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:
Heart disease is the leading cause of death in the United States and currently affects an estimated 28.4 million Americans. According to a report published by the American Heart Association, in 2016, the economic burden of cardiovascular diseases (category of heart and blood vessel diseases) totalled $555 billion and is projected to reach $1 trillion by 2035.
Diabetes is a leading chronic disease that affects more than 30 million people in the United States. The disease results from high blood glucose (blood sugar) due to an inability to properly derive energy from food, primarily in the form of glucose. Insulin is a hormone that normally helps process glucose in the body. However, in the case of diabetes, insulin is inadequate (Type 2 diabetes) or obsolete (Type 1 diabetes).
Medical devices sector, part of the $3 trillion healthcare industry in the United States, is an area of growth and innovation where researchers and manufacturers are seeking to integrate accuracy with automation. According to the most recent data reported by SelectUSA, (a program within the International Trade Administration at the U.S. Department of Commerce), the United States held 40 percent of the $140 billion global medical device market in 2015.
The healthcare analytics market continues to gain traction as the healthcare industry transitions to a value-based care model. Value-based care focuses on quality of care delivery as opposed to volume of patients served. There are great opportunities for data analytics due to the high volume of information that must be routinely collected, tracked and interpreted, particularly in the hospital setting. Examples of value-based care programs in the hospital setting include the Hospital Value-Based Purchasing (HVBP) Program and the Hospital Readmission Reduction (HRR) Program.
Though in its nascency, the Indian banking sector is beginning to adopt artificial intelligence (AI), quite aggressively. As per a PwC FinTech Trends Report (India) 2017, in the past year, global investment in AI applications touched $5.1 billion, up from $4.0 billion in 2015. While large commercial and investment banks globally are incorporating AI and blockchain for both back-office and customer facing purposes, in India, widespread adoption of these technologies has not yet come to fruition.
The amount of data companies have on customers and the number of channels customers are using to interact with businesses have grown significantly in the past decade. Artificial intelligence may hold great promise in optimizing customer and client interactions.
Lending is a massive business in the United States which directly and indirectly touches almost all parts of the economy. As of September 2017, consumer debt in the United States was just under $3.8 trillion. Credit card debt accounts for roughly $1 trillion, car loans another trillion, and student loans for just under $1.5 trillion. In addition, total value of mortgage debt is just under $14.6 trillion. Debt is big business.