APAC’s use of AI creates interesting opportunities — Frost & Sullivan
ARTIFICIAL intelligence is being used in interesting ways across the Asia Pacific (APAC).
Businesses in the region have been exploring how AI can help improve productivity, efficiency, and create new digital transformation and customer experience opportunities.
Of course, the demand and adoption of AI applications in the APAC are driven by megatrends such as data availability, the furthering of the Industry 4.0 agenda, an population aging, and government support.
According to a new Frost & Sullivan report, the efforts of leaders working on AI projects is paying off — especially because of all the related technologies and concepts AI can bring to life.
“With the convergence of Internet of Things (IoT) and communication technologies such as 5G, the future of AI application is all-pervasive,” commented Frost & Sullivan Industry Analyst Cognitive Industry (AI and IoT), Information, and Communication Technologies Research and Practice Amy Lin.
In Singapore, for example, the government has forged significant relationships with automakers and incentivized the creation of autonomous public transportation solutions. It has also decided to focus on the use of AI in the development of its smart cities going forward.
On the other end of the APAC, Australia’s Qantas Airlines announced its new AI project that the company believes will study weather patterns and help the company optimize its flight plans to save AU$40 million (US$28.32 million) per annum on fuel as a result.
Having analyzed all of the recent applications of AI in the APAC, Frost & Sullivan’s new report highlights some interesting growth opportunities in the AI applications market in the region:
# 1 | Generate revenues from services
AI technology can be used to detect, repair, or replace the parts will lead to longer product life cycles with more revenue from a service perspective.
Manufacturers and vendors who can provide this kind of service to customers are not only able to better engage with them after the sale but also create additional revenues from the service offering.
# 2 | Inheritance of virtual knowledge
AI-enabled solutions can be used to train the models to systematically and concretely transform concepts, experiences, and skills into AI-enabled analysis and guidance.
As a result, organizations are able to spend lesser and lesser time deploying AI and more time doing high-level thinking about where and how AI can support the business.
# 3 | Panorama of customer journey
Customer journey, recorded in large volumes of data, can be analyzed. AI can provide suitable suggestions and effective feedback to service providers.
Given the omnichannel nature of business and expectations of customers, this is an increasingly important part of the solutions that AI can create for any organization.
# 4 | Intuitive conversation interface
The use of virtual assistants/chatbots is increasing in various scenarios such as commercial service support.
Although the “experience” factor of chatbots are quite debated and the real support that virtual assistants provide is often challenged, the reality is, customers and executives are beginning to get used to such interfaces.
As a result, companies should continue working on creating such AI-powered interfaces given the strong cost and efficiency advantages they provide.
# 5 | Foreseeable cybersecurity
According to Frost & Sullivan, the advanced capability to foresee potential threats and malware with pre-trained data and provide AI-enabled cybersecurity solutions to prevent cyber threats is an emerging trend.
Although there isn’t much evidence of such solutions making a dent in the market, experts expect some form of commercially viable AI-based cybersecurity product to emerge — either as a standalone or as a result of an organization’s internal efforts in this space.
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