The #AIEye: IBM (NYSE: $IBM) Watson Stands Out for Finance Solutions and Accenture (NYSE: $ACN) Teams with Mujin
#AI Image Recognition Market to Hit $5.32 Billion by 2024
Point Roberts WA, Vancouver BC – June 28, 2019 – Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) brings you today’s edition of The AI Eye- watching stock news, deal tracker and advancements in artificial intelligence.
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Read this in full at https://www.investorideas.com/news/2019/artificial-intelligence/06281AIEye-IBM-ACN.asp
Today’s Column- The AI Eye- Watching stock news, deal tracker and advancements in artificial intelligence
Stocks discussed: (NYSE:IBM) (NYSE:ACN)
In a digital workshop hosted by IBM Watson Marketing (NYSE:IBM) yesterday, IBM Watson technical program manager Giulio Soliani explained why Watson is the better bet among numerous competitors for AI solutions in the financial services industry.
Simplicity: “Whether you’re a developer or a business subject matter expert, you can leverage the Watson tooling made available so that you can train Watson without needing a PhD in machine learning.”
Built-in AI: “As you train and configure Watson, you can do so very quickly … because we have invested in building AI models that can get you up and running quickly.
Deploy anywhere: “Right now you can deploy IBM Watson on IBM Cloud, on your own private cloud, or on some of our competitor clouds.”
Data Ownership: “We’re very committed [to the idea] that your data remains yours as well as the insights generated thereof.”
Accenture (NYSE:ACN) and industrial robot maker Mujin are collaborating to deliver end-to-end intelligent service that uses artificial intelligence (AI) and robotics to help accelerate digital transformation in the logistics industry. Atsushi Egawa, country managing director of Accenture, Japan, explained:
"For organizations to accelerate transformation, they need to form broader ecosystems through cooperation with external partners. Mujin, as the world's leading robot technology provider, is essential to transforming manufacturing industries. Through the collaboration with Mujin, Accenture will strengthen its ecosystems in the AI and robotics fields and further drive transformation for clients. Accenture will also extend this initiative to the manufacturing field, aiming to optimize the whole supply chain."
AI Image Recognition Market to Hit $5.32 Billion by 2024
A report from Industry Research finds that the AI image recognition market will grow from $1.41 billion in 2018 to $5.32 billion by 2024 with a compound annual growth rate (CAGR) of 24.7 percent. An excerpt from the report description outlines the growth of AI image recognition in the banking sector:
Images are real and omnipresent, and unlike other forms of data, they cannot be forged easily. These traits make images repositories of big data, and hence, exploiting such data can be a great source of information for financial institutions.
The banking industry has been a major benefactor of AI, with firms in the BFSI industry relying on the technology for a diverse range of applications, like personalizing communication with customers, staying competitive in a continuously evolving market, and improving the productivity drastically through the automation of redundant tasks (which is a major task due to the conventional infrastructure in a number of old school financial institutions).
Banks have tons of unstructured data on interactions with customers, customer photographs, and old documents, to name a few. The data, if deciphered well, can provide valuable inputs for the future of the financial institutions.
Sam Mowers, Investorideas.com
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