AI Sector Overviews Articles and Reports

The banking and financial sectors are among the top five applications for artificial intelligence across the globe. With India seeming to have woken up to the potential of AI, we decided to cover the developments in the Indian artificial intelligence sector. We then researched the use of AI in the Indian financial services market to better understand where AI comes into play and to answer the following questions:

MicKinsey estimated that by 2030, up to 15% of cars sold will be autonomous vehicles. We detailed our own timeline for self-driving cars, pooling quotes and insights from executives at the top 11 global automakers.

In 2017, Equifax’s systems were compromised by hackers, and the data of over 143 million Americans was exposed. Other incidents, such as the WannaCry and Petya ransomware scams, have highlighted the vulnerabilities in financial cybersecurity globally. According to the Global Banking and Finance Review, such cyber attacks have cost nearly USD 360 billion per year in losses for each of the last three years.

Reuters referenced an Orbis Research figure estimating the global cosmetics market to be worth around $$805.61 billion by 2023.

As of now, numerous companies claim to assist security firms, the military, and consumers prevent crime and defend their buildings, homes, and personal belongings.

The healthcare domain seems ripe for disruption by way of artificial intelligence in the form of predictive analytics. Accenture estimates the AI in healthcare market will reach $6.6 billion by 2021.

Gesture-based interfaces are applications that allow users to control devices using hand and other body parts. Today, they are found in devices used in home automation, shopping, consumer electronics, virtual reality and augmented reality gaming, navigation, and driving, among others.

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.