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 fashion industry has grown at 5.5 percent annually in the past decade, according to the McKinsey Global Fashion Index, and in 2016 was estimated to be worth $2.4 trillion.
In recent years, artificial intelligence has enabled pricing solutions to track buying trends and determine more competitive product prices. While static pricing keeps prices absolute, dynamic pricing adjusts prices to offer customers different prices based on external factors and their individual buying habits.
Today, customers interact with banks and financial institutions across several different channels which has lead to an explosion in customer data being collected by these organizations. This data can be effectively leveraged using AI to gain insights on current and future customer behavior.
In a 2017 symposium in Harvard’s Institute for Applied Computational Science, R. Martin Chavez, Deputy Chief Financial Officer of Goldman Sachs explains that the company’s US cash equities trading division used to employ over 600 human traders back in 2000. Today that number is down to just two human traders, with the rest of the jobs being taken over by automated trading platforms that are managed by around 200 computer engineers.
Health insurance is a critical component of the healthcare industry with private health insurance expenditures alone estimated at $1.1 billion in 2016, according to the latest data available from the Centers for Medicare and Medicaid Services. This figure represents 34 percent of the 2016 National Health Expenditure at $3.3 trillion.
Computer vision, an AI technology that allows computers to understand and label images, is now used in convenience stores, driverless car testing, daily medical diagnostics, and in monitoring the health of crops and livestock.
In 2015, fraud losses on credit, debit, and prepaid cards issued worldwide reached $21.84 billion, according to a Bloomberg report. By 2020, Bloomberg predicts that this could grow by a rate of 45 percent.
Businesses today around the world have some portion of their operations being automated, which concurrently has meant that a lot of data about these processes is being collected (from sensors or internal company data etc). A combination of AI, big data analytics, and data science techniques seem to be a growing trend in many industry sectors, with predictive analytics being one of the most well-known.