The Impact Of Artificial Intelligence Over The Next Five Years

Post written by

Shailendra Singh

Shelly Singh is the Chief Operating Officer at MarketsandMarkets, a research and advisory firm focused on high-growth niche markets.

Artificial intelligence (AI) has been a huge growth enabler for many industries, due to its ability to streamline business processes, reduce operation costs and automate tedious tasks. The evolution of technologies such as cloud computing, big data, and internet of things (IoT) could enable further market growth in the AI sector, which my company predicts will be worth $190.61 billion by 2025. According to Statista, Tractica forecasted (paywall) that annual worldwide AI software revenue alone could reach $118.6 billion by 2025.

As AI continues to grow and expand its reach -- something I've written about previously -- I believe that the marketing, security, health care, and automotive industries are poised to be the top four end-user industries to experience the most significant impact during the next five years.

AI In Marketing

Today, companies are leveraging AI to enhance major marketing applications — such as copywritingdynamic pricing, virtual assistants, consumer behavior prediction and others. It’s enabling marketers to spot programmatic trends and opportunities as they occur and focus on building more profound client relationships through personalized online content and product recommendations (like Amazon's recommendation system), as well as other targeted advertising strategies.

To remain competitive, I predict that marketers will continue to adopt AI technologies to execute more effective campaigns over the next five years. In doing so, marketers will be able to create even more personalized and compelling content that meets rising consumer demand.

Additionally, marketers will likely focus on unlocking the potential of data, which would help them with real-time decision making, understanding target customers and developing advertising campaigns. Statista projects (paywall) that eCommerce sales will continue to grow, and I predict that the eCommerce sector will continue to attract customers in the coming years, which would create demand to deliver an enhanced experience using AI.

AI In Security

The world is increasingly becoming an insecure and vulnerable place. As the average total cost of a data breach continues to climb -- IBM found that, in the United States, it reached $7.91 million in 2018 -- organizations are leveraging AI to protect their most sensitive information.

Today, AI is playing a key role in helping organizations power various applications. One Security Week writer suggested that it could be applied to identity and access management (IAM). Companies like HSBC are also using it to improve risk and compliance management for processes like anti-money-laundering investigations. Cisco announced it would use analytics to detect malware in encrypted traffic, and companies are setting their sights on AI-driven threat investigation, antivirus/antimalware applications (paywall), intrusion detection and prevention systems (IDS/IPS) to stop hackers, and others. The increasing number of mobile users (paywall), as well as the continued adoption of cloud-based services, will contribute to the growth of the AI market for security due to the increased ease of attack.

To safeguard data and strengthen their network security, I expect organizations to adopt security solutions integrated with AI technology to spot network attacks. By deploying the same, security analysts can constantly monitor, analyze and fetch critical security insights from the data and thus concentrate on reducing cyber threats and attacks in their organizations. Hence, AI also offers an attractive opportunity to leaders at security solution providers wherein they can offer next-generation AI-powered solutions to help organizations protect public as well as private infrastructure and save themselves from continuously increasing cyberattacks. For instance, various solution providers in the market are actively working toward strengthening their product portfolio by integrating AI technology into their product offerings, and I expect this trend to continue.

AI In Health Care

AI has enhanced a number of applications in health care. Take, for example, the AI system that conducts patient data and risk analysis and a system that can help detect cancers from imaging. Companies like Intel are also exploring AI applications for remote patient monitoring in clinical trials through wearable devices. A few newer applications of AI in health care can be seen in mental health treatments: One study published in Nature explored new AI capabilities that could accurately predict schizophrenia, and in 2015, Google and Johnson & Johnson reportedly teamed up to create surgical robots that use artificial intelligence. The growing demand to reduce rising costs coupled with the growing number of cross-industry partnerships I've noticed are likely driving this trend toward improvised health care services. Over the next five years, health care organizations could continue to adopt AI to improve patient outcomes.

AI-powered solutions are capable of analyzing real-time data and thereby helping support accurate decision making for doctors. Hence, to achieve the benefits offered by AI technology and deliver enhanced experiences to patients, hospitals should start using AI technology in their daily processes. Also, to tap into this opportunity, tech giants should form partnerships with hospitals to help them unlock the potential of data and effectively use electronic health care records.

AI In Automotive

AI in the automotive industry has become more prevalent over the past few years. We've seen the industry implement disruptive technologies in various products, such as voice recognition systems, as well as recently announced plans for gesture recognition systems, Volkswagen's intelligent copilot system and in-car assistants. This is a growing market where innovative companies could use AI technology in many upcoming models in premium segments. I believe AI is set to become an essential element in self-driving cars of the future. Vehicles could soon use technologies like deep learning to process a huge quantity of the data, which I believe will help to determine different types of situations on the road and react accordingly.

The growing demand for enhanced user experience, convenience and safety features across industries presents an opportunity for OEMs to develop new and innovative artificial intelligence systems, which could help attract customers. I predict that AI-based systems in the automotive sector will grow to become an essential component in vehicles in the next five years.

AI offers lucrative opportunities in the automotive sector. Solution providers in the market can work with various automotive designers and suppliers to build intelligent solutions and focus primarily on enhancing road safety and vehicle security.


Shelly Singh is the Chief Operating Officer at MarketsandMarkets, a research and advisory firm focused on high-growth niche markets....