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Europe artificial intelligence (AI) in manufacturing market to register a lucrative CAGR of 44% over 2019-2025, cybersecurity to emerge as a prominent application segment

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Rising pressure on businesses to sustain profitability and improve efficiency has thrusted the artificial intelligence (AI) in manufacturing market into global recognition, with the need for better quality management, material movement, inspection and predictive maintenance. The growing use of IoT and other means of communication has also created a necessity for ensuring cybersecurity, further bringing AI into play. The advent of industry 4.0 has brought with it the integration of all types of technology-related changes into an organization, which has allowed the growth of AI in manufacturing industry to handle and manage these changes efficiently. Continuous advancements in technology have also led to the development of more complex and functional electronic components, requiring accurate programs and production automation to be implemented and monitored.

U.S. Artificial Intelligence in Manufacturing Market Revenue, By Technology, 2018 & 2025
U.S. Artificial Intelligence in Manufacturing Market Revenue, By Technology, 2018 & 2025

Machine learning, for instance, has the potential to assist floor managers in devising most cost-effective and efficient production, maintenance and quality control plans, underlining the importance of the AI in manufacturing market. It is widely known that robots have been deployed in almost every manufacturing industry to replace humans in hazardous and more time consuming operations. Using AI to help control these robots and report their progress would help save companies enormous amounts of time and money, realized by reduction in errors and idle time. The ability of AI-enabled robots to be suited for 24-hr production schedule will help improve the competitiveness of businesses and meet rising customer demand for key automobile, appliance and aircraft components.

As evident, the AI in manufacturing industry can prove crucial in refining production and associated operations across numerous business verticals. Regions comprising of mostly developed economies, such as North America and Europe, represent key proponents of AI, with vast investment pools into R&D as well as high labor costs which calls for a more automated production system. Europe in particular has some of the most automated industries in the world. According to the International Federation of Robotics (IFR), Germany is ranked third in the world in terms of automation, with 309 robot units deployed for every 10,000 employees. Sweden and Demark boast of a high degree of automation as well, with 223 and 211 units of industrial robots installed in the manufacturing segment per 10,000 workers.

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In addition to these nations, other EU members have also adopted robots eagerly to take advantage of the long-term financial benefits they deliver, presenting tremendous growth opportunities for the AI in manufacturing market. Europe has witnessed the rise of many producers of hardware components that are compatible with AI technology, besides the augment of software providers and start-ups aiming to offer unique AI experiences. Reports indicate that the region has a constantly growing AI community, where U.K. supposedly has the largest AI ecosystem in the region with Germany, Spain and France close behind. Presence of world leading automakers, electronics product manufacturers, FMCG businesses and consumer goods producers in Europe provides key development and funding opportunities for emerging AI technology firms.

Speaking further, U.K. itself holds more than 120 AI companies while Germany has just over 50, demonstrating their capability to become dominant forces in the Europe AI in manufacturing industry. AI software and platforms are increasingly being designed to counter cyberthreats in this age of IIoT and connectivity, which will be major driving factor for AI in manufacturing market. In 2018, it was reported that nearly 48% of manufacturers in the U.K. had experienced cyber security incidents till date and half of them had even suffered business disruption or financial losses as a result. With most of an organization’s production and individual data stored on their business platforms, AI will certainly be indispensable for cybersecurity applications in the near future.

All in all, owing to the existence of numerous technology firms and surging investments in automation solutions, the AI in manufacturing market in Europe is anticipated to witness a 44% CAGR from 2019 to 2025. Key software and hardware providers based in Europe, such as Graphcore and SAP, as well as formation of technology partnerships with start-ups by American firms like Google, IBM and Microsoft in the region will define the competitive dynamics of the AI in manufacturing industry.

Author NamePankaj Singh

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APAC AI in Retail market to witness phenomenal proceeds over 2018-2024, China to be the chief revenue pocket

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Endorsed with a rich portfolio of digitally empowered consumers, artificial intelligence in retail market has been acclaimed as one of the most progressive verticals in the recent years. In the year 2017, this business space registered a global share of USD 650 million and is forecast to record a CAGR of 40% over 2018-2024, which is indeed humongous. With retail space becoming affluent with more number of e-commerce platforms as well as startups with huge technology appetite, the adoption of AI in retail market is bound to proliferate. Add to it, the technology is witnessing a slew of opportunities in sync with the hi-tech trends including the like of blockchain, AR, and Internet of Things establishing its footprints in the retail domain. Amidst all these tech interventions, the focal point of this consumer-driven industry remains delivering unrivaled shopping experience to the customers as well as ensuring optimal management of resources and stocks.

U.S. Artificial Intelligence (AI) in Retail Market Share, By Technology, 2017 (USD Million)
U.S. Artificial Intelligence (AI) in Retail Market Share, By Technology, 2017 (USD Million)

One of the classic examples of leveraging the AI technology is of Baidu, China’s renowned artificial intelligence market player. The company grabbed the headlines with its attempt to promote its AI technology in aiding convenience stores manage their food stock more efficiently and resourcefully. For the record, the search engine giant has been supporting Ping++, an AI service provider since September 2017 to work with Today, convenience store chain with regard to a fresh food project. Under the terms, the company utilizes PaddlePaddle, a deep learning platform by Baidu along with its CTR model. Reportedly, the implementation of these technologies had a positive impact on the sales, post which Baidu introduced this model to dozens of stores for testing. In testing stores, the profits surged by 20% and food waste dropped by 30%. The instance vividly portrays the huge scope of artificial intelligence in retail industry. Since the past two years Baidu has invested over USD 1.5 billion in AI research in addition to its investment of USD 200 million for the development of a new R&D facility.

In fact, the Chinese market having the three most powerful names of the retail and tech space – Alibaba, Baidu, and Tencent (collectively touted as BAT), is betting big in the global AI in retail industry space. The three giants which are claimed to have a cut throat competition with the U.S. in terms of resources and capital are positioning themselves to become the ‘future AI platforms’. The trio is also expanding in other Asian countries and investing heavily in U.S. based AI startups to leverage the power of AI. Backed by such powerful initiatives and presence of these conglomerates, APAC AI in retail market is forecast to be the fastest growing region, with an anticipated CAGR of 45% over 2018-2024.

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Further elaborating on the geographical trends, North America having procured more than 50% of the global share in 2017, has been leading the regional landscape of AI in retail market. U.S. has a major credit in the phenomenal regional trends with over 65% of investments (including M&As, private equity, and venture capital) in artificial intelligence technology. Add to it, the region is a major hub for startups in tandem with the presence of tech titans such as Google, IBM, and Microsoft.

Analyzing the aforementioned trends and the penetration of AI in retail industry, it is overt that the traditional retail model is bound to witness a disruption of sorts. The technology penetration will reshape the entire inventory management and operation cycle of the retail stores, thus providing a renewed shopping experience to the customers. Not only the efficiency and sales of the retail space will see an upsurge but through the proliferation of AI in retail market, the worldwide economy will progress massively, opening doors for several hi-tech startups and a plethora of new job opportunities. In terms of profitability scope, the overall AI in retail industry share is anticipated to surpass USD 8 billion by 2024, with untapped economies gaining major traction in terms of investment.

Author NameOjaswita Kutepatil

Artificial Intelligence (AI) in Education market to be influenced by the growth of e-learning & virtual platforms, expected to achieve a CAGR of 45% over 2018-2024

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The global artificial intelligence (AI) in education market has ascended as one of the primary AI application verticals owing to the limitless potential in innovations and ability to accelerate the learning process. Growing reputation of AI applications has created a platform for facilitating the knowledge acquisition and decision-making systems that support the educational institutions in effecting student development. Continuous improvements in technology and the increasing availability of advanced infrastructure has further propelled the artificial intelligence (AI) in education market.

U.S. Artificial Intelligence in Education Market Share, By End-Use, 2017 (USD Million)
U.S. Artificial Intelligence in Education Market Share, By End-Use, 2017 (USD Million)

The incredible progress of artificial intelligence (AI) in education industry can be emphasized by China’s recently implemented plans to achieve global leadership in AI research and development, including AI application in schools. A report revealed that a high school in Eastern China has installed a facial recognition system for real-time analysis of student engagement, by registering their behavior and facial expressions. Termed as the intelligent classroom behavior management system, its cameras are placed in front of the classrooms above the blackboard and scans the class every 30 seconds. The system can detect various kinds of moods and behavioral pattern of the students.

To elaborate further, this innovative AI system is reportedly assisting to track student attendance and refining teaching methods. It is expected to help in maximizing student engagement by making the students conscious of the system. The experiment with the intelligent classroom behavior management system comes on the heels of other AI applications implemented in schools across China, such as using the technology for grading papers and argumentative essays.

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Essentially, the key components of education are supposed to be learning, reasoning and efficient problem solving which are also the principal characteristics of AI systems. Consequently, AI has been integrated with the education industry where it has been found to be beneficial in building social skills and emotional outreach. The acceptance of AI by educational experts derived from its existence as an assistive tool has encouraged the AI based learner model. As per estimates, the learner model held more than 60% of the artificial intelligence (AI) in education market share in 2017.

AI can be used to gather information on the literacy and understanding levels of students from their response to different learning materials, methods and the speed at which they learn. This type of data can help teachers to design a prudent course of study to maximize the learning ability of any particular student.

Citing an example of such personalized education, Geekie Lab is an application developed in Brazil with machine learning capabilities which is helping students to cope with lessons at their own pace. The AI in Geekie’s education software constantly learns about each students progress on individual level through tests and sends the analyzed performance data to their teachers. Further, AI facilitates a platform for students to experiment and learn without the fear of judgements by peers, parents or teachers. AI can improve the flexibility of the education system by identifying the strengths and weaknesses of students and create a customized program or suggest them courses suited to their needs.

Evidently, the artificial intelligence (AI) in education market is exceedingly delivering positive outcomes while bridging the gaps between learning and teaching. E-learning platforms infused with virtual and augmented reality technologies have contributed heavily to the market growth. The learning platform and virtual facilitators application held 55% of the total revenue in 2017. These applications have provided effective support to learning and knowledge transfer outside the classrooms, across all grades and socio-economic levels, minimizing the dependency of students on parents and teachers who can only be available for limited periods of time.

The artificial intelligence (AI) in education market is characterized by a massive demand for virtual classrooms and tutors, owing to their cost-effectiveness and efficient delivery methods. Educational establishments are collaborating with EdTech (educational technology) companies to develop degree programs on virtual platforms and also a multitude of open courses to encouraging free education.

According to a report by Global Market Insights, Inc., the artificial intelligence (AI) in education market is dominated by North America, with over 60% share globally. The regional growth is fueled by the early adoption of AI technology in education and immensely developed infrastructure. Added to this, the presence of IT giants such as Google, Microsoft, AWS, IBM, Pearson and others has laid a strong foundation for the AI in education market expansion.

The advent of AI in education has initiated a change in the dynamics of teaching and will transform the way students learn and acquire skills. Worldwide, the market positions of multinational companies and growing venture capital investments in start-ups has turned the artificial intelligence (AI) in education industry into an extremely competitive landscape, with expected CAGR of more than 45% over 2018-2024.

Author Name : Pankaj Singh

Artificial Intelligence (AI) in BFSI Market to register a phenomenal CAGR of over 30% over 2018-2024, insurance and banking sectors to drive global industry progression

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The excellent growth dynamics of the global artificial intelligence (AI) in BFSI market can be traced by the recent instance of Metromile, a leader in pay-per-mile car insurance in the U.S., launching its new AI-based smart claims assistant, AVA. The automated system reportedly utilizes machine learning capabilities to reconstruct the accident scene and promptly ascertains if claim details are true. Apparently, the claim is approved within seconds after the details are verified and the AI-based tool further notifies the car owner of the expedited claim. With the increasing adoption of high-grade technologies such as IoT and Big Data, the commercialization potential of AI in BFSI industry has observed a marked uptick in the past few years.

U.S. Artificial Intelligence in BFSI Market Share, By Solution, 2017 (USD Million)
U.S. Artificial Intelligence in BFSI Market Share, By Solution, 2017 (USD Million)

Elaborating further, the unveiling of AVA signifies the transformative phase being witnessed across the worldwide insurance sector where prominent AI in BFSI industry players have been increasingly deploying advanced algorithms to enhance the underwriting process. This has, in turn, impelled the insurance segment of the AI in BFSI market which is forecast to register an outstanding y-o-y growth rate of over 38% during 2018-2024.

A brief insight of how banking sector has been shaping AI in BFSI industry trends

Over the past few years, numerous globally renowned banking institutions have been pouring in massive funds to develop cutting-edge AI applications that have invariably assisted them in optimizing performance, consolidating remuneration streams, and better serving their customers. In this regard, banks are increasingly forming partnerships with fintech corporations to integrate the latest technologies into banking products and services which has resulted in the development of advanced customer behavior analytics inventions, chatbots, and customer relationship management (CRM) solutions. Enumerated below is a succinct outline of how banks have been readily embracing AI-based solutions that has subsequently transformed the strategic and competitive landscape of AI in BFSI market:

  • Embarking on its AI and automation journey in September 2017, State Bank of India unveiled its first AI-powered chat & voice assistant, named as SBI’s Intelligent Assistant or SIA. The chatbot reportedly aids customers with everyday banking tasks just like a bank representative and has a remarkable capacity to handle close to 10,000 enquiries per second or 864 million in a day. Arguably, the deployment of an AI-based solution of this scale is cited to be first of its kind in the banking segment of the global AI in BFSI market. With an astonishing customer strength of around 420 million, State Bank of India’s latest move towards integrating AI is being viewed as a major leap of faith for India’s banking sector.
  • Regarded as one of the world’s largest banks, the U.S. based JPMorgan Chase has recently launched a digital platform that analyzes legal documents and extracts the relevant data. The AI-based invention, named as Contract Intelligence (COiN) platform, is an outcome of the initial implementation through machine learning technology and has an exceptional ability to revise approximately 12,000 annual sales agreements within minutes. The platform is being aptly termed as revolutionary across AI in BFSI industry given the fact that it effectively eliminates the need to manually review the said number of sales agreements which generally takes around 360,000 hours.

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Owing to the launch of intuitive, easy-to-use, and highly-efficient AI-based tools, the banking segment of the AI in BFSI market has been proliferating at an exceptional pace in the recent times. In fact, as per a research report compiled by Global Market Insights, Inc., the banking segment apportioned more than 50% of the total remuneration portfolio of AI in BFSI industry in the year 2017. With the unveiling of advanced AI technologies that provide real-time insights into every aspect of banking operations and leverage the abundance of data to gain a granular understanding of consumer behavior, the banking segment is slated to lead the end use spectrum of this business space over the ensuing years.

Infusing AI-based applications across a diverse set of operations has brought about a momentous shift in the ability of organizations, working in the BFSI domain, to swiftly analyze, comprehend, and respond to vast amounts of data which has consequentially augmented the revenue share of companies operating across AI in BFSI market. With the advent of advanced machine learning algorithms, data analytics solutions, natural language processing techniques, the AI in BFSI industry space is anticipated to register an overwhelming CAGR of 30% over the estimated timeframe.

Author NameSaif Ali Bepari