These young companies are examples of how startups are helping enterprises harness the power of artificial intelligence and machine learning.
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Every organization that reports on tech trends has artificial intelligence (AI) near the top of the list, and enterprises are rushing to capitalize on the benefits promised by the technology. They hope that machine learning, chatbots, and other AI technologies can help them develop new products, improve customer service, and surface valuable insights that could help them become more profitable.
Gartner forecasts that in 2021, AI augmentation (that is, humans and intelligent machines working together) “will create $2.9 trillion of business value and 6.2 billion hours of worker productivity globally.”
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According to Forrester, “53% of global data and analytics decision makers say they have implemented, are in the process of implementing, or are expanding or upgrading their implementation of some form of artificial intelligence.”
And the market analysts at IDC predict that by 2022, spending on AI could hit $79.2 billion, achieving a compound of annual growth rate (CAGR) of 39.0% between 2018 and 2022. “Significant worldwide artificial intelligence systems spend can now be seen within every industry as AI initiatives continue to optimize operations, transform the customer experience, and create new products and services,” said Marianne Daquila, an IDC research manager.
With so many enterprises interested in purchasing AI products and services, a host of startups have rushed to fill the need. By some counts, hundreds of young companies are currently vying for a piece of the AI market, and many of those have products designed for enterprise users.
This slideshow focuses on 10 AI and analytics startups that seem particularly noteworthy. All have raised a considerable amount of funding from investors, and many have very impressive customer lists. In addition, most have received significant industry awards and/or accolades. And their products fill common enterprise needs.
In order to be considered for this list, startups had to be less than 10 years old. They had to have an enterprise-focused AI, machine learning, or analytics product available in the market today. They had to have attracted significant investment, and they had to offer a product that stands out as unique in some way. Also, note that this is not a ranking, the startups are listed in alphabetical order.
Cynthia Harvey is a freelance writer and editor based in the Detroit area. She has been covering the technology industry for more than fifteen years. View Full Bio
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