The #AIEye Episode 390: IBM (NYSE: $IBM) and Verizon (NYSE: $VZ) Business Collaborate for Industry 4.0 and Baidu (NasdaqGS: $BIDU) Tops China’s #AI Market in IDC Report
Global AI in Accounting Market to Reach $14.05 Billion by 2027
Point Roberts WA, Vancouver BC – July 16, 2020 – 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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Today’s Column- The AI Eye- Watching stock news, deal tracker and advancements in artificial intelligence
Stocks discussed: (NYSE:IBM) (NYSE:VZ) (NasdaqGS:BIDU)
IBM (NYSE:IBM) and Verizon Business, a division of Verizon Communications (NYSE:VZ), are entering into a collaboration to work together on 5G and edge computing innovation to help enable the future of Industry 4.0. According to the press release, this will involve collaborating on solutions that bring together “the high speed and low latency of Verizon's 5G and Multi-access Edge Compute (MEC) capabilities, IoT devices and sensors at the edge, and IBM's expertise in AI, hybrid multicloud, edge computing, asset management and connected operations.” Tami Erwin, CEO, Verizon Business, explained:
"This collaboration is all about enabling the future of industry in the Fourth Industrial Revolution. Combining the high speed and low latency of Verizon's 5G UWB Network and MEC capabilities with IBM's expertise in enterprise-grade AI and production automation can provide industrial innovation on a massive scale and can help companies increase automation, minimize waste, lower costs, and offer their own clients a better response time and customer experience."
Baidu, Inc. (NasdaqGS:BIDU) has the highest market share and is the largest provider of AI public cloud services in China, according to a recent report from International Data Corporation (IDC) titled: China's Artificial Intelligence Cloud Services Market Research Report (2019). During a speech at the 2020 World Artificial Intelligence Conference (WAIC) on July 9, Baidu’s CEO, Robin Li,
"As an AI platform company that is focused on empowering other organizations, Baidu hopes that every enterprise, no matter how small, is able to use capabilities and services provided by our platforms, just like they were water and electricity, to quickly and easily realize intelligent transformation.”
"Baidu Cloud relies on AI capabilities and platforms for AI development -- our two large core advantages -- and has become one of the main drivers of industrial AI and a leading cloud service provider."
Global AI in Accounting Market to Reach $14.05 Billion by 2027
A report published by Research and Markets finds that the global Artificial Intelligence in Accounting market will grow from $454.92 million in 2018 to $14.05 billion by 2027 with a compound annual growth rate (CAGR) of 46.4 percent in that forecast period. The report description cites “rising requirement of automation in mundane tasks and requirement for advanced decision making,” as a market driver, but identifies a “lack of skill sets,” as an impediment to growth. An excerpt from the report description outlines the uses of AI in accounting:
Artificial Intelligence in Accounting is used to pull accurate outcome[s] from a large amount of data without human intervention. It is much more beneficial for data-driven industries, such as accounting. It is also used for fraud detection.
Sam Mowers, Investorideas.com
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