AI Trends from FiVerity CEO
Allied Market Research has just published their Artificial Intelligence (AI) Market Outlook for 2025. (Read it here.) They estimate that the size of the global AI market (including machine learning, natural language processing, image processing, speech recognition, etc.) will reach $169.4 billion in 2025, up from $4 billion in 2016. This represents a CAGR of 56% from 2018 to 2025. Those are fantastic growth prospects! According to this research’s technology analysis, the biggest contributor to AI’s growth over the past several years has been the machine learning (ML) segment. ML is expected to maintain this trend in the coming years, owing to increasing demand for AI-based industry solutions.
At FiVerity, we see AI’s impact on business in very practical ways, such as:
- Time and cost-savings from automation and optimizations,
- Faster business decision-making,
- Increases in productivity,
- Mistakes avoided due to less human error,
- More accuracy in predicting customer preferences,
- More personalized shopping and business experiences,
- Customer base and revenue growth,
- More intelligent advice and support, and
- New insights uncovered in masses of data.
FiVerity encounters banks, credit unions and financial services firms that are using AI to (1) solve a hard problem, (2) reduce fraud, (3) increased productivity, (4) reduce the instances of missed hacking identities, (5) make better predictions of risk and (6) better understand the problems of fraud, hacking, identity theft and criminal behavior.
We are sure that more financial services firms will see these benefit and reach out to us for help with cyber fraud challenges.
We are also confident that AI’s market will enjoy huge growth in the coming years, so the research cited in this blog post makes sense to us.