If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Bob, CFO of ABC Inc is about to get on an earnings call after just reporting a 20% miss on earnings due to slower revenue growth than forecasted. Company ABC's stock price is plummeting, down 25% in extended hour trading. The board is furious and investors demand answers on the discrepancies. Inaccurate revenue forecast remains one of the biggest risks for CFOs. In a recent study, more than 50% of companies feel their pipeline forecast is only about 50% accurate.
The artificial intelligence market is expected to reach USD 190.61 billion by 2025 from USD 21.46 billion in 2018, at a CAGR of 36.62%. The market growth can be attributed to factors such as growing big data, the increasing adoption of cloud-based applications and services, and increasing demand for intelligent virtual assistants. The limited number of AI technology experts is restraining the market growth to a certain extent Software to hold largest market share during forecast period Software is expected to hold the largest share of the artificial intelligence market. Continuous developments have been witnessed in AI software and related software development kits. Also, artificial intelligence software is used in various applications, such as virtual assistants, marketing, search advertising, identity access management, intruder detection, and cybersecurity Market for computer vision technology to grow at highest CAGR during forecast period The artificial intelligence market for computer vision technology is expected to grow at the highest CAGR during the forecast period.
According to the latest market research report "Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), End-User Industry, and Geography - Global Forecast to 2025", published by MarketsandMarkets, the market is expected to grow from USD 21.46 Billion in 2018 to USD 190.61 Billion by 2025, at a CAGR of 36.62% between 2018 and 2025. Major drivers for the market are growing big data, the increasing adoption of cloud-based applications and services, and increasing demand for intelligent virtual assistants. The major restraint for the market is the limited number of AI technology experts.
According to the "Artificial Intelligence in Marketing Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Context-Aware Computing, NLP, Computer Vision), Deployment Type, Application, End-User Industry, and Geography - Global Forecast to 2025", published by MarketsandMarkets, the market is expected to be valued at USD 6.46 Billion in 2018 and is likely to reach USD 40.09 Growth in the adoption of customer-centric marketing strategies, increase in demand for virtual assistants, and increased use of social media for advertising are the major factors driving the demand for AI-based marketing and sales solutions.
Halo announced today the worldwide release of HaloBoost, Halo's proprietary demand forecasting engine that leverages proven Machine Learning algorithms. HaloBoost combines Machine Learning methods to improve forecast accuracy over time, a high-speed modeling workflow to improve analyst productivity and knowledge discovery, and a simple, scalable method to introduce external factors like pricing, promotion, social media, and weather predictors. "Manufacturers, Distributors, and Retailers have been seeking tools that can provide simplification in the forecasting process to improve accuracy and throughput, and we've responded by introducing our most powerful modeling engine, HaloBoost . Traditional approaches are limited in their ability to maximize forecast accuracy without significant analyst effort across broad and sparse data dimensions such as regions, points-of-sale, and SKU-level granular forecasts. Our proprietary modeling workflow effectively uses the computer to simulate a large team of forecast experts, working in real-time, to find the best result across a broad range of forecast scenarios," said Bill Panak, Ph.D. Vice President of Data Sciences, Halo.
The "Artificial Intelligence Market in Insurtech: By Type; By Application - Forecast (2017 - 2022)" report has been added to Research and Markets' offering. Artificial Intelligence (AI) is described as the science of creating intelligent machines capable of performing real time tasks at a level of human expert emphasizing nearly every business operation across various business sectors. Traditional review methods in insurance sector posed several threats related to policy making, premium rates fixing and risk of grouping policy holders. The evolution of AI as an insurance technology is mitigating these risks and also supporting the insurers in decision making. The increased level of personalization and better outcomes to the customers offered by AI are the major driving factors for the rise of AI in insurance sector.
Consumer enthusiasm for both emerging technology and resilient mature categories is exceeding expectations – driving the U.S. consumer technology industry to an estimated 3.2 percent revenue growth in 2017, earning $321 billion in retail revenues ($251 billion wholesale), according to new research from the Consumer Technology Association (CTA). The latest edition of CTA's semi-annual industry report, U.S. Consumer Technology Sales and Forecasts, also projects drones, OLED TV and virtual reality (VR) technology will each cross the $1 billion revenue milestone for the first time this year.