Recent years have witnessed a swell in the adoption of artificial intelligence solutions, revolutionising industries, and helping businesses boost growth. The rising volume and complexity of business data are set to continue driving AI adoption in the following years, causing a surge in global AI spending. According to data presented by BuyShares, global artificial intelligence spending is expected to surge by 120% and hit $110bn by 2024. Businesses across the world use AI technology to be innovative and scalable. Using automation, deep learning, and natural language processing can improve their decision-making, efficiency, speed, and help predict trends.

London RegTech firm's cutting-edge AI enables financial institutions to validate tax forms in seconds. Success in the US has led to surging revenues and workforce growth of 46% this year despite the pandemic. The UK recent concluded its fourth round of trade negotiations with the US and in an ever-changing regulatory landscape, TAINA Technology's innovative software expedites compliance, enabling businesses to validate tax forms in seconds and lower costs. For many firms, RegTech: regulatory technology, has become key to ensuring compliance across jurisdictions at reduced costs. Using machine learning, a form of artificial intelligence in which computer algorithms improve through experience, TAINA's platform cuts costs by 84% by reducing time spent validating tax forms by over 75% and tax form rejection rates by over 85%.

The Startup of the Week for this week is London-based insurtech startup Tractable! Using AI to help accelerate accident and disaster recovery. Tractable achieves this by performing visual damage appraisals with computer vision, essentially utilising AI technologies to analyse images of the damage done during an accident, and predicting the repair costs for this. This helps to speed up the process of insurance payouts significantly, improving efficiency throughout the insurance space overall. Initially going through Entrepreneur First, Tractable was founded in 2014 by Alexandre Dalyac, Adrien Cohen and Razvan Ranca.

Machine learning and other complex algorithms are becoming standard across various disciplines, including business intelligence, marketing, customer support, social media and fraud detection. And, a lot of the time, they're used to build cloud-based prediction models with a high level of accuracy. Companies all over the world are constantly collecting massive amounts of data, encompassing everything from payment transactions to website clicks and factory output. Sooner or later it becomes difficult for most of these companies to extract meaningful insights from this data. Data storage and data processing solutions have come a long way since the days of centralised computer systems and departmental servers in organisations.

The world of artificial intelligence has grown to impressive heights in recent years, with one study showing that the amount of enterprises integrating AI has risen 270% in just the last four years. With such a boom in the AI sector, many impressive start-ups have emerged with products helping to innovate a variety of areas across a range of different industries. Whether its detecting fake news or the risk of certain cancers, AI technologies are being developed to help with a wide scope of different issues. This piece explores TechRound's lists its top 10 AI companies to watch, all of which have designed technologies to assist with a range of different issues. Founded in 2013, Optalitix consists of a team of specialised actuaries, technologists and data scientists developing software tools with integrated AI and machine learning to help businesses see real, measurable advantages across key business metrics, no matter the business.

According to Business Insider, more than 50% of the total costs for delivering goods is attributable to what is known as "last mile delivery" – the point at which the package finally arrives at the buyer's door. In a recent study by Global Industry Analysts, the last mile delivery market worldwide is expected to reach over $35 Billion by 2025. Last mile delivery is the most expensive and time-consuming part of the shipping process, either due to lack of density and long distances in rural areas or traffic congestion in urban ones. The idea of using Unmanned Aerial Vehicles (UAVs) – or drones – for last mile delivery is gaining popularity. The use of drones to deliver parcels has the potential to significantly decrease delivery costs – no driver, truck or congestion – and expand coverage areas.