September 26, 2019

AI Isn’t Exclusive To Big Projects Or Big Corporations

Most of the AI stories talk about applications developed for big projects in big companies. Subsequently, readers get a consistent impression that AI is only available to large corporations and in specific industries such as Healthcare and others.

Big money follows Big industries that have been experimenting with AI for years and whose experiments are paving pathways to the most profitable applications. The Big industries drive most of the forecast in spending for AI.see below:

The graphic above is from the Siemens’ corporate blog. Numbers in parentheses are in millions.

BCC Research presents their growth forecasts for 2019-2024 (in millions) below:

  • Autonomous robots: 31% (3,582 – 13,927)
    • (including self-driving vehicles)
  • Digital assistants: 30% (2,175 – 8,075)
    • (e.g., Siri, automated online assistants)
  • Neurocomputers: 22% (1,590 – 4,685)
  • Embedded systems: 19% (877 – 2,095)
    • (machine monitoring and control systems)
  • Expert systems: 12% (7,055 – 12,433)
    • (e.g., medical decision support systems, smart grid)

It is interesting to note that BCC predicts the highest aggregate 5-year growth rate in the area of digital assistants. Certainly, a technological tool for the masses but development can be financed by the larger corporations.

What About Smaller Businesses On Main Street USA?

I am constantly looking for AI applications that small to medium-sized businesses can afford and benefit from. Recently I ran across an article in Digital Dealer written by Natalie Born titled “Dealers (Auto) are Winning with Artificial Intelligence” which caught my attention.

Ms. Woods article provided three examples of how some auto dealers are using AI to accomplish the following:

  1. Cultivate new opportunities inside and outside of their database
  2. Reach car shoppers with competitive intelligence
  3. Create personalized shopping journeys for more sales

Ms. Woods ends her article with “You need to know who is actively shopping in your market and what they’re shopping for, then go after them with personalized marketing that brings the sale home.  You can do it with AI and ML.”

A perfect example of how AI can be developed and used for main street businesses that don’t have the budgets of the Fortune 500.