the ability to analyze in real time and in a short time huge amounts of data. According to the study “Reshaping Business With Artificial Intelligence”, realized in 2017 by the Boston Consulting Group and MIT Sloan Management Review, 84% of the respondents in different industrial sectors argue not by chance that artificial intelligence will be able to create competitive advantages and 83% believe that its application is a strategic priority for its business.
According to IDC (International Data Corporation) reports, AI is becoming a key part of the companies’ IT infrastructure. In 2017, 4.5 billion dollars in the world were invested by companies in cognitive applications, ie technological solutions able to process data, automatically learn and formulate forecasts. And another $ 2.5 billion has been allocated to artificial intelligence software, which provides true advisory services based on information analysis. The ability to process Big Data in a short time seems to be currently the most widespread application, both to predict consumption behaviour and in the processes of management and selection of personnel (workforce analysis).
All industrial sectors are growing, but there are more interested sectors. First and foremost, the world of finance and insurance, where a quarter of the expenditure is allocated today (12.5 billion dollars in 2017). But in the coming years, a strong use is expected also in the world of health, retail and public security. The IDC forecast is that spending will reach 19.1 billion in 2018, and then 52.2 billion in 2021. By 2019 40% of companies that undertake digital transformation initiatives will involve artificial intelligence, growing to 75% by 2021. The estimate is that the revenues generated by the Artificial Intelligence market will grow from € 634.7 million in 2016 to € 36.8 billion in 2025: even here a surge amounting to more than 56.8%.
In 2018, the retail sector will surpass that of the banking sector, according to IDC, becoming the industry leader in terms of spending in AI with $ 3.4 billion invested, including automated customer service systems and robo shopping advisor. Most of the 3.3 billion spent in the banking sector will instead be invested in automated systems for the management of cyber attacks and prevention, fraud analysis and robo advisor. Manufacturing for the production of goods is in third place for expenditure, with 2 billion, followed by the healthcare sector with 1.7 billion, concentrated in diagnosis and treatment systems.
Learn more about artificial intelligence and digital transformation at Futureland 15-16 November 2018