Technology shapes our everyday life and a new necessity has some of the biggest companies in the industry looking at start-ups for the next opportunity. That is right, the organizations that turned thousands of dollars into millions are now stepping back to take direction from “the little guy.”
In fact, Microsoft (MSFT, Financial) just put $26 billion into this space through a recent acquisition of LinkedIn. Google (GOOGL, Financial)(GOOG, Financial) has invested nearly $10 billion into this industry to try and position itself. Amazon (AMZN, Financial), Apple (AAPL, Financial), Salesforce.com (CRM, Financial) and even Uber are shelling out big money in a mad dash to grab hold of the next big game-changer in tech. Over the last five years, the industry has seen some of the largest merger and acquisition deals in history.
What is this industry? It is artificial intelligence (AI), and it is about to change the way everyone uses technology. The race for a faster, seamless and more streamlined system has become the biggest focus for handling large data sets. Not only this, but ways of translating data into useable or actionable information is paramount to the cutting edge.
In addition, it is not just the technology itself, but how it is all put together. Consider Microsoft’s $26 billion purchase of LinkedIn. The company now has access to more than 425 million business users. When it comes to offering services based on the combination of AI and social networks, for example, being able to not only access data but compile and translate it into a meaningful presentation has become key in this space.
Take another company, mPathDiscovery, a subsidiary of Platinum Pari-Mutuel Holdings Inc. (PPMH, Financial). A recent article on HubSpot highlighted mPath’s capabilities to identify buyer personas. This basically involves taking a large set of data from multiple end users, compiling that data and presenting it to sales organizations. This end-user information can ultimately help sales representatives customize their message to specific types of buyers.
In the case of buyer personas, mPath can provide clear insight into the specific groups of leads and can allow each call or outreach to be meaningful based on these specific criteria.
According to MarketsandMarkets, the AI market is expected to be worth $16.06 billion by 2022, growing at a compound annual growth rate of 62.9%. The market has potential across various industries, from retail to agriculture, and is being driven by the increasing number of uses for the technology. It says growth is also driven by “the development of IT infrastructure and the penetration of smartphones and smart wearables in countries such as India and China.”
Applications span from sales and marketing to health care and public service. North America leads this market and is one of the fastest-growing in terms of technology advancements.
Take, for instance, the recent string of advertising campaigns by companies like IBM (IBM, Financial) with its Watson platform. The platform allows users to not only analyze large amounts of data but also interpret this data to provide personalized reports, ways of interacting as well as create and learn new things from the original data.
On a more simple note, Google and Amazon’s voice-commanded platforms, though not as sophisticated as the IBM Watson, have also tapped the AI channel. They are always listening and using their “brains” to undertake anything from searching the web to ordering a pizza.
Beyond simplifying and streamlining operations and lifestyles, AI can also be very useful with applications relating to law enforcement. Take, for instance, private company Thorn. Originally founded by Ashton Kutcher and Demi Moore, the company leverages social media, video, image hosting and other search outlets to help in the fight against human trafficking.
The technology task force is made up of 20 tech companies that put forth resources to expand on the work that Thorn does. The company, per management statements, has reached out to other companies like mPathDiscovery for further assistance in this segment of the AI world.
With the rise of the internet of things, connected devices and seemingly trillions of data points actively being created through new online outlets like social media, there will be a mounting need to not only be able to amass this data but also analyze it and give actionable presentations for organizations to use, resell and implement. The options could be endless.
While many investors are still looking for the next big thing in traditional industries, there are large investments being made right now by some of the largest companies in the world. Those dollars are going toward AI and data-based technology.
Disclaimer: The author of this article owns ZERO shares in any of the companies mentioned. MIDAM Ventures LLC an affiliate company of the author has been paid for marketing & awareness on Platinum Pari-mutuel Holdings, Inc. (PPMH, Financial)”‹ - Full Disclosure Click Here
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