The AI Pursuits of 13 Industries
Part 2 of TCS' Global Trend Study on Artificial Intelligence presents the results of our research in the 13 industries that we surveyed. Three industries outspent the others on AI in 2015: insurance, consumer packaged goods and high tech.
Banking and Financial Services
Consumer Packaged Goods
Healthcare and Life Sciences
Media, Entertainment and Information Services
Travel, Transportation and Hospitality
REGIONS OF THE WORLD
We surveyed 835 executives in companies (average revenue of $20 billion and median revenue of $2.8 billion) from 13 industries across North America, Europe, Asia-Pacific, and Latin America. 84% of these companies are using AI.
Firms in the region spent most on AI in 2015: $80 million on average.
European firms are catching up: they planned to invest $80 million on average (26% more than North America) in 2016.
Companies here achieved the biggest revenue gains and the highest cost reduction through AI, while investing less than other regions.
Companies invested $55 million, on average, in AI in 2015.
HOW AI IS CHANGING THE WAY COMPANIES WORK
Find out how Associated Press, Microsoft, and Cloudera have benefited from cognitive technologies
Joseph SiroshCorporate Vice President of Information Management and Machine Learning"The quality of the ranking results that are produced by Bing depends entirely on the machine learning models behind it. Machine learning is totally built into the fabric of the product, and is one of its biggest differentiators."
Co-founder and Chief Strategy Officer
"You wouldn't believe the difference when we call to tell them that they might have a problem later on, and suggest a fix that will keep them up and running. It's all built on machine learning."
Senior VP of Strategy and Enterprise Development
"We are using the technology to add value, not to replace humans with robots."
AI IN BUSINESS FUNCTIONS
While AI continues to be used most in IT, other business functions are also trying it out.
Finance and Accounting
Research and Development
Manufacturing or Operations
Corporate Level (CEO, COO, and Corporate Staff)
Distribution and Logistics