BIG DATA BY THE NUMBERS: 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 Note: Table made from pie chart.
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) Note: Table made from pie chart.
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 75% 91.7% say investment is required to transform into agile and competitive businesses 91.7% 87.8% express urgency to invest 87.8% Source: New Vantage Partners' "2019 Big Data and AI Executive Survey" Note: Table made from pie chart.
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
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 60% General Public 60% 54% Tech Execs 54% AI is the next tech revolution 84% General Public 84% 91% Tech Execs 91% AI will lead to a loss of human intellectual capabilities 71% General Public 71% 65% Tech Execs 65% Source: "2019 Edelman Artificial Intelligence Survey" (Edelman AI Center of Expertise with input from the World Economic Forum) Note: Table made from pie chart.
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: Gartners "2019 CIO Survey" and a Gartner Research Circle Survey Note: Table made from pie chart.
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|Publication:||Big Data Quarterly|
|Date:||Jun 22, 2019|
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