ABI Research: AI investment is surging due to COVID-19
New York-based tech consultancy ABI Research has stated in a press release that, whilst biometric investment struggles, AI has been gaining traction.
The reason, the firm explains, is a logical one: government regulations seeking to limit contact and cross-contamination have made biometric equipment unappealing to the tech market, whilst the need AI-powered automation to maintain business continuity is growing.
Dimitrios Pavlakis, Digital Security Analyst at ABI, considers that the biometric sector’s loss could reach approximately US$2bn, which could have significant implications for the public sector.
“Fingerprint biometrics vendors are struggling to uphold the new stringent hygiene and infection control protocols. These regulations have been correctly introduced for the safety of users and personnel, but they have also affected sales in certain verticals,” he said.
Adapting to the new market
As more businesses adapt to the ‘new normal’, it may also behove the biometrics industry to follow suit. One reason for AI’s growing fortunes amongst the disruption, Pavlakis postulates, is its flexibility and diverse applicability.
“AI biometric firms are adapting to the biological threat. Biometric technologies are currently undergoing a forced evolution rather than an organic one, with artificial intelligence biometric firms spearheading the charge.
“New IoT and smart city-focused applications will enable new data streams and analytics, monitoring infection rates in real-time, forcing new data-sharing initiatives, and even applying behavioural AI models to predict future outbreaks.”
Indeed, the role that AI plays in ushering the new normal into existence could be significant, as well as its continued influence in business and infrastructure.
AI: the engine of the future economy?
In a previous article, ABI outlined some of the core areas which could see increased deployment of AI. These included AI-based surveillance systems to monitor body temperature, such as those developed by Kogniz Health and autonomy in the freighting and logistics sector.
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Answering questions that have long-preceded the COVID-19 pandemic but have now increased in importance, with Luminate Planning, Blue Yonder hopes to tackle global disruption, chain complexity, regional sourcing and more with AI and ML technology. The portfolio features:
A reimagined, customisable, collaborative and workflow-based user experience.
Constant real-time end-to-end data collection from suppliers, distributors, customers and many more.
AI-powered predictive analytics and forecasting, including disruption prediction and automated problem-solving.
End-to-end visualisation of the entire supply chain, allowing short-term operations to be automated and for increased emphasis on mid to long-term strategic planning.