August 2021CIOAPPLICATIONS.COM6Copyright © 2021 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.August - 2 - 2021, Volume 07 - Issue 20 (ISSN 2644-240X) Published by ValleyMedia, Inc. To subscribe to CIO ApplicationsVisit www.cioapplications.com Managing EditorJoe Phillip*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffSalesSebastian Jacobsebastian@cioapplications.comEmailsales@cioapplications.comeditor@cioapplications.commarketing@cioapplications.comContact UsPhone: 510.330.5174Fax: 510.894.8405EditorialArtificial Intelligence: Laying the Path towards Rapid Growth It is very difficult to find out one industry, that has not adopted smart machines and models, integrated with Artificial Intelligence across the world. Indeed, there is an immense scope of Artificial Intelligence in the upcoming years to enhance the standard of living of society. The Artificial Intelligence market size is expected to reach US$266.92 billion by 2027, with a CAGR of 33.2percent.The Covid-19 pandemic has impacted many aspects of how we do business, but it hasn't diminished the impact AI is having on our lives. In fact, it's become apparent that self-teaching algorithms and smart machines will play a big part in the ongoing fight against this outbreak as well as others we may face in the future.Businesses have certainly endured roadblocks and challenges in the automation journey. An AI `trust gap' has prevailed amid a lack of quality data and an ensuing reluctance to hand critical business decisions over to machines. No one wants to risk `getting it wrong' with AI. A lack of quality data was cited as a significant barrier to value creation by more than 60 percent of executives we surveyed in 2020 as the pandemic unfolded. While barriers to AI success have not been eradicated, COVID-19s massive impact has unexpectedly catapulted intelligent automation and AI to the fore. The pandemic has revealed the importance of speed in a world where `business as usual' has rapidly turned to `business as unusual.' The ensuing disruption and increase in remote working is propelling AI implementation to new heights.In conclusion, AI and automation are poised to play a critical role in the development of new business models for the 21st century and we expect automation and AI to be in the spotlight as never before this year. There is no time to lose on the inevitable need for businesses to pursue full-scale AI innovation - or risk being left behind as fast-evolving competitors and bold new players rewrite the rules for success.Let us know your thoughts.Joe PhillipManaging Editoreditor@cioapplications.comJoe PhillipGraphics & ArtEditorial StaffBen JacksonDaniel HolmesEzra BenjaminSoham SanyalRose DcruzSenior WritersClara MathewLeah JaneRoyce D'SouzaAsher Blake
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