AI to Impact Mainly Automotive, Retail, Transportation Companies

- Advertisement -

Although there will be more intense competition among companies in terms of application of AI, market analysts say potential benefits far outweigh the threats

Market research analysts have predicted that companies in the automotive, aerospace and defense, and retail sectors will be most impacted by artificial intelligence (AI) in the coming years.

- Advertisement -

Banking, media, support services, technology, telecoms and transportation are other sectors that will see greater impact from the application of AI, according to a market analysis report by Swiss banking giant UBS Group AG.

The analysts are expecting that these and many other sectors will see cost reductions and improved efficiency from using AI and AI-enabled tools.

While use of AI-enabled robots in warehouses is helping transportation companies to cut staffing costs, AI tools have enabled telecom networks to better predict usage patterns and eliminate waste through improved routing, the analysts said.

Potential benefits of AI far outweigh the threats

Although there will be more intense competition among companies in terms of application of AI, the analysts said, they expect more potential benefits than threats from AI.

The analysts made the report after assessing the revenue, cost savings and competitive risk associated with AI across major business sectors.

They also found that health care, software, media and finance are sectors where the most AI investments are currently being made.

The UBS report cited that rapid growth in computational power and the availability and accessibility of large amounts of data in recent years have largely enabled the use of AI in the business world.

 

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

5G Chipset Market to Hit $92.09B by 2030

0
Reports indicate that the global next-gen wireless processor market is on track to surpass the $100 billion mark in the coming decade. The 5G chipset...
Gursaurabh Singh, Founder of Dhruv Vidyut

“Electrifying Rural Mobility- Converting Traditional Bicycles Into E-Bikes”

0
In a conversation with Nitisha Dubey from EFY, Gursaurabh Singh, the Founder of Dhruv Vidyut, discusses their conversion kit, which can transform any conventional...
Rahul Bollini, the Founder of Bollini Energy

“Formal Contracts For Long-Term Commitments Are Not Always Necessary”

0
Bollini Energy collaborates with various companies interested in understanding the complete value chain of Lithium-ion cells. They offer technical services that span from mining...

Buzz

Essar Plans $3.5B Green Hydrogen Plant In Gujarat

0
The Mumbai-based metals-to-infrastructure conglomerate has planned an investment of Rs.30,000 crores in a green hydrogen plant. The company says this will boost its business...

India Automakers Face Stricter Emissions Norms

0
India's automakers are now confronted with a pressing issue-the introduction of stricter carbon emissions norms. These regulations, which demand a 30% reduction in emissions...

Wipro And Siemens Collaborate On SDV Development For OEMs

0
The collaboration will utilize advanced technologies like AI, ML, and virtualization to streamline the software development process, speed up the market release, and improve...

Important Sectors

Essar Plans $3.5B Green Hydrogen Plant In Gujarat

0
The Mumbai-based metals-to-infrastructure conglomerate has planned an investment of Rs.30,000 crores in a green hydrogen plant. The company says this will boost its business...

India Automakers Face Stricter Emissions Norms

0
India's automakers are now confronted with a pressing issue-the introduction of stricter carbon emissions norms. These regulations, which demand a 30% reduction in emissions...

Wipro And Siemens Collaborate On SDV Development For OEMs

0
The collaboration will utilize advanced technologies like AI, ML, and virtualization to streamline the software development process, speed up the market release, and improve...

ACME Secures Million Dollar Loan For Green Energy Project

0
The Gurugram-based RE solutions provider has got a 56 billion INR loan for a mega renewable energy supply project in Andhra Pradesh.  On Saturday, ACME...

Mahindra Plans EV Entry Into The UK And Western Europe

0
The automaker aims to diversify its EV portfolio with multiple all-electric SUVs and expand its global footprint by tapping into newer markets by 2030. Mahindra...

Manufacturing

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...

Uno Minda Shines With Increased Content Per Car And EV Focus

0
Uno Minda, a key player in the auto parts industry, has demonstrated significant revenue growth, surpassing industry averages by more than double over the...