Industry-specific use cases spur the demand for AI: Report

Growing enterprises across industries are witnessing a paradigm shift in terms of technologies. Artificial Intelligence (AI) is already revolutionizing major industries, including fintech, an exclusive study by MarketsandMarkets highlights.

Industry-specific use cases are spurring the demand for AI technology.

For instance, in the manufacturing industry, the key use cases of AI include predictive maintenance, industrial robots, and quality control. Supported by its numerous use cases, the AI technology features in the mainstream discussions among industry experts and researchers and is resulting in an increased R&D expenditure to further innovate in these application areas.

With the AI technology gaining the momentum, the number of vendors and startups offering AI solutions is also growing exponentially. Industry leaders are also disrupting the AI market by acquiring startups and forming partnerships with other key players.

The number of AI startups are booming at a fast pace, globally. They are leading the innovation initiatives and are attracting significant funding from investors. MarketsandMarkets identified the top AI startups to be watched for in the AI space, including DataRobot, Commerce.AI, Servion Global Solutions, Happiest Minds, and Cylance.

Major pain-points for any business today are the gaps between their existing capabilities and the desired business outcomes to solve buyer problems. Some of the key business outcomes include employee safety, reduced energy consumption, network optimization, customer loyalty, and cybersecurity.

To extract the maximum business value out of your AI deployments, you need to have the appropriate functionalities. Key AI functionalities include machine learning libraries, location intelligence, natural language generation, and real-time query response.