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.
Business Chief recently explored new developments in the latter via Blue Yonder’s AI-powered Luminate Planning suite:
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.
Ivy.ai’s new chatbot streamlines resources and policies
Ivy.ai, a creator of AI chatbots for higher education, is offering a chatbot that helps institutions streamline name, image, and likeness policies for athletic programmes.
This solution will allow athletic departments to dramatically reduce inbound inquiries while answering inquiries related to compliance, financial aid impact, how-to documents, and best practice training videos.
It will allow institutions to condense information in a way that is easily accessible and eliminates the need for student-athletes to read complicated manuals. Institutions can also engage with student-athletes via a real-time feedback loop to see which topics truly matter and what needs further clarification. This allows administrators to be proactive and provide a competitive edge in recruiting.
Helping institutions connect their students with information
“Athletic departments at colleges and universities are overwhelmed by the challenges posed by the name, image and likeness legislation,” said Mary Frances Coryell, Vice President of Strategic Alliances and Partnership.
“Ivy.ai is uniquely positioned in the market to help institutions connect their student-athletes with policies and information related to NIL such as state laws, restrictions and relevant contacts. Our chatbot can digest all relevant policy information and provide answers to student-athletes at any time on any device. We expect the NIL market to move quickly, so student-athletes deserve the answers on their terms, rather than exclusively during work hours.”
Primary use cases for the chatbot include:
- Answering commonly asked questions related to name, image and likeness
- Communicate policies such as state laws, restrictions and compliance regulations
- Provide contact information for various advisors and agencies
- Connect training materials for athletes to improve their branding
- Engage in two-way reactive and proactive communication to keep policies student-centric
Back in March 2020, the company offered schools a free COVID-19 Response System, including a customisable COVID-19 Response Bot, a human-to-human live chat system and an SMS Text platform. These services are offered completely free of charge.
"The customisable COVID-19 Response Bot will help schools connect their students with important information, such as the school's operational status, where to go for treatment, and what to do to help reduce the risk of spreading the virus. We already added that information to all of our clients' AI chatbots, and we found that in many cases students needed additional support. That's why we're including our human-to-human Live Chat system in this offer. The SMS Text platform can be used to drive awareness to this communications channel for your students." said Mark McNasby, CEO of Ivy.ai.