VIDEO: The Projected Impact and Value of Artificial Intelligence

Video produced by Steve Nathans-Kelly

At Data Summit 2018, Hadley Reynolds, co-founder of the Cognitive Computing Consortium, presented a keynote looking at the meaning of AI and cognitive computing.

Reynolds showcased a 2018 McKinsey Global Institute report projecting the potential value of adopting AI at $3.5 trillion to $5.8 trillion annually globally.

“They identified 400 use cases—individual sort of AI or cognitive applications—across an enterprise. They looked at 19 industries, and they looked at nine different business functions. So this gives them a level of granularity in thinking about, well, what is the potential economic impact for an improvement in adoption of new technology to help with this particular business function in this particular industry, this particular one of the 400 use cases?”

The top 10 industries on the list are:

  1. Transport and logistics
  2. Retail,
  3. Automotive and assembly
  4. High tech
  5. Oil and gas
  6. Chemicals
  7. Media and entertainment
  8. Basic materials
  9. Agriculture
  10. Consumer packaged goods

According to Reynolds, another approach to looking at the market or the value of the market is one that IDC takes, which is to say, how much spending is going to happen in the area of AI? “And, the spending is mostly built up out of the sales of software and various kinds of services to buy vendor companies to enterprises. IDC is projecting $18 billion of spend this year, growing to $52 billion in 2021, for a 46% growth rate. So, IDC is very much anticipating a rapid growth in spending on this type of technology, which I guess is a way of saying that, if you don't see it in your organization today, by 2021 you probably will.”

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Data Summit 2019, presented by DBTA and Big Data Quarterly, is scheduled for May 21-22, 2019, at the Hyatt Regency Boston, with pre-conference workshops on May 20.