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AI and Machine Learning: Cognitive Systems Create Insights and Improved Quality For Banking and Manufacturing
Artificial Intelligence (AI) and Machine Learning are two of the top technology trends for 2017 according to Gartner. These technologies are expected to be integrated into everything from small devices, to software products and services, for both consumers and businesses.
A recent study by IDC predicts huge growth in spending on AI and Machine Learning:
- Spending on Artificial Intelligence is forecast by IDC to grow from $8 billion in 2016 to $47 billion in 2020.
- More than half of AI spending will be in the areas of banking, retail, healthcare and discrete manufacturing.
Jessica Goepfert, program director at Customer Insights and Analysis at IDC, said that “near-term opportunities for cognitive systems are in industries such as banking, securities and investments, and manufacturing. In these segments, we find a wealth of unstructured data, a desire to harness insights from this information, and an openness to innovative technologies. Furthermore, the value proposition of cognitive systems aligns well with industry executives’ chief priorities. For instance, 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.”
