Among the young companies covered in the report, a number of them are innovatively bringing AI into our buildings in a way only start-ups can. These new entrants are currently exploiting the technology across a range of applications, from BIoT, energy management, security, real estate and property management and smart building to smart grid applications. B2B IoT startup Verdigris is one such company. The firm applies a rudimentary form of AI to building management, according to CEO Mark Chung. Verdigris' system listens to electrical signals to identify the type of equipment in the building, it can then create algorithms to offer predictive analysis and anomaly detection. "The main value proposition is to use the platform around energy efficiency and data layer to get better feedback around energy performance in a building," said Chung.

In the retail insurance space, consumers are more connected than ever, via a multitude of devices and through multiple platforms. This has two consequences: first, consumers increasingly expect a much better, smarter service. "People are frustrated with a clunky process for buying insurance, and want an easier and quicker process through simple digital channels," says John Salmon, a technology partner at Hogan Lovells. Second, a larger proportion of consumers fall into Generation Y or the millennial generation: these individuals are less likely to own property or cars, are less attracted by life assurance and are looking for more tailored cover they can buy easily and quickly. They are attracted by the sharing economy.