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:
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.
Talent sourcing and recruitment are at the center of developing and maintaining the U.S. labor force. The U.S. Bureau of Labor Statistics (BLS) projects that over the decade spanning from 2016 to 2026, the labor force will increase by 11.5 million. This increase is approximately equivalent to a 0.7 percent annual growth rate.
The U.S. music industry is an economic staple generating an estimated $7.7 billion in retail revenue in 2016, according to the Recording Industry Association of America. The year 2016 also marked the first time that music industry revenue was generated primarily from “streaming music platforms.”
Artificial intelligence (AI) companies continue to find ways of developing technology that will manage laborious tasks in different industries for better speed and accuracy. In the legal profession, AI has already found its way into supporting lawyers and clients alike.
The entertainment and media (E&M) industry is a diverse sector composed of multiple segments including film, television and media streamed online. By 2021, the U.S. E&M industry is projected to reach $759 billion in revenue, increasing at a compound annual growth rate (CAGR) of 3.6 percent.
With internet penetration on the rise, the e-commerce sector is booming in India. According to research by Boston Consulting Group, the number of internet users in India will jump upwards of 550 million in 2018 from 190 million as of June 2014. India has over 300 million smartphone users which has surpassed the US to become the second largest smartphone market in the world. As per estimates, the Gross Merchandise Value (GMV) sold by eCommerce companies in India is expected to grow to around $80 billion by 2020 up from around $4 billion in 2009.
Companies and cities all over world are experimenting with using artificial intelligence to reduce and prevent crime, and to more quickly respond to crimes in progress. The ideas behind many of these projects is that crimes are relatively predictable; it just requires being able to sort through a massive volume of data to find patterns that are useful to law enforcement. This kind of data analysis was technologically impossible a few decades ago, but the hope is that recent developments in machine learning are up to the task.
The U.S. Energy Information Agency (EIA) defines renewable energy as an energy source that naturally regenerates, such as solar or wind. In contrast, fossil fuels are considered finite. The EIA reports that in 2016, 10 percent of all energy consumed in the U.S. was derived from renewable energy sources. This is equivalent to roughly “10.2 quadrillion British thermal units (Btu) —1 quadrillion is the number 1 followed by 15 zeros”.