How three pioneering areas in Europe are giving a glimpse at what is possible with AI
Artificial Intelligence is not a future phenomenon – European companies are spending billions in research, development and demonstration already. A current research project identified three high-prospect sectors.
A current research project, funded by the EU Horizon 2020 programme, identified three high-prospect areas and analysed them in regard to the market potential of AI technology. The automotive sector, healthcare and the consumer sector are going to become the European pioneers in the fast-growing global AI market.
Industry experts agree that the AI market will significantly grow over the next years. For example, Accenture’s Technology Vision gathers research from more than 3 000 global business and IT executives and shows that 85 per cent of them decided to increase investments in the AI domain extensively in the next three years. A recent report from IDC even evaluated the data market in the EU at almost € 60 billion with a 10% year-on-year growth. It has the potential to reach more than € 106 billion in 2020. At the same time, the number of companies in the data domain is constantly growing and is at 255 000 units in 2016. The report also predicts over 10 million workers on the EU data market collecting, storing, managing or analysing data as their primary activity.
Bonseyes, a current research project funded by the Horizon 2020 programme, targets a major reduction in cost and time to enable products with cognitive and AI capabilities. It will enable Europe to become a leading global player in the coming “AI-as-a-Service” economy. For demonstration, three high-prospect areas were identified:
The automotive sector
Autonomous systems (generally referred to as Advanced Driver Assistance Systems or “ADAS”), which are able to control steering, braking, and accelerating, are already starting to appear in cars. The next generation of self-driving systems could be available in less than a decade and free drivers so they can work, text, or just relax. Innovation is prompting automakers to differentiate products and services by increasing performance, reliability, fuel efficiency and options.
The vehicles of the near future will be intelligent. Electronics will bring new capabilities to every part of the vehicle. New technologies will provide for greater assistance in navigation, enhanced driver information about the vehicle, its environment and vehicle connectivity. Consumers, with a plethora of electronic devices that inform, entertain and keep them safe, will find themselves enjoying the overall experience of their vehicles. Connectivity and lifestyle trends will change the way cars are used. Bonseyes will provide an Automotive Intelligent Safety demonstrator and an Automotive Cognitive Computing demonstrator to enter the market.
The market for automotive safety systems was estimated to exceed $ 152 billion by 2020. The traditional ecosystem of the automotive industry has been challenged not only with technological developments but also evolving business models. Start-ups play a key role in bringing open innovation faster and cheaper to the market. Thus, big car makers have developed their own platforms or incubate programs such as GM Ventures, BMW Start-up Garage, JLR Tech Incubator and Volvo venture, where they invest or joint venture with interesting start-ups from as low as 100k investments to billions of dollars.
The healthcare sector
Personal recording of vital parameters and the use of health apps is already widespread, not only in Europe. Also, there is an increase in the use of telemonitoring devices, e.g. storing of glucose levels in a dedicated database with direct reporting to the supporting physician. The demonstrator in healthcare will use patient tracking to optimise capacity utilisation in diagnostic departments (ultrasound, computed tomography, pre-surgical anaesthesiology, etc.) and reduce waiting times for patients. The vital sensor delivers data like acceleration, pose, heart rate and others which will be used to estimate the mobility of the patient and the time needed to reach the diagnostic department.
According to IDC research healthcare is among the top-3 industries that will invest the most in AI systems, only exceeded by banking and retail. The market for cognitive computing in healthcare is forecasted by Grand View Research to increase by more than 400 per cent in the next five years, while the key technologies are Machine Learning and Natural Learning Processing. This equals a market size of over $ 10 billion by 2024.
CB insights identified 106 companies that are applying machine learning algorithms and predictive analytics to reduce drug discovery times, provide virtual assistance to patients, and diagnose ailments by processing medical images, among other things.
The consumer sector
This sector was selected because both technology and consumer facing service industries are experimenting and prototyping better ways for users to input and output information and commands on these new devices. Human sensor data, such as facial expressions, voice input, hand gestures, even brain waves, emotion sensors, heart beats are being tested as new forms of input, while voice response systems, haptics (tactile feedback) and holographs are being tested as new forms of output. Multiple devices are being connected so that user inputs and outputs can be coordinated across these devices, including displays, laptops, tablets, watches, and televisions. These inputs and outputs are being augmented with artificial intelligence to make them more useful and human-like. BofA Merrill calculates the AI market size in entertainment and leisure to reach $7 billion by 2018.