Vast amounts of data, faster processing power, and increasingly smarter algorithms are powering artificial intelligence (AI) applications and use cases across consumer, enterprise, and government markets around the world, enabling machines to speak, listen, move, and make decisions in unprecedented ways. According to a new report from Tractica, as AI technologies and deployments sweep through virtually every industry, a wide range of use cases are beginning to illustrate the potential business opportunities, attract investment, and inspire changes to existing business processes while pointing the way toward new business models.
“The opportunity for AI spans 29 industries across geographies and is particularly disruptive in highly domain-specific markets with high-volume data needs and ontologies, as well as those with growing applications for machine perception,” says principal analyst Jessica Groopman. “From autonomous robots to algorithmic news stories, from product recommendations to processing patient data, and from virtual assistants to voice recognition, AI is widely considered one of, if not the biggest, technological shift of the modern era, on par with past shifts like the industrial revolution, the computer age, and the advent of the smartphone.”
Tractica’s analysis indicates that annual revenue generated from implementations of AI software will increase from $1.4 billion in 2016 to $59.8 billion by 2025. The revenue potential for AI use cases covers a broad spectrum, from a handful of high-potential applications at the top that will represent a sizable portion of the overall market, to a “long tail” of smaller use cases that will serve a wide variety of tactical purposes in niche markets.
Tractica’s report, “Artificial Intelligence Use Cases”, provides a comprehensive examination of more than 200 discrete AI use cases across the consumer, enterprise, and government markets. The report defines, contextualizes, and offers real-world examples and revenue forecasts for each use case, organized by industry sector. It serves as a referential compendium to Tractica’s ongoing market forecasting of the AI space, offering an overview and analysis for each use case included in the model. As applications are analyzed in depth, the report also identifies common themes across the broader AI market. An Executive Summary of the report is available for free download on the firm’s website.