Artificial Intelligence Will Continue to Innovate and Automate Across Industries
Global spending on Artificial Intelligence (AI) services is expected to exceed $500 billion in 2023 according to a new IDC forecast. Huge demand is expected to continue in the future as AI will jump to a growth of 19.6% worldwide. Robust AI technologies have played a key role in bringing change across all industries such as;
- Research and Development
- Logistics and Operations
- Marketing and Sales
Artificial Intelligence presents huge opportunities for economic development, the global GDP could potentially increase by $15.7trillion - 14% higher by 2030. This massive size of the AI market will give rise to tremendous opportunities for future development.
AI techniques can also generate significant ROI using advanced probability analysis of outcomes and removing human-intensive integration steps. The biggest challenge for an organization is to use AI to speed the growth of their digital business while setting the right expectations regarding outcomes. Some of the following industry use cases can help understand AI’s impact.
- AI algorithms can help detect sepsis in patients, the tool detects several key risk factors in real-time by monitoring the patients’ medical records. AI in the drug discovery market is expected to grow with a compound annual growth rate (CAGR) of 40% during the forecast period from 2021 to 2027.
- AI and ML have given the banking sector a boost, large data sets are processed and analyzed in real-time providing patterns leading to efficient decision making – this also leads to cost and time-saving. Ant Financial (a subsidiary of Alibaba Group) uses AI and big data to base lending assessments on payment history. They can capture small businesses in their customer base faster while reducing costs. Ant Financial was able to increase its loan portfolio from $0.5 billion to $4.0 billion in just four years.
- The logistics industry uses data analytics software to handle fleets efficiently, optimizing routes, freight management sector, predictions regarding the status of a vehicle, fuel allocation, maintenance, etc. AI robots can help pick, sort, load, and transport in warehouses. The Global AI in Logistics Market is expected to grow at a significant CAGR of 24% by 2028.
It is safe to say that Artificial Intelligence is impacting the future of every industry and it will continue to act as a technological innovator for the foreseeable future. We can help you explore how your business can benefit from AI technologies, please contact us at email@example.com to book a free consultation now!
Strategic Systems International brings data-driven products and solutions to the market for the last three decades. Please review our success stories here.
Accelerate your digital and product engineering capabilities through remote work!
As companies struggle to maintain business continuity and maintain their digital growth trajectory, we are fully prepared and experienced to partner.