Artificial intelligence is no longer a piece of fiction, but rather a reality that is transforming various aspects of our daily lives. AI is one of the most rapidly developing fields of technology in the world today. AI refers to the ability of machines or software to perform tasks that normally require human intelligence, such as understanding natural language, recognising faces, playing games, or making decisions. AI has many applications across various domains, such as healthcare, education, entertainment, finance, and more.
AI has become embedded throughout various industries' standard business processes, enabling them to improve efficiency, accuracy, and customer satisfaction. The global AI market size is expected to grow over 2.5 trillion U.S. dollars by 2030.
Healthcare and pharmaceuticals
Diagnosis, treatment, drug discovery, genome sequencing, medical imaging, and patient monitoring.
Education
Student performance, making data-driven decisions, student retention and improving educational quality and equity.
High tech and telecommunications
Data analysis, network optimisation, customer service, fraud detection, and product development.
Manufacturing
Quality control, predictive maintenance, supply chain management, and design optimisation.
Financial services
Risk management, credit scoring, trading, portfolio management, and personal finance.
Retail
Inventory management, demand forecasting, pricing optimisation, recommendation systems, and customer segmentation.
AI is not a one-size-fits-all solution. It requires careful planning, implementation, and evaluation to ensure that it aligns with your goals and values. It also requires constant learning and adaptation to keep up with the evolving technology and market trends.
Different industries and domains have different needs and challenges that require specialised AI solutions. This is why the vertical approach to AI is becoming more popular and effective. The vertical approach refers to developing and deploying AI solutions that are tailored to specific industry verticals. At OCF, we understand the complex nature of the vertical approach hence we work with pool of niche partners in this space.
The benefits of the vertical approach are manifold. First, it allows for a deeper understanding of the domain-specific problems and data sources, which can lead to more accurate and relevant AI models and applications. Second, it enables faster and easier adoption and integration of AI solutions within the existing workflows and systems of the industry. Third, it fosters innovation and differentiation by creating niche AI capabilities that can provide a competitive edge in the market.
Gartner predicted by end of 2023, 85% of AI solutions by vendors will focus on concrete domains and industry verticals. Gartner also expects that by 2024, 75% of enterprises will shift from piloting to operationalising AI, driving a 5x increase in streaming data and analytics infrastructures.
However, the vertical approach also comes with some challenges and risks. One of the main challenges is the difficulty in planning and implementation of AI projects in complex and dynamic environments. This requires a clear vision, strategy, governance, and collaboration among various stakeholders within and across organisations. Another challenge is the ethical and social implications of AI in different contexts and scenarios. This requires a careful consideration of the potential impacts and trade-offs of AI on human values, rights, privacy, fairness, accountability, and trust.
Therefore, to succeed with the vertical approach to AI, it is essential to adopt a holistic and human-centric perspective that balances the technical feasibility with the business viability and the social desirability of AI solutions. It is also important to leverage best practices and standards from existing frameworks and guidelines for responsible and trustworthy AI development and deployment.
In conclusion, the popularity of AI continues to rise across industries, and adopting a vertical approach is key to unlocking its full potential. By understanding the unique needs each industry and creating tailored AI solutions, organisations can enhance their performance and competitiveness in the market.