Is 2020 a Good Time to Set Off an Artificial Intelligence Startup?
$97.9 billion this is the amount that will be spent globally for AI systems by 2023 as reported by IDC. That means there will be a staggering increase from the projected $37.5 billion that we have spent this year. And over the next several years, the annual growth rate will be 28.4 percent. This intriguing statistics indicates that the upcoming year will be critical for the next decade of innovations in the AI space.
But what does it mean for AI startupsl that are going to be launched in 2020? Is it a good time for them to jump in the bandwagon? In which areas should they invest? What they can expect in the upcoming year? In this article, we are going to answer all these questions to help the would-be AI entrepreneurs take the right decision.
- Increasing Demand For AI Applications
Gartner predicts that 30 percent of large enterprise contracts will need AI-powered applications by 2025. That means this disrupting technology is on its way to becoming mainstream. In fact, according to a report by Forrester, 53 percent of global data and analytics decision-makers have already implemented or planning to implement some form of AI. Consequently, we can expect the rise of drones, AI assistants, AI-powered systems, AI-driven IoT systems and so on in the upcoming year. This increasing demand and adoption of AI will create a huge opportunity for AI startups to grow and thrive in the market.
- Autonomous AI
Though self-driving vehicles are garnering all the hype when it comes to autonomous space, the AI-powered autonomous technology has far broader applications. Autonomous AI is going to be one of the top technology trends in 2020 as per Garner. This powerful technology will automate the hectic, time-consuming, manual tasks and thus we may see businesses incorporating autonomous shipping where robots can deliver the package autonomously. Thus, it can be the right time to enter the AI market.
- Enhanced Security with AI
Another key area that will be hugely impacted by AI in 2020 is cybersecurity. As online businesses are growing in numbers, cybersecurity attacks are also growing at the same pace. A report from the RiskBased Data Breach QuickView revealed that there were 5,183 breaches, at the end of September in 2019. While companies are integrating AI in their security systems to fend off the threats, hackers too are upping their efforts to bypass and infiltrate targeted systems using AI. Thus, in 2020, organizations will look for more advanced AI technology to enhance their security. AI startups can seize this opportunity to grow in the market.
- The Rise Of Conversational AI
According to Gartner, Incorporating Conversational artificial intelligence will become a top priority for the c-suite by 2020. We have seen AI-driven voice assistants such as Apple Siri, Amazon Alexa and Google Virtual Assistant engaging in human-like dialogue, capturing context and giving intelligent responses. Another report from Gartner finds that 70 percent of white-collar workers will interact with such conversational AI on a daily basis by 2022.
- AI Infrastructure
In the last few years, AI has made tremendous advances in IT infrastructure and this trend will continue in 2020. This technology will have an increasingly outsize role to play in the future in the IT infrastructure sector. Experts predict that Artificial Intelligence will be one of the top drivers for infrastructure decisions through 2023. If this is true, it will present an interesting opportunity for startups to get into this sector.
Final WordsÂ
AI has tremendous potential that is yet to be revealed. There are massive opportunities to adopt. This emerging technology will provide startups with some of the best opportunities to make a huge impact in the marketplace. Thus, unless you want your business to lag behind, 2020 will be the best time to embrace AI.
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Great read. Very Insightful and well-articulated.