AI Expands Across Industries

Due to the convergence of three independent trends, AI has now become a driving force in the market. More data, faster hardware, and better algorithms are accelerating research, development, and commercial investment in AI applications at lightning speeds, with many organizations rapidly scaling from a pilot deployment to a full-scale, enterprise rollout of AI technology within months or quarters, rather than years. Those sectors that were pioneers in the digital space are now accelerating in AI adoption, as the question of how to better use and monetize data persists. Omdia's quantitative market assessment forecasts that annual revenue generated from the direct and indirect application of AI software will increase from $5.4 billion in 2017 to $105.8 billion by 2025.

The breadth and velocity of the AI market, however, has led to increasing challenges for both technology adopters and suppliers to maintain the same pace of innovation with their products and integration plans. Further, the dynamics or developments in one sector or technology can influence another; opportunities for multi-disciplinary collaboration or risk mitigation are coalescing; and the very definition of digital transformation is evolving.

As the creation of data continues to increase exponentially, and customers’ expectations of AI technology shifts, companies must navigate the hype, adopt new capabilities, and adapt their strategies, all while proving efficiencies and new revenue.