The Briefing on Artificial Intelligence

The latest news, trends and data in AI and automation

In Data:

AI News in Numbers

$39bn

The estimated value of the AI market by 2023, according to Riot Research, a subsidiary of Rethink Technology Research. The amount is significantly lower than previous projections, indicating that AI will experience a bubble bursting akin to the 2001 dotcom collapse.

$512bn

The amount intelligent automation is set to add to the global revenues of financial services firms by 2020, according to a report from Capgemini's Digtial Transformation Institute. Intelligent automation includes robotics process automation, artificial intelligence and business process optimisation.

51%

The number of chief information officers that see artificial intelligence as a job creator, according to research by Robert Hall Technology UK. Only 16% of CIOs believe AI will harm job prospects in the UK.

66%

The percentage of retailers planning to invest in machine learning over the next 12 months, according to a survey of CMOs at the UK's largest consumer brands.

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7.2 million

The number of jobs set to be created by artificial intelligence within the next two decades, according to research by PwC. This is roughly the same number as will be lost through automation, allaying job loss fears, although many will need to retrain.

31%

The percentage of people who say they have already seen the benefits of AI in their lives, according to a report by FleishmanHillard. The report, entitled Artificial Intelligence & Communications, The Fads. The Fears. The Future., also found that 40% of people have not yet felt a difference in their daily lives from artificial intelligence.

The Key Moments in Artificial Intelligence This Month

Barclays Embraces AI

Barclays has announced that it will be using AI to model future scenarios, providing intelligence for its trading, lending and risk-management divisions. The service will be provided to the bank by AI simulation firm Simudyne Technology.

Source: FT

Facebook Acquires Bloomsbury

Facebook has bought British artificial intelligence company Bloomsbury for between $20m and $30m in cash and stocks. The social media giant plans to use the data analytics company to combat fake news.

Source: The Verge

Millennials Favour AI Investment

Artificial intelligence is seeing greater support among millennial investors than those of other groups. 69% of investors aged between 18 and 34 consider AI an investment priority, compared to 40% of investors of all ages.

Source: Verdict

Cisco Invests $100m in UK tech

Cisco has announced plans to invest $100m in digital innovation in the UK, primarily in AI. The global telecoms firm will partner with University College London, one of the world's largest AI research centres.

Source: City AM