The business uses for cognitive computing and related technologies, including AI, machine learning, natural language processing, and robotic processing automation, are becoming more widespread than ever.
A report from the IDC Worldwide Semiannual Artificial Intelligence Tracker, showed that worldwide revenues for the AI market—including software, hardware, and services?are forecast to grow 16.4% year over year in 2021 to $327.5 billion. And, by 2024, the market is expected to break the $500 billion mark with a 5-year compound annual growth rate (CAGR) of 17.5% and total revenues reaching $554.3 billion.
According to IDC, of the three technology categories, software represented 88% of the total AI market revenues in 2020, although it was the slowest growing category with a 5-year CAGR of 17.3%. Within the AI software category, AI Applications took the largest share of revenue at 50% in 2020. In terms of growth, the AI Software Platforms market is forecast to be the strongest with a five-year CAGR of 32.7%. The slowest will be AI System Infrastructure Software with a 5-year CAGR of 13.7% while accounting for roughly 36% of AI software revenues. Within the AI Applications market, AI ERM is expected to grow slightly stronger than AI CRM over the next 5 years.
Where do AI-related capabilities hold potential? Everywhere, it seems. Think of sales forecasting, enhancing communications, communication, supply chain operations, medicine, drug discovery, marketing, defense, financial services and fraud detection, energy, and agriculture?and much more.
Innovative companies already have products and services today to help customers put more data to work. To help readers gain a greater understanding about this emerging area of information technology, the solutions available, and their role in handling real-world challenges, DBTA and Big Data Quarterly present the list of Cool Companies in Cognitive Computing.
Applied Intelligence is Accenture’s unique approach to scaling AI, analytics and automation—and the data that fuels it all—to power every single person and every single process. Accenture’s global team of experts work with organizations to invest in the right scalable solutions and services to help them achieve their business objectives faster, and also helps to facilitate cultural changes to help their workforces use data and AI to deliver continuous innovation and growth.
Aisera’s AI Service Management (AISM) platform drives an efficient, automated service experience with AI-based conversational engagement and workflow automation. Empower customers, agents, and employees with greater productivity at a lower cost.
Alteryx, provider of a platform for end-to-end analytics process automation, recently announced a series of new innovations in analytics and data science automation, analytics in the cloud, machine learning (ML), and AI. The new products are focused squarely on delivering a simple user experience with a no-code, low-code approach to accelerate business outcomes for all organizations and anyone who wants to upskill.
AWS Machine Learning
AWS offers machine learning services and supporting cloud infrastructure, putting machine learning in the hands of every developer, data scientist and expert practitioner. AWS is helping more than one hundred thousand customers accelerate their machine learning journey.
A provider of provider of enterprise AI software for accelerating digital transformation, C3 AI delivers a family of fully integrated products: C3 AI Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems.