Companies that don’t look carefully at artificial intelligence and IoT risk losing competitive advantage.The report starts out by noting that using AI and IoT in tandem will become commonplace. Less than 10% of enterprise IoT projects use AI today, the report says, but by 2020, 80% of all enterprise IoT projects will include an AI component.
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Recently, Mastercard acquired Brighterion Inc., a company that specializes in artificial intelligence, to foray into the global artificial intelligence market with a vision to deliver improved consumer experience and security. Brighterion’s company portfolio of AI and technologies for machine learning offer real-time intelligence from all the sources of data independent of complexity, type, and volume, according to the public announcement.
According to a study by Transparency Market Research (TMR), the global market for artificial intelligence is estimated to post an impressive 36.1% CAGR between 2016 and 2024, rising to a valuation of US$3,061.35 bn by the end of 2024 from US$126.14 bn in 2015. The upward growth of the market is, however, hampered by the low upfront investments. The majority of companies operating in the market are facing difficulties in accumulating funds for early stage research and development of prototypes and their underlying technologies. The dearth of personnel with adequate technical knowledge is also restricting the market from realizing its full potential.