AI Companies Can Scale in the US Due to Widespread Industry Adoption
This is a good time for international artificial intelligence (AI) companies to expand into the US. The US is the world’s biggest hub for AI adoption, and major industries are incorporating AI into their work.
25 percent of US companies reported widespread adoption of AI in 2020, up from 18 percent the year before, according to a survey by PwC. Meanwhile, another 54 percent of them are “heading there fast.” More than half of US companies have sped up their adoption of AI in the wake of the COVID-19 crisis, and 86 percent say that AI will be a “mainstream technology” at their company in 2021, according to the survey.
PwC writes that there is a virtuous circle that develops for companies that adopt AI: AI creates a better customer experience, which leads to more customers, which leads to more data that develops better AI, leading to yet more customers, and on and on it goes.
The US had the most respondents out of any country to a survey on AI adoption by O’Reilly Media — 39 percent of all respondents were from the US. India had the second-most respondents, at 7 percent of the total. The financial services, telecommunications, retail, and technology sectors reported the highest rates of mature practices in AI.
AI is being used for the digital transformation of companies to optimize their operations, by better leveraging the data that these companies have. AI is helping businesses better understand their customers, identify trends in real time, and increase profitability.
Financial services companies are using AI to detect fraud, according to a study by KPMG. For instance, JPMorgan Chase has developed a proprietary algorithm to check for fraud in every credit card transaction, and US Bank is using deep learning to combat money laundering, according to Business Insider. Banking companies also are using AI for chatbots and virtual assistants, making lending decisions, and recommending new products, according to a report by Oliver Wyman. AI can also be used for algorithmic trading and underwriting insurance. In addition, banks and insurance companies are using AI for hiring.
AI is also being adopted in investment management, according to a recent study by Deloitte. Investment management firms are using AI for developing investment strategies and analyzing risk, among other things.
In addition, AI is being used in transportation, including in developing self-driving cars, autonomous cargo ships, traffic management, fleet management, making electric cars more efficient, and streamlining public transportation as well as the shipping industry.
Artificial intelligence is also being used in healthcare. AI is being used for early detection of disease, diagnosing disease, making healthcare decisions, and treatment, according to a report by PwC. It’s also being used for medical imaging analysis, developing medicines, analyzing unstructured data on patients, and forecasting disease.
Advanced AI is also being used in retail. In online shopping, AI suggests products to buy. AI is also being used in supply chain management in retail, including forecasting and demand planning, and determining the best packaging.
Lately, many US companies have started to benefit from the AI technology of overseas companies. For instance, our partner, the Israeli company Vanti Analytics, has been helping manufacturers detect and predict faulty units early on through their AI platform. SwitchOn, another partner of ours based in India, helps manufacturers improve equipment efficiency and prevent manufacturing defects. Appier, based in Taiwan, uses AI to help companies with marketing. And Automat, based in Canada, helps personalize shopping experiences using AI and helps companies have conversations with customers using AI.
As AI transforms major industries in the US, there is a big opportunity for international AI companies to scale in the US. American companies ranging from banks to retailers are using AI to optimize their operations. If you’re building an AI company internationally, Alariss can help you expand into the US. We can match you with top US sales and business development talent and act as the Employer of Record (EOR) so that you don’t have to worry about finding the right talent or legal compliance in hiring in the US. Book a call with us today.