AI Unleashing Business Perspectives
From promising to revolutionise the market research and retail shopping through the way of operating in financial services to enabling personalized medicine or redefining the automotive industry, not surprisingly, corporate leaders see AI as essential for their businesses.
Astounding growth over 10 years
A study by market intelligence company – Tractica, sees yearly AI revenue in the world growing from $643.7 mln in 2016 to $36.8 bln by 2025. Additionally, services-related revenue is expected to reach almost $150 bln. What’s even more compelling about the AI future is the persistent and growing business perception for the bigger chunk of opportunities have not yet been tapped.
AI at glance
In its very nature, AI coexists on the interception between computer systems capability, algorithm enabling, and access to domain specific knowledge, skills and data. On top of that, AI provides a cutting edge in problem representations no matter whether we are talking about business or societal challenges. That based on bigger and more detailed models (e.g. differential equations, probabilistic, or physical and computational simulations) paves the way to approximate solutions that to provide sufficient information and insights in stimulating business and consumer thinking, perception, and action. Born by the intrinsic human-driven nature to push through new intellectual boundaries, AI establishes an intimate connection between machines, data, and vibrant societal and business applications.
To unearth the business potential behind the AI, let’s consider one of the key (invisible) forces – process and production speedup – in support of fundamental interactions and dynamic equilibrium between supply and demand sides on the market.
Market interaction and equilibrium
Initially, the increase in capital and labor factors utilisation would lead to a significant speedup of the production processes. Market supply viewed mainly driven by business organisations in pursuit of better competitiveness and untapped new market opportunities hardly imaginable before. That was initially enough to meet the growing consumer needs. Demand represented by people and society as a whole, striving for enhanced wellbeing and prosperity. In retrospect, a third technological pillar would reinforce the overall production and innovation process over the last hundred years.
Today, once again we are facing the need to find new ways to differentiate/innovate and shrink the time to market period of the new products/services. This is close interaction with the increased consumers’ awareness and demand for better qualities (e.g. reliability, safety, new features, and etc.) for their money.
Promise to speed up production function
At the crossroad, where we are now, AI offers quite fascinating early signs of being the next game changer in generating unprecedented acceleration of all kind of business initiatives. In essence, AI makes the promise to speed up the production function leading to a disruptive shift in the supply. That, in combination with more precise methods and tools for measuring the heartbeat of the consumers’ behavior and preferences, provides compelling new growth perspectives at around the corner.
191 real-world use cases into 27 different industry sectors
Тractica has identified 191 real-world use cases for AI, organized into 27 different industry sectors. Such trajectory, if proved to be true, spells considerable impact of AI on almost every significant business in the coming decade.