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What's New in European AI Service Providers' Cache?
Artificial Intelligence is shaping the European market by overhauling processes and refurbishing them with automation.
FREMONT, CA: In the pursuit of making technological advancements, Europe has seen well-paced adoption of artificial intelligence. The region that was believed to lag a bit in comparison to American and Asian counterparts when it came to AI-based innovations has swiftly undertaken a lot of effective changes and made itself a significant part of the ecosystem in the recent years. Startup companies have created a diverse range of solutions and applications that have vast implications- industrial as well as commercial. The European approach to AI is well-regulated and is expected to grow well over the next couple of decades owing to proactively promotion by government agencies coupled with high funding. Not only is the trend of an ongoing technological revolution, but in its wake, it is also bringing about socio-economic development in the continent. According to a report by McKinsey, AI can help Europe add as much as €2.7 trillion to its combined economy. Here are some areas where service providers can and are providing unmatched capabilities in Europe.
• Boosting Communications
The prevalence of AI-powered chatbots is common knowledge. In the European region as well, most companies have looked forward to deploying the conversational bots to handle communication with customers better. Among the many service providers offering chatbot services, some startups have been standout performers owing to their inclination towards innovation. Institutions big and small have been able to develop customer support facilities with solutions that assist automated yet natural responses. As per a report by Umanis, by 2020, more than 80 percent of businesses will be using chatbots to manage customer interactions. With increasingly powerful data analytics and machine learning, the European ecosystem is already looking at enhanced customer experience.
• Human Resource Management
Be it managing employees or understanding customers artificial intelligence is here to the rescue of companies. The subconscious process of decision making that is hidden beneath many complex layers can be decoded to a certain extent, by using artificial intelligence-based applications. European companies have developed a range of products and services that can unravel emotional response among people. With the help of technology, companies can gain insights and feedback. Additionally, companies are also taking assistance from AI-based applications for recruitment, appraisal, and thus enabling better productivity and efficiency at the workplace.
• Accelerating Smart City Development
Artificial intelligence, being a very powerful technology, stakeholders are now using it extensively for smart city projects. According to the European Commission, the region aspires to have around 300 smart cities by 2020. With service providers crafting innovative and feasible solutions that streamline many aspects of aspirational smart cities, Europe is headed for a large scale adoption of AI-powered developmental projects. AI is enabling increased efficiency in several areas like traffic management, waste management, water management, and utility services. Vendors are preparing for impactful applications that can reduce wastage and make the transformative smart cities as sustainable as possible. Many companies have come up with intelligent algorithms that give authorities capabilities like data mining, data visualization, predictive maintenance, and automated functionalities along with interactive and user-friendly dashboard assistance.
• AI-Driven Home Appliances
The kitchen is now subject to technological improvements. By incorporating AI, companies have recreated many of the commonly used products like refrigerators and ovens and made them smarter. There is a demand for automation-driven appliances backed by the latest technologies among European consumers. Many established, as well as newly formed companies, are designing products with voice assistants, cameras, and smart controls that can be accessed conveniently with smartphone apps. Intelligent devices that can analyze, self-regulate, and provide recommendations are on the verge of flooding the European smart appliance markets. Common electronic appliances like televisions, cooling systems, and lighting are also heading the AI way.
Artificial intelligence is empowering the European economy in several ways. Every industry, including financial, manufacturing, telecom, tourism, and many others are benefiting from the opportunities that AI is providing for them. Allowing AI to take over has seen some challenges as well. The question of ethics has propped up from time to time. However, regulatory agencies are responding to the need for standard legislations and have introduced industry-specific regulations. Together, the European countries are charting a growth story with AI at their disposal.