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) …
Artificial intelligence adoption, which has happened in fits and bursts till now, is all set to accelerate this year. That is if recent predictions of leading technology research firms like Gartner, IDC and Forrester for 2019 and beyond prove to be true. Almost every technology research company seems to agree that AI is on the horizon, across industries and geographies. IDC, for one, has predicted huge investments in AI-driven user interfaces and AI algorithms at endpoint devices on cloud-enabled networks. Gartner has forecast exponential increase in AI-enhanced virtual healthcare and sophisticated AI-facial recognition technology and Forrester expects firms to lay the foundation to meet AI's promise this year.
European spending on artificial intelligence (AI) is estimated to reach more than $7bn in 2019 and to almost triple over the next four years, according to market intelligence firm IDC. The latest IDC Worldwide Semiannual Artificial Intelligence Spending Guide forecasts AI spending to grow at 32% per year, topping $21bn in Europe in 2023. Industries with the highest AI spend will be banking, retail, and discrete manufacturing, accounting for 39% of total spending. The report found that healthcare remains an attractive market for AI. Many hospitals are piloting projects and are increasing investments in AI-enabled diagnosis and treatment systems which will support a 38% increase in spending across the health sector over the next five years.
The next four years could see companies double their spend on artificial intelligence (AI) as real-world applications of the technology gather pace. Automated customer service agents, threat intelligence and prevention systems, and sales process recommendation and automation will dominate spend. That's based on a report by the International Data Corporation (IDC) that states that spend on AI solutions will reach US$97.7 billion in 2023, more than double that of the US$37.5 billion estimated in 2019. The figure would represent a compound annual growth rate of 28.4 percent over the period. David Schubmehl, the research director at IDC in charge of Cognitive/Artificial Intelligence systems said; "The use of artificial intelligence and machine learning (ML) is occurring in a wide range of solutions and applications from ERP and manufacturing software to content management, collaboration, and user productivity. "Artificial intelligence and machine learning are top of mind for most organizations today, and IDC expects that AI will be the disrupting influence changing entire industries over the next decade." Banking and retail sectors will lead the shift to AI. According to the report, each of these industries will invest more than US$5 billion in 2019. In the retail sector, nearly half of the spending on technology will go towards automated customer service agents, expert shopping advisors, and product recommendation systems. On the other hand, the banking industry is set to ramp up spend on automated threat intelligence and prevention system, as well as fraud analysis and investigation system. Significant investments would also be made in discrete manufacturing, process manufacturing, healthcare, and professional services. The fastest industries to grow in terms of spending would be the media industry and governments with a five-year CAGR of 33.7 percent and 33.6 percent respectively. According to Marianne D'Aquila, Research Manager at IDC Customer Insight & Analysis, said: "Strategic decision-makers across all industries are now grappling with the question of how to effectively proceed with their AI journey.
It's a great time to be an AI consultant due to a lack of enterprise expertise. According to IDC, global spending on artificial intelligence systems is expected to hit $97.9 billion in 2023, up from $37.5 billion in 2019. Spending on AI systems will see a compound annual growth rate of 28.4% from 2018 to 2023. More interesting are some of the takeaways from IDC's data. AI and machine learning projects have moved beyond prototyping to implementation with banking, retail and manufacturing sectors leading the AI charge.
Machine learning is gathering pace in China, with enterprises employing the technology to detect financial fraud, recommend products to consumers and streamline industrial operations, among various use cases. In a new report assessing key suppliers of machine learning platforms in China, IDC details its observations of the market and how major suppliers fare in supporting the needs of enterprises across industries. According to the analyst company, China's machine learning market – including hardware, software and services – was worth RMB1bn (US$139m) in 2018. But when applied in artificial intelligence (AI) applications, machine learning contributed RMB10bn to China's AI market last year. Chinese suppliers of machine learning platforms currently provide more than 30 classic machine learning algorithms, with support for mainstream frameworks such as TensorFlow, PyTorch and Caffe.
Plenty of technologies go through a hype cycle. With artificial intelligence, it's plural: Hype cycles is more appropriate, and they've been recurring for quite some time. As the London-based venture capital firm MMC Ventures noted in its report, "The State of AI 2019: Divergence," people have been heralding the AI age for decades. This time, however, there's growing evidence that AI is getting ready for prime time, especially in business contexts. "After seven false dawns since the 1950s, AI technology has come of age," writes the report's author, David Kelnar, head of research and a partner at MMC Ventures.
This article will explore the biggest barrier to AI adoption in healthcare. Less than 4% of all physician-patient interactions involve AI today; by 2023, one in five interactions will include this strange technology. If those statistics shock you, consider the end goals of most value-based healthcare programmes. Clinical department heads are under increased pressure to reduce costs, enhance the quality of care and improve patient experience -- also known as the "triple aim initiative". In an industry that's known for moving at a snail's pace, artificial intelligence is often viewed as healthcare's magic bullet.
FRAMINGHAM, Mass., July 8, 2019 – A recent International Data Corporation (IDC) survey of global organizations that are already using artificial intelligence (AI) solutions found only 25% have developed an enterprise-wide AI strategy. At the same time, half the organizations surveyed see AI as a priority and two thirds are emphasizing an "AI First" culture. "Organizations that embrace AI will drive better customer engagements and have accelerated rates of innovation, higher competitiveness, higher margins, and productive employees. Organizations worldwide must evaluate their vision and transform their people, processes, technology, and data readiness to unleash the power of AI and thrive in the digital era," said Ritu Jyoti, program vice president, Artificial Intelligence Strategies. The primary drivers behind these organizations' AI initiatives were to improve productivity, business agility, and customer satisfaction via automation.
Artificial intelligence initiatives are already in place at thousands of organizations around the globe. Two thirds of the 2,473 organizations surveyed by International Data Corporation (IDC) in May said they are emphasizing an "AI First" culture while half view the emerging tech as a priority yet only a quarter have developed an enterprise-wide AI strategy. Organizations are interested in AI for a bevy of reasons including boosting productivity, increasing business agility, reducing time to market with new products and services and heightening customer satisfaction via automation. Of course, being interested in AI and executing a successful strategy are two entirely different things. IDC found that a quarter of organizations with AI projects are reporting failure rates up to 50 percent.
Only 25% of organisations using artificial intelligence (AI) have adopted an enterprise-wide AI strategy, according to a recent report by intelligence and advisory services platform International Data Corporation (IDC). The Chinese-owned, USA-based advisory firm also said that the findings of its report titled'Artificial Intelligence Global Adoption Trends & Strategies' suggested that half of the organisations surveyed see AI as a priority and two-thirds of them emphasise a culture which gives AI primacy. The survey found that the primary drivers behind the AI initiatives were to improve productivity, business agility and customer satisfaction by leveraging the automation capabilities. Faster time to market new products and services was a leading reason for the implementation of AI by these firms. As per the report, the factors delaying fuller implementation of AI technology in the surveyed organisations were found to be the cost of AI solutions, lack of skilled personnel and biases creeping into the data.