Smarter Technologies Fuel Competitive Advantage

It is still early for the use of cognitive technologies and AI, but many organizations are exploring the potential it holds across a range of industries. Retail, banking, healthcare, and manufacturing are industries leading the charge to leverage AI today. At the same time, concerns persist.

AI spending will: Reach $35.8 billion in 2019, an increase of  44% over the amount spent in 2018

Global spending on AI systems this year will be led by 5 industries:

  • In retail, companies will invest $5.9 billion this year in AI
  • Banking will be the second  largest industry with $5.6 billion going  toward AI-enabled solutions
  • Discrete manufacturing, healthcare, and process manufacturing combine to complete the top 5 industries for AI systems spending this year

Source: IDC’s “Worldwide Semiannual Artificial Intelligence Systems” (March 2019)

Leading organizations’ investments in big data and AI are accelerating in order to increase business agility.

Among organizations that are stepping up the pace of big data and AI investments:

  • 75% cite fear of disruption from data-driven digital competitors
  • 91.7% say investment is required to transform into agile and competitive businesses
  • 87.8% express urgency to invest

Source: New Vantage Partners’ “2019 Big Data and AI Executive Survey”

Top Enterprise Use Cases for AI Today

In the manufacturing industry, key use cases of AI include:

  1. Predictive maintenance
  2. Industrial robots
  3. Quality control

In the healthcare industry, major use cases of AI include:

  1. Patient data & risk analytics
  2. In-patient care & hospital management
  3. Medical imaging & diagnostics

In retail, primary use cases of AI include:

  1. In-store monitoring
  2. Merchandising
  3. Market forecasting

Source: MarketsandMarkets’ “100 Fastest-Growing Use Cases in Artificial Intelligence Across the World”

Despite its potential, there is a divide between how tech executives view AI versus how the general public sees it.

Regulation is critical for safe development of AI, according to

  • 60%   of the  General Public
  • 54%  of  Tech Execs

AI is the next tech revolution, according to 

  • 84%   of the  General Public
  • 91%  of the   Tech Execs

AI will lead to a loss of human intellectual capabilities, according to 

  • 71% of the General Public
  • 65% of the Tech Execs

Source: “2019 Edelman Artificial Intelligence Survey” (Edelman AI Center of Expertise with input from the World Economic Forum)

Organizations across all industries are using AI in a variety of applications, but are struggling with acute talent shortages

The number of enterprises implementing AI:

  • Grew 270% in the past 4 years
  • Tripled in the past year

HOWEVER

  • 54% view skill shortages as the biggest challenge facing their organization

Source: Gartner’s “2019 CIO Survey” and a Gartner Research Circle Survey



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