A recently launched IDC spending guide states that global expenditure on Cognitive and Artificial Intelligence (AI) applications is estimated to display continued robust growth, with businesses investing up to US$77.6 billion in 2022, following a compound annual growth rate (CAGR) of 37.3% during the period 2017–2022.
AI – and in particular, Machine Learning (ML) and Deep Learning – has been an exceedingly popular buzzword for a few years now, gathering momentum and working its way up to a frenzy in 2018. If AI had been as advanced a few years ago as it is today, we could in all probability have predicted the full impact of global warming, right down to when individual incidents (such as tsunamis and wildfires) would happen. That’s exactly what AI is for – it analyzes massive amounts of data from numerous sources to identify patterns and predict outcomes.
With such stakes at play, AI development is obviously turning out to be an arms race of sorts. Here are five industries leveraging the power and business value of AI.
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