Who Owns Whom

Global Disruptors - Artificial Intelligence

Global Disruptors - Artificial Intelligence 2022

WINFORD COLLINGS & THE FINANCE GHOST | South Africa | 26 May 2022

Enquire about this report

Report Coverage

This report on artificial intelligence and focuses on AI in banking, retail, healthcare, energy, the automotive industry, logistics, agriculture, entertainment and gaming. It includes information on the state of the industry, key trends, adoption challenges, regulation and developments in this rapidly-changing sector.

Introduction

Although Artificial Intelligence (AI) is considered recent, it can trace its roots back to 1955 when it was introduced as a branch of computer science, focused on the science of making “intelligent machines” that could reproduce the cognitive abilities of the human mind, such as learning and problem-solving. With technological breakthroughs in big data, supercomputing, and machine learning, AI has become more capable of problem-solving, learning, and navigating physical space. AI drives value creation with advanced algorithms that are trained on large and useful datasets before being continuously supplied with new data. This helps reduce or even remove reliance on traditional and human-centred business processes. The technology has become pervasive in several industries like banking, retail and healthcare, with the opportunity to have an impact across almost every element of our lives. AI has a disruptive effect on industry sectors in the same way that the internet transformed how we do business. Organisations and governments around the world are diverting billions of dollars to fund research and pilot programmes of applications of AI to solve real-world problems that current technology is not capable of addressing. China’s 14th Five Year Plan (covering 2021 to 2025) emphasises AI as crucial for “national security and overall development”. Additionally, China’s global share of research papers in the AI field has increased from 4.26% (1,086) in 1997 to 27.68% in 2017 (37,343), the most of any country. The International Journal of Information Management forecasts AI to contribute at least 20% to China’s GDP by 2030.

Strengths

• AI allows businesses to manage a multitude of tasks more efficiently and increase productivity by automating manual, repetitive tasks.
• AI lowers operating costs and addresses compliance risks by eliminating human error.
• The pandemic has accelerated adoption as companies look to solutions that can enable operations to continue during crises, driving research and development by the large tech companies.

Weaknesses

• AI implementation requires considerable investment. However, many SMEs lack access to finance, or the necessary investment capital to dedicate to investment in digitisation and AI.
• AI is limited due to its inability to communicate emotionally. It can use information but it is currently unable to grasp the complexities of human emotion.
• There is a scarcity of skills in AI development.

Opportunities

• AI is connected to other new forms of technology, including the internet of things, and will enable developers to problem-solve across different forms of technology.
• AI systems can be developed globally and hosted in the cloud.
• International cooperation between countries to facilitate the use of AI services globally.

Threats

• Automation-spurred job loss causing social unrest.
• Barriers to adoption including financial considerations, cultural resistance, lack of clear leadership on AI and lack of knowledge and skills.
• Biases in AI algorithms that discriminate against individuals.
• Cybersecurity remains a large risk, as cyber-attacks rise each year.
• Privacy violations and surveillance concerns as companies collect data to train AI systems.

Outlook

AI technologies have the potential to increase productivity and efficiency in many industries. Organisations are racing to be competitive as AI transforms consumer preferences and entire business models. The evolution of AI comes with far-reaching implications for the economy, politics, mobility, healthcare, security and the environment. It continues to disrupt the labour market, changing the way businesses think about long-established roles. As innovation in AI increases, the cost of research and development will decrease, opening doors for small businesses to adopt AI systems and reach more customers. The rate of adoption will depend on the level of investment in research and development in each application field. In a 2021 survey conducted by McKinsey, 56% of all respondents reported AI adoption in at least one function, an increase from 50% in 2020. The survey indicated that AI adoption had increased most at companies in emerging economies, including in China, the Middle East and North Africa, with the highest adoption rate in India and Asia-Pacific. As governments navigate and understand the rise of AI, ethics and regulation will come into greater focus and impact the manner in which AI is implemented and adopted.

Read More..
Global Disruptors - Artificial Intelligence
Global Disruptors - Artificial Intelligence 2022

Full Report

R 9 500.00(ZAR) estimated $522.91 (USD)*

Table of Contents

[ Close ]
PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
3. SIZE OF THE INDUSTRY 2
4. STATE OF THE INDUSTRY 15
4.1. Key Trends 15
4.2. AI Robots 17
5. INFLUENCING FACTORS 19
5.1. AI adoption challenges 19
5.2. Regulations 20
6. SWOT ANALYSIS 21
7. OUTLOOK 22
8. REFERENCES 22
8.1. Publications 22
8.2. Websites 24
APPENDIX: SUMMARY OF NOTABLE PLAYERS 25