Artificial Intelligence: Overview
Artificial Intelligence is the replication of human intelligence processes by machines and computer systems. Some of the key functions associated with Artificial Intelligence includes problem-solving, learning, speech recognition among others. With the availability of an enormous amount of data and vast scalability of cloud-based compute power, Artificial Intelligence is highly adopted across various industries in these past few years. In today’s digital world, information is the key for enterprises to be successful and to maintain sustainable growth. Most industries, especially the service sector, rely deeply on analytics to provide them with useful business insights and enable them to remain competitive in the market. Enterprises have been continuously automating their business processes that were earlier conducted either programmatically or manually. With the advancement in Artificial Intelligence technology and introduction of application-specific custom solutions, enterprises now have the capability to collect real-time analytics and to transform data into actionable insights. There are numerous use cases available in the market of Artificial Intelligence being successfully implemented across various verticals.
Artificial Intelligence: Market Driving Factors
As per The Insight Partners, Artificial Intelligence Market is expected to surpass US$ 200 Billion by 2025. Availability of massive amount of data, demand for superior customer service, efficient operations, and increasing sales revenue are some of the key factors significantly driving the growth of Artificial intelligence market. With the advancement in computing and storage technology, computing power has increased multi-fold during the last decade. This has created new capabilities for managing and computing the big sets of data and when coupled with Artificial Intelligence technology, has delivered useful insights to the businesses.
The growing emphasis on optimizing operational efficiency and providing better customer services through the adoption of Artificial Intelligence solutions have gained significant traction among various end-users. Also, the continuous improvement and development of capabilities through advancement in Artificial Intelligence is anticipated to have a profound influence over the market growth. The end users of the Artificial Intelligence include various industries such as BFSI, Retail, IT & Telecom, Automotive & Transportation, Healthcare, and Media & Entertainment, among others.
Artificial Intelligence in the Telecommunication Sector
The ability of Artificial Intelligence to gather and process huge amount of data that is generated by Telecom sector in order to understand, optimize and improve process capabilities through faster decision making will drive the adoption of Artificial Intelligence in Telecommunication Market in the near future. Some of the Artificial Intelligence use cases related to telecommunication sector include dynamic traffic and capacity management, network security, radio access network optimization, network anomaly detection, AI-based content processing & management, AI-based subscriber insights, Artificial Intelligence, and orchestrated management, and AI-assisted customer sales & support. The insights provided by Artificial Intelligence implementation allows companies to improve utilization of network resources, fine-tune services based on consumer needs, and understand environmental conditions to gain competitive advantage. In telecom environment, Artificial Intelligence has a huge potential to open a wide range of use cases in both management and operations aspects, which in turn impact the revenue of companies in a positive manner.
In addition to the above use cases, the future of Artificial Intelligence in Telecommunication Market is expected to be driven by applications such as network optimization, predictive maintenance, virtual assistants and Robotic process automation (RPA). Artificial Intelligence applications in telecommunication sector help companies to analyze the huge amount of data in order to improve operational efficiency, lower operating costs, and improve service quality and customer experience.
Increasing adoption of Artificial Intelligence in North America
North America is one of the fastest growing regions in terms of technological development. In the past three years, the region witnessed significant adoption of Artificial Intelligence solutions across all the sectors. The North America region contributes the largest market share in terms of revenue, and it is estimated that it will continue to dominate the market share throughout the forecast period. Artificial intelligence development is backed by the large-scale investment from the technological giants in order to develop patterns from the huge amount of generated data. North America Artificial Intelligence market is primarily driven by the growing demand from the telecom sector. A large number of start-ups have already been entered the marketplace in order to develop innovative Artificial Intelligence based solutions and services. These start-ups, further, receives a huge amount of funding from the investors. In addition, North America already has a well-established cloud infrastructure. In addition, the growing need for digitalization and smart technological solutions in order to implement smart business decision and technology modernization have contributed substantially towards the growth of Artificial Intelligence market in North America.
Application of Artificial Intelligence in Telecommunication
The most common application of Artificial Intelligence in the telecommunication sector is customer care, customer engagement, network optimization, and service operations. Artificial intelligence powered Chatbots and other customer interaction methods to address the customer query, and to enhance self-care activities. Artificial intelligence improves the Chatbots by enhancing conversation design, Chatbot engineering, quality & performance, and others. Artificial intelligence is also used for the orchestration of network related issues and improves customer related services. It also contributes to the market management by analyzing customer behavior, trend analysis, market analysis, and deviation analysis. With the implementation of AI in telecommunication Market, business is highly benefited by upgraded product and service management. Product and service management includes the new product analysis, new service analysis, product & service configuration, and others. Artificial intelligence also contributes to network management by providing network data management, security management, fault management, configuration management, network requirement management, and others.
The availability of the massive amount of data originating from different data sources is one of the key factors driving the growth of Artificial Intelligence technology across the globe. The proliferation of smart devices, easy availability of the internet, the advancement of IoT, and the advent of smart homes and smart cities are some of the major reasons for the exponential increase in data generation. The connected devices are also increasing exponentially. These connected devices communicate and continuously generating an enormous amount of data every second. This digitization revolution presents a massive opportunity for businesses to utilize the huge volumes of user/process data to gain useful insights. The paradigm shifts of companies embracing digitalization has reaped greater benefits for the enterprises and resulted in more revenue generation opportunities. Also, with the advancement in computing and storage technology, computing power has increased multi-fold during the last decade. This has created new opportunities for managing and computing the big sets of data, and when coupled with Artificial Intelligence technology, useful business and customer insights can be gained. With Artificial Intelligence applications like machine learning and deep learning, companies have a tremendous opportunity to harness the data available for useful insights and thus increasing their revenue.