Emerging AI-based Technology is Propelling the Global Artificial Intelligence Market Forward
NEW YORK, October 12, 2018 /PRNewswire/ --
According to data compiled by Grand View Research, the global artificial intelligence market is projected to reach USD 35,870 Million by 2025 while growing at a CAGR of 57.2% during the forecast period from 2017 to 2025. The market is also projected to drive in approximately USD 58,975.4 Million in revenue by 2025. The market is being driven by new emerging AI-based technologies and their adoption and integration. Advancements towards the technology, such as voice and image recognition, is leading to improvements in drones, self-driving vehicles and robotics. While the North American region is expected to dominate the industry due to the availability of high government funding, the Asia-Pacific region is expected to witness the fastest growing market. The Asia-Pacific region contributes its fast growth to rapid improvements in information storage capacity, high computing power and parallel processing. Victory Square Technologies Inc. (OTC: VSQTF), Intel Corporation (NASDAQ: INTC), Box, Inc. (NYSE: BOX), Ciena Corporation (NYSE: CIEN), Cray Inc. (NASDAQ: CRAY)
Artificial intelligence is being widely adopted across many industries. The technology is being integrated into areas such as healthcare, banking, financial services, insurance, law, retail and advertising. The use of AI's learning capabilities provides a more efficient way to gather data. Gartner predicted that by 2020, 85% of customer interactions will be managed without a human and be handled by cloud-based solutions with an AI. "Machine capabilities are growing," says Dr Stephen Cave, Executive Director of the Leverhulme Centre for the Future of Intelligence (CFI), according to a research by the University of Cambridge. "Machines will perform the tasks that we don't want to: the mundane jobs, the dangerous jobs. And they'll do the tasks we aren't capable of - those involving too much data for a human to process, or where the machine is simply faster, better, cheaper."
Victory Square Technologies Inc. (OTCQX: VSQTF) is also listed on the Canadian Securities Exchange under the ticker (CSE: VST). Earlier this week, the Company, "named prominent AI pioneer Dr. Fakhri Karray to its Advisory Board. Dr. Karray is the University of Waterloo's Research Chair Professor in Electrical and Computer Engineering and the co-director of the Institute of Artificial Intelligence. He holds the Loblaw's Research Chair in Artificial Intelligence, has co-authored two dozen US patents and chaired/co-chaired 14 international conferences in his area of Artificial Portfolio expertise.
"We're delighted because we believe the addition of Dr. Fakhri Karray to our Advisory Board will help give our portfolio companies a competitive advantage in the global artificial intelligence race fueled by the convergence of emerging technology innovation," said Shafin Diamond Tejani, CEO of Victory Square Technologies. "Our current roster of 23 portfolio companies are working on innovative and disruptive projects in every sector of the global economy and they'll only benefit from Dr. Karray's expertise in the fields of AI and Machine Learning (ML)."
A Fellow of the Canadian Academy of Engineering, Dr. Karray has served as the University of Waterloo's Academic Advisor for Amazon's Alexa Fund Fellowship Program. He also serves as the president of the Association for Image and Machine Intelligence and is on the Advisory Board of a number of journals and high tech companies in North America.
"With emerging talent, vast amounts of diverse data and a tradition of collaboration between industry and academia, Canada has all of the key elements to lead a truly inclusive AI revolution," said Dr. Karray. "I'm very pleased to have the opportunity to assist with Victory Square portfolio companies that are developing disruptive technologies and aiming to capitalize on the future AI-driven economy. This not only aligns with my recent research work in the field of operational artificial intelligence, but it will also reflect the Victory Square tradition of technology acceleration."
Dr. Karray has already begun his work on the Advisory Board of Victory Square, including his role as an advisor to VST's portfolio companies."
Intel Corporation (NASDAQ: INTC) expands the boundaries of technology to make the most amazing experiences possible. Technion, Israel's technological institute, recently announced that Intel is collaborating with the Institute on its new artificial intelligence (AI) research center. The announcement was made at the center's inauguration attended by Dr. Michael Mayberry, Intel's Chief Technology Officer, and Dr. Naveen Rao, Intel Corporate Vice President and General Manager of the Artificial Intelligence Products Group. The center features Technion's computer science, electrical engineering, industrial engineering and management departments, among others, all collaborating to drive a closer relationship between academia and industry in the race to AI. Intel, which invested undisclosed funds in the center, will represent the industry in leading AI-dedicated computing research. "AI is not a one-size-fits-all approach, and Intel has been working closely with a range of industry leaders to deploy AI capabilities and create new experiences. Our collaboration with Technion not only reinforces Intel Israel's AI operations, but we are also seeing advancements to the field of AI from the joint research that is under way and in the pipeline," said Naveen Rao, Intel Corporate Vice President and General Manager of Artificial Intelligence Products Group.
Box, Inc. (NYSE: BOX) is the cloud content management company that empowers enterprises to revolutionize how they work by securely connecting their people, information and applications. Box, Inc. recently announced the expansion of its private beta program for Box Skills - the breakthrough framework for applying state-of-the-art machine learning technologies, such as computer vision and video indexing, to content stored in Box. Previously only available to select customers, Box Skills will be expanding its private beta access to additional customers starting in July, with several customers added each week. In addition, Box also announced the availability of a new service offering from IBM to build custom Box Skills as well as Box Skills Kit support for new cognitive services from Microsoft Azure. Over the past few months, Box has on-boarded an initial set of customers, including Virgin Trains, Ancestry.com, The University of Chicago, City of San Jose and others, into the private beta program for Box Skills. "At Virgin Trains, we're constantly looking for new ways to become a more digital business by accelerating processes and improving our employee and customer experiences," said John Sullivan, Chief Information Officer and Project Director at Virgin Trains. "With Box Skills, we can easily bring the best of artificial intelligence and machine learning to the way our organization works every day, helping us streamline collaboration and digitize business processes faster than we were able to before. We're incredibly excited about the possibilities of Box Skills."
Ciena Corporation (NYSE: CIEN) is a networking systems, services, and software company. The Company provides solutions that help its clients create more adaptive networks in response to the constantly changing demands of their users. Tele2 Netherlands, a leading regional telecommunications service provider, recently deployed Ciena's WaveLogic Ai coherent optical solution to increase the capacity of its network, lower operating costs and support a tremendous increase in mobile video data traffic driven by Netflix(TM) and YouTube(TM). Using Ciena's 6500 packet-optical platform powered by WaveLogic Ai, the industry's first programmable coherent modem that can scale to 400Gbps per wavelength, Tele2 Netherlands can deploy 300G and 400G wavelengths across most of its existing network. The platform enables Tele2 Netherlands to effectively address a significant surge of mobile data usage from customers who are taking advantage of the service provider's unlimited bundles for voice and mobile internet services. "Service providers around the world are taking significant steps to address their customers' growing appetite for cloud-based services and mobile data, and Tele2 Netherlands is no exception. With WaveLogic Ai they can increase capacity, monitor, control, and ensure the network can adapt to accommodate changing user demands," claimed Frank Miller, Chief Technical Officer EMEA, Ciena.
Cray Inc. (NASDAQ: CRAY) combines computation and creativity so visionaries can keep asking questions that challenge the limits of possibility. Global supercomputer leader Cray Inc. recently announced that the Met Office, the United Kingdom's National Weather Service, has expanded its Cray(R) XC40(TM) supercomputer with artificial intelligence (AI) and analytics capabilities. The Met Office added Cray's Urika(R)-XC AI and analytics software suite to its supercomputer to unlock the highest levels of business value from the massive volumes of weather data it processes daily. "Cray and the Met Office share a long, productive and successful relationship, and we're pleased that one of the world's most prestigious weather agencies is taking the next step using Cray AI and analytics solutions to augment their capabilities to drive new business opportunities," said Per Nyberg, Vice President of Market Development, Artificial Intelligence and Cloud at Cray. "The Met Office's decision demonstrates its confidence in Cray's innovation and creativity in helping tackle some of the planet's biggest weather and climate challenges. At Cray, we believe big data analytics, modeling and simulation are converging into new workflows leading to powerful insights for customers."
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