Time to get back to my Oceans of Data series! This week I am going to share an overview of the artificial intelligence market that includes a fantastic infographic courtesy of Max Wegner, who has graciously provided this content to me.
Every year data grows exponentially. If you ever doubted the value of your data, the shocking $26 billion purchase of LinkedIN by Microsoft is proof that data is digital gold. LinkedIn was not bought for the app. I anticipate LinkedIN data will be mined with artificial intelligence algorithms to improve competitive intelligence, talent management, and increase cloud sales. When an organization collects massive amounts of data, they maximize the value of that data by applying machine learning aka artificial intelligence.
We have already been witnessing the growth of artificial intelligence, predictive, prescriptive and cognitive analytics as discussed in previous articles and my last industry trends update. Now we are seeing wider adoption of Internet of Things (IoT) …meaning even more exponential data growth.
IoT = Exponential Data Growth x Exponential Data Growth
According to Gartner research, 5.5 million new devices will connect every day this year. An estimated 6.4 billion IoT devices is expected to be used globally in 2016. By 2020, forecasts estimate up to 20.8 billion IoT devices to be generating even more data.
The State of Artificial Intelligence
The bottom line: it is the right time for significant artificial intelligence industry growth, mergers and acquisitions. Analytics and data science professionals will need new, improved tools to explore and make sense of gigantic data. That is where machine learning shines.
Here is a peek at what the artificial intelligence industry looks like today and where we are seeing the most investment. Thank you to Max Wegner for sharing your wonderful work with my readers.