Artificial Intelligence-based technologies are gaining considerable mindshare among corporate enterprises around the world. AI technologies which include core technologies like Deep Learning, Machine Learning, Natural Language Processing (NLP) and computer vision, among others, provide enhanced functionality to computers which are similar to human output. Tasks like pattern recognition, analytical decision-making and prediction based on acquired data are performed with ease using AI technologies. But AI in enterprise is pushing computing to achieve super-human capabilities in processing large amounts of data in parallel computing, using big data for pattern recognition or performing real-time tasks such as autonomous driving, or taking financial decisions, where the future of multibillion-dollar corporations is at stake.
Innovations in AI are happening at an unprecedented scale; the list of use cases in every industry is increasing rapidly, making AI application relevant in almost every domain of every industry. According to research and advisory firm Tactica, there are more than 200 real work enterprise use cases for AI across a domain of 25 industry sectors. According to the firm’s forecast, the revenue from enterprise AI applications will increase from $358 Million in 2016 to $31.2 Billion by 2025, representing a colossal compound annual growth rate of 64.3%.
Investments are flowing rapidly in the AI sphere as well, both at the startup level and within some of the world’s leading technology companies. Three of the largest technology companies—IBM, Google and Amazon—have already begun to provide AI-based systems on top of their existing platforms in an effort to push the limits of cloud computing forward.
Incorporating AI and machine-learning capabilities in enterprise software automates employees’ everyday tasks and enables them to invest their time performing higher-value assignments. According to professional and finance service provider Deloitte Global, it’s predicted that over 80 percent of the largest enterprise software companies will integrate AI functionality into their products by the end of this year; by 2020 it expects 95% of the top 100 enterprise software companies to have done so.
AI applications are changing industry domains as we know them today. Thanks to AI functionality in enterprise software, businesses can now predict system failures by recognizing the patterns in which they occur through AI-based business intelligence software. This type of system can be in the form of an AI program that monitors business activities and alerts businesses when and where a problem arises. Similar use cases are also applicable in online security, where previous reliance on firewalls and intruder detection systems is now more capable thanks to machine learning and pattern recognition ability of AI-based firewalls. Enterprise AI also has relevance in the healthcare and medical industry. IBM’s Watson-based software is helping with cancer treatment and predictive diagnosis.
Artificial Intelligence in enterprise software is the future. Today AI applications have changed the way we use computing services; every aspect of our computing behavior has been influenced by machine-learning algorithms that remember our choices in music subscription services, to our desired merchandise in online store shopping. AI has changed computing in every big and small way possible. Enterprise software companies are giving access to AI-based cloud computing systems capable of processing data in large amounts; autonomous car driving research companies like Tesla are open-sourcing algorithms to create unified research platforms where data from every self-driving car can be consolidated and used for the entire industry; technology leaders like Elon Musk, Jeff Bezos and Bill Gates are sharing their predictions for a world ruled by AI. These are very exciting times we are living in today, and leveraging the power of AI and machine learning is the way of the future.