|26 October 2016|

Global

A number of industries are increasingly adopting cognitive systems and artificial intelligence (AI) with revenues in the game-changing technologies set to reach  $47 billion in 2020, according to a new report.

The Worldwide Semiannual Cognitive/Artificial Intelligence Systems Spending Guide from International Data Corporation (IDC) reveals that the banking and retail sectors are investing heavily in these areas, with others – including healthcare and discrete manufacturing – following hot on their heels.

“Cognitive technologies are being used in the banking industry to detect and combat fraud – consistently a top industry pain point. Meanwhile, in manufacturing, executives cite improving product quality as a top initiative. In this case, cognitive systems recognise and know how to respond to dynamic fluctuations in product specs by adapting the production to stay within quality targets,” Jessica Goepfert, program director, Customer Insights and Analysis at IDC said.

David Schubmehl, research director, Cognitive Systems and Content Analytics at IDC added: “Software developers and end user organizations have already begun the process of embedding and deploying cognitive/artificial intelligence into almost every kind of enterprise application or process. Recent announcements by several large technology vendors and the booming venture capital market for AI startups illustrate the need for organizations to be planning and undertaking strategies that incorporate these wide-ranging technologies. Identifying, understanding, and acting on the use cases, technologies, and growth opportunities for cognitive/AI systems will be a differentiating factor for most enterprises and the digital disruption caused by these technologies will be significant.”