Artificial intelligence is a term that has been around for many years. Today, it is becoming a reality that offers capabilities for improving your competitive advantage and business value.
Technology industry analyst firm Gartner defines AI as: “Technology that appears to emulate human performance typically by learning, coming to its own conclusions, appearing to understand complex content, engaging in natural dialogs with people, enhancing human cognitive performance, or replacing people on execution of nonroutine tasks.” Basically, AI is building machines that can think like humans — learning from experience, adjusting to inputs, and performing human tasks.
AI Market Rapidly Escalates
According to research firm Market Research Engine, the artificial intelligence market is expected to exceed more than $191 billion by 2024 with a CAGR of 37%. Market Research Engine cites three factors driving the growth including:
- Growth in huge information (big data)
- Growth in adoption of cloud-based applications and services
- Increase in demand for intelligent virtual assistants
The limiting factor to AI growth is the restricted availability of AI specialists.
Although AI growth is substantial, Gartner says that AI is only being used by one in 25 CIOs today; but 11 in 25 have it in their strategic plans. Clearly there is room for growth.
- Robot-assisted surgery
- Virtual nursing assistants
- Administrative workflow
- Fraud detection
- Dosage error reduction
- Supply chain, asset, and inventory management
- Automation of quality testing using machine learning
- Predictive maintenance
- Traffic management solutions
- Passenger transportation
- Law enforcement
AI Impact is Here Now
You may think of AI as a concept that will come to fruition in the future but it’s actually here today and playing a significant role in our lives. If you would like to learn about Arrow’s AI solutions, visit the Data Intelligence page on Arrow’s website.