The advance of artificial intelligence (AI) technologies has caught the attention of companies and institutions in a wide range of enterprise markets, and executives in almost every industry are considering the potential impact AI will have on their operations, business models, and bottom lines. AI technologies being evaluated and deployed are diverse, yet interrelated, and include areas like cognitive computing, machine learning, deep learning, predictive application programming interfaces (APIs), natural language processing, image recognition, and speech recognition.
A recent report from Tractica forecasts that, as enterprise AI deployments gather increasing momentum, cumulative revenue for the sector will total $43.5 billion worldwide during the period from 2015 through 2024. The market intelligence firm forecasts that the largest application markets for AI will be advertising and media, financial services, manufacturing, oil and gas, and retail. All of these industries work with complex systems and large data sets where companies are finding strong return on investment (ROI) by deploying AI technologies.
“In almost every industry, including some very traditional ones, new approaches to age-old problems are being trialed using artificial intelligence,” says principal analyst Bruce Daley. “The business questions being addressed range from where to plant crops to how to detect fraud. The most highly affected industries are likely to be those with large amounts of data, where there are high rewards for making decisions quickly.”
Daley adds that such deployments are not always high-profile or visible on the surface – oftentimes, AI capabilities are embedded deeply in enterprise software systems and operational processes. In addition, Daley’s analysis indicates that many traditional businesses are likely to be disrupted by practical applications of AI. “One needs to look no further than the automotive industry to see how AI technology like Google’s self-driving cars has forced every serious player in the industry worldwide to consider strategies for including AI in their products.”
Tractica’s report, “Artificial Intelligence for Enterprise Applications”, examines the practical application of AI within commercial enterprises. The report presents 10-year forecasts for AI software, along with AI-driven services and hardware sales, for the period from 2015 through 2024. An Executive Summary of the report is available for free download on the firm’s website.