Rising AI applications in Asia-Pacific across industries brings growth opportunities for better customer experience, reports Frost & Sullivan
SINGAPORE, March 20, 2019 /CNW/ -- Asia-Pacific is at an early stage of Artificial Intelligence (AI) applications adoption. The emerging technology is increasingly adopted by companies in private and public sectors across the region to enhance customer experience with different touch points.
The demand and adoption of AI applications in Asia-Pacific are impacted by megatrends such as data availability, involvement of Industry 4.0, population aging, and government support for smart city/nation.
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The development of AI is driven by innovative technologies such as advances in parallel computing, greater affordability and faster computing power, as well as coordination between cloud and ubiquitous broadband.
"With the convergence of Internet of Things (IoT) and communication technologies such as 5G, the future of AI application is all-pervasive," commented Amy Lin, Industry Analyst, Cognitive Industry (AI and IoT), Information & Communication Technologies Research and Practice, at Frost & Sullivan.
Frost & Sullivan's recent report, Artificial Intelligence Applications and Use Cases in Asia-Pacific, 2018, provides detailed analysis on the enablers of AI models and applications, the macroeconomic trends and emerging technologies that impact AI development. The report also highlights growth opportunities in the AI applications market in Asia-Pacific, mainly:
- Generate Revenues from Services: Using AI technology to detect, repair, or replace the parts will lead to longer product life cycles with more revenue from a service perspective.
- Inheritance of Virtual Knowledge: AI-enabled solutions will train the models to systematically and concretely transform concepts, experiences, and skills into AI-enabled analysis and guidance.
- 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.
- Intuitive Conversation Interface: Utilization of virtual assistants/chatbots are increasing in various scenarios such as commercial service support.
- Foreseeable Cybersecurity: 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.
The report also briefly mentions the non-exhaustive list of AI applications in sectors such as business and financial services, healthcare, manufacturing, automotive, retailing and more. With increasing awareness and development of applications, a growing number of AI solution enablers are partnering with industries to launch different and diverse applications.
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SOURCE Frost & Sullivan
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