AI Sector Overviews Articles and Reports

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.

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.