AI Sector Overviews Articles and Reports
Artificial intelligence “sector overview” reports are designed to help business leaders explore the possibilities and important AI trends across industries. Search our sector overview reports below:
The insurance industry is looking to adopt artificial intelligence applications for a variety of business functions due to its access to large volume of customer data. According to our AI Opportunity Landscape research in insurance, approximately 46% of AI vendors in insurance offer solutions for claims and 43% offer solutions for underwriting. While there are other areas of insurance that could benefit from AI, it's clear that these two core insurance tenets are where the traction is with AI in the industry.
In May 2018, Bard College’s Center for the Study of the Drone released a report estimating that 910 “state and local police, sheriff, fire, and emergency services agencies” had acquired drones in the United States by the end of 2017.
IBM estimates that 265 billion customer support tickets and calls are made globally every year, resulting in $1.3 trillion in customer service costs. IBM also referenced a Chatbots Magazine figure purporting that implementing customer service AI solutions, such as chatbots, into service workflows can reduce a business’ spend on customer service by 30 percent.
By implementing an immersive virtual-reality environment, some AI applications claim it is possible to test products or retail ideas that have not been brought to on the market, putting them on a virtual shelf to study consumer reactions and behavior to real-time merchandising.
According to the Consumer Financial Protection Bureau, Americans filed more grievances about debt collections than about any other financial incident. Of the 316,810 complaints received by the CFPB about debt collection in 2017, the most common was, “Continued attempts to collect debt not owed,” which was cited by 39 percent of grievance filers.
Today, two highly discussed disruptive technologies are artificial intelligence and blockchain. In this piece, we aim to highlight projects where AI and blockchain might be used together to support the B2B environment.
AI is finding itself in the physical retail space by way of augmented reality, or AR. Research and Markets estimated the size of the AR in retail market around $1.155 billion in 2018. As of now, numerous companies claim to provide AR support to shopper experiences in a variety of industries, including automotive and fashion.
According to the US Government Accountability Office, the Federal Bureau of Investigation’s database contains over 30 million mugshots of criminals and ID card images from 16 states. This is just one of many law enforcement databases which also contain further identity information, including fingerprints and text data.