EMERGENCE OF AI

BASED BUSINESS MODELS

Orchestrating the next big shift in Enterprise AI adoption

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01 AI Based Business Models

AI based business models have undergone a tectonic shift in

deployment, graduating from the hype stage of the last decade
to practical applications. Most enterprises working with AI have
reported promising proof of concepts (that are ready to scale),
active use cases, and even widespread adoption of AI-enabled
processes. Rather than adopting AI in a piecemeal way, companies
are approaching AI holistically. This has harmonized with the new
tide of AI, where a fusion of robotics, analytics, IoT, and artificial
intelligence has led to evolved business dynamics and massive
market opportunities for AI-based business models.

1.1 ADOPTION OUTLOOK

1.1.1 REALIZATION OF AI AS A BUSINESS DRIVER LEADING TO THE EMERGENCE OF AI-BASED BUSINESS MODELS

Even established businesses can fail if they do not change their business models continuously. While this is
true for any new technology, it is particularly relevant in the case of AI. The diffusion of AI in a business model
triggers value migration across different segments of the industry: it does so by facilitating the emergence of
new businesses that use AI not only to reduce the costs associated with production (through automation, for
instance) but to change the mechanisms through which value is created and delivered. Using AI-based analytics
on consumer data such as purchase habits, shopping preferences, buying behaviors, price tagging preferences,
and other individual information, enterprises started molding their services better and comprehending affinities
across their target demographics. It was at this inflection point that the role of AI in driving business model
innovation became evident.

1.1.2 AI BUSINESS MODELS BECOME COMPETENT ENOUGH TO REVISE BUSINESS STRATEGIES, USHERING IN THE
‘TIDE OF AI’

Once the importance of AI as a major driving force behind businesses was recognized, enterprises were ready to
jump on the AI wagon – bringing in the ‘AI tide’ – with the increasing diffusion of artificial intelligence in business
strategies. Uber and Airbnb are well-known cases that used a different business model than other peers - thanks
to AI - and eventually, ended up dominating their respective industry segments. AI and ML algorithms have
now become ubiquitous in the business arena and solve many cutting-edge business problems and create a
knowledge-based portfolio for upcoming businesses. For example, during the pandemic, Frito-Lay delivered
an e-commerce platform, Snacks.com, its first foray into the direct-to-consumer business, in just 30 days, by
leveraging AI and analytics.

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FIGURE 1  INDIA AND CHINA LEAD THE PATH WITH OVER 50% AI DEPLOYMENT,
WITH CANADA AND SINGAPORE BEING THE LEADERS IN AI EXPLORATION

120%

100%

80%

38% 27%
60%
41% 46% 48%
40% 42% 44% 44% 45%
48% 43% 47%
44% 46% 43%
20%

34% 24% 28% 58% 31% 34% 57% 42% 29% 39% 22% 31% 38% 26% 25%
0%
Global

Australia

Canada

China

France

Germany

India

Italy

Latin America

Singapore

South Korea

Spain

UAE

UK

US
Deployed AI Exploring AI

Source: IBM Global AI Adoption Index 2022

1.2 APPROACHES TO DEPLOY/DEVELOP AI-BASED BUSINESS MODELS

The rise of AI technologies is generating novel opportunities for companies to create additional value for their
customers by applying a proactive approach, managing uncertainty, and thus improving cost efficiency and
increasing revenue. However, AI technology capabilities are not enough—companies need to understand how
the technology can be commercialized through appropriate AI business model innovation. From a practical
perspective, this finds support in the Artificial Intelligence Global Executive Study and Research Report, where it is
shown that 40% of respondents conceded that significant investment did not deliver the sought-after business
gains. It is, therefore, important to understand how the technology can be commercialized by employing an
appropriate business model.

1.2.1 ENTERPRISE AI READINESS IS THE FORCE MAJEURE TO DERIVE MAXIMUM VALUE FROM AI BUSINESS MODELS

The two main ways that companies can gain a reliable competitive advantage with AI are either through data
dominance or enabling critical capabilities. Both require certain “enabling factors”- skillsets, technological
maturity, and a cultural shift within the organization to embrace AI – collectively termed “AI readiness.” Most
companies get stuck at learning about AI use cases in their industries; and not moving toward acquiring the skills,
resources, and culture that they need if they want to use AI to win market share and achieve data dominance.

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FIGURE 2 BUILDING AI READINESS TO SQUEEZE OUT THE LAST DROP OF PROFITABILITY FROM AN AI
BUSINESS MODEL

Data Dominance
 Monopolizing data within a particular business function and/or industry to leverage AI,
making sure that your product is better than your competitors so that they can’t compete
anymore
 Think of Google, Facebook, and Amazon as perfect examples of Data Dominant enterprises

Enabling Critical Capabilities

 Building the skills, resources, and culture needed to leverage AI well into the future
 These capabilities provide a company with the ability to pivot AI toward the company’s
objectives quickly, with the highest chance of success, and without costly waste or risk

Source: IBM Global AI Adoption Index 2022

1.2.2 SUCCESS OF AN AI BUSINESS MODEL RESONATES PROPORTIONALLY WITH ITS AI MATURITY

The practical meaning of AI and its impact can be understood on the level at which reasoning and machine learning
techniques are combined – the ‘AI maturity.’ Building AI maturity (re-vamping data infrastructure, cleansing data
stores for use with models, encouraging a culture of iteration in the enterprise, developing executive AI fluency,
etc.) is usually directly at odds with delivering immediate financial RoI. The value of a mature AI business model
is well documented through the IBM vs. Google example, where extreme ends of the AI maturity spectrum were
on display.

FIGURE 3 AI MATURITY: GOOGLE AND IBM’S CANCER DETECTION PLATFORMS

Google’s Deepmind AI For Cancer Recognition

 Outperformed six expert radiologists in detecting breast cancer, in some cases by an
impressive margin of 11%
 This success can largely be attributed to Google’s stringent AI training methods and
abundant data sanity checks
 High AI maturity delivering tangible RoI, as the system is rolled out in the US and the UK for
reducing workloads on radiologists

IBM Watson For Oncology

 Over USD 62 million invested in R&D were not realized commercially due to the limited AI
maturity of the model
 In some cases, the AI model recommended medications to cancer patients that caused
more bleeding
 Reasons for below expectation performance – issues in data sanity and algorithm not
trained on adequate data

Source: Company Websites and MarketsandMarkets Analysis

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1.2.3 NEAR-TERM ROI AND VISIBLE VALUE OF THE AI BUSINESS MODEL IS THE BOTTOM LINE FOR DECISION-MAKERS

Value creation is often referred to as the most essential function of the AI business model because it forms the
basis for satisfying customer interests. Value-creation processes derived from AI are either related to increased
efficiency and cost reduction or related to sales revenue and growth. The interesting observation here is that
AI’s value addition in terms of increased efficiency and cost reduction is not visible in the near term, and hence,
such AI business models are required that also pertain to boosting revenues. AI facilitates revenue growth by
accelerating innovation and developing new solutions that render new revenue streams. For instance, in the drug
development domain, Berg Health began to monitor trillions of data points derived from cancerous and non-
cancerous cells, furnishing insights that led to the development of new cancer-fighting drugs.

1.2.3.1 REVENUE INCREASE OF GLOBAL ORGANIZATIONS FROM ADOPTING AI BUSINESS MODELS, BY FUNCTION (2020)

FIGURE 4 MANUFACTURING AND MARKETING & SALES REALIZE THE MAXIMUM REVENUE GAINS WITH AI
DEPLOYMENT

0% 10% 20% 30% 40% 50% 60% 70% 80%

Marketing & Sales 38% 25% 11%

Manufacturing 38% 15% 10%

Service Operations 34% 16% 15%

Strategy and Corporate Finance 33% 32% 2%

Average Across All Activities 33% 21% 13%

Product & Service Development 30% 25% 15%

HR 30% 18% 15%

Supply Chain Management 27% 15% 12%

Risk 26% 25% 13%

Increase by ≤5% Increase by 6-10% Increase by >10%

Source: 2020 Global AI Survey, McKinsey & Co.

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02 HOT BETS IN AI-BASED

BUSINESS MODELS

2.1 TOP INDUSTRIES, BY GROWTH RATE

• The healthcare & life sciences vertical was estimated to be valued at USD 9.80 billion in 2022. It is projected to
reach USD 51.28 billion by 2027, at the highest CAGR of 39.2% during the forecast period.

• The growing adoption of factory automation to reduce industry downtime is the key factor supporting the growth
of AI technology in the manufacturing sector.

• Increasing demand for enhanced user experience and convenience features is the key factor driving the growth
of HMI in the AI market.

• The retail and e-commerce vertical is projected to grow at the second-highest CAGR of 37.7% during the forecast
period.

FIGURE 5 HEALTHCARE AND AUTOMOTIVE VERTICALS ARE LIKELY TO GROW AT THE FASTEST PACE,
CREATING OVER USD 120 BILLION IN REVENUE SHIFT

0 10 20 30 40 50 60 70 80 90 CAGR

BFSI 18 39.2%
80
Retail and eCommerce 13 39.0%
64
Healthcare and Life Sciences 10 37.7%
51
Government and Defense 9 37.2%
38
Manufacturing 9 36.3%
42
Automotive, Transportation, and Logistics 8 34.9%
42
Telecommunications 7 34.6%
29
IT/ITES 7 34.1%
26
Energy and Utilities 6
27 31.7%

Other Verticals 2
7 32.6%

2022 ($ Bn) 2027 ($ Bn)

Source: Industry Experts and MarketsandMarkets Analysis

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2.2 TOP USE CASES OF AI-BASED BUSINESS MODELS

AI has been set up as the primary driver of growing technologies, such as robotics, big data, and IoT. Going ahead,
AI will be the intelligent core of robotic, automated, and contactless procedures that will shield us from unexpected
future outcomes. As indicated by the World Intellectual Property Organization – WIPO report, we can see drifts in
patenting of AI innovations. The organizations will continue to push AI boundaries to explore new possibilities; for
example, holographic meetings for telecommunication and on-demand, personalized manufacturing. They will
gamify vital planning, incorporate simulations in the meeting room, and offer intelligent edge experiences.

The section below highlights the major use cases of AI-based business models that have surfaced.

FIGURE 6 AUTOMATION OF IT PROCESSES AND SECURITY & THREAT DETECTION ARE THE MOST WIDELY
ADOPTED USE CASES OF AI

Automation of IT Processes

22% Security and Threat Detection

33%

22% Automation of Business Processes

29% Business Analytics or Intelligence

22%
Marketing and Sales

Fraud Detection
22% 28%
AI Monitoring and Governance

Sensor Data Analysis

23% 26%
26% Conversational AI or Virtual Assistants

Financial Planning and Analysis

Source: IBM Global AI Adoption Index 2022

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2.2.1 NOTABLE USE CASES EMERGING FROM ROUNDTABLE DISCUSSIONS

Healthcare and Life Sciences

 Google’s DeepMind AI successfully used AI to predict the 3D structures of over 200 million
proteins – nearly every single protein known to science. Yale University scientists are
leveraging the database to develop a new Malaria vaccine, while the University of
Portsmouth used the database to engineer new enzymes for combating single-use plastic
pollution.

 Philips secured an FDA clearance for its AI-powered software designed to speed up MRI
scanning processes without compromising on image quality. The MRI scans are claimed to
be 3x faster, reducing scan times from 3 minutes to a mere 58 seconds, which in human
terms is an extraordinary shift, not just in patient experiences, but also in cost-effectiveness,
productivity of capital, and resource utilization.
 Altitude Healthcare Services deployed a Clinical Decision Support system powered by AI to
address staffing shortages in healthcare environments. Incorporating AI and machine
learning is helping Altitude in reducing healthcare costs as well as accelerating clinical
insights that result in diagnostically preventable deaths.

 Olympus America developed an AI-based endoscopy platform that includes the endoscopy
application Endo-Aid CADe (computer-aided detection) for the colon. With this new
application, the system’s sophisticated machine learning can alert the endoscopist in real-
time when a suspected colonic lesion (such as a polyp, malignant neoplasm, or adenoma)
appears on the screen.

 Researchers at Mayo Clinic are using AI algorithms to detect cardiac problems in people,
based on ECG data sourced from Apple Watch. It is remarkable that AI transforms a
consumer watch ECG signal into a detector of heart conditions, which would normally
require an expensive, sophisticated imaging test, such as an echocardiogram, CT scan, or
MRI.
 Novartis launched Alia, an AI-powered, chat-based digital health assistant that delivers on
the promise of connectivity by giving patients access to interactive and personalized health
information and services anywhere, anytime. The chatbot also enhances the customer
experience by eliminating the need to contact call centers and having to go through long
wait times to speak to agents.

BFSI
 DBS launched Singapore’s first financial planning digital advisor - DBS NAV. To encourage
more efficient financial planning, DBS improved the capability and functionality of the DBS
NAV Planner. The new offering leverages artificial intelligence (AI) and real-time hyper-
personalized experience to generate over 30 million insights, empowering eight in 10 retail
customers to take their first steps in investing. As per DBS, the AI pilot has already resulted in
USD 150 million of additional revenue and USD 25 million in savings

 SoftBank is planning to provide an AI-based sign language translation service in 2024 using
a smartphone app that can turn 5,000 signs into Japanese text in one second or less. There
are more than 300,000 people with hearing or speech impairments in Japan. SoftBank
hopes the sign language translation service can promote smooth communication between
people who do not understand sign language and those with hearing impairments.
 JP Morgan Chase implemented an artificial intelligence pilot program to write marketing
copies, which saw clickthrough rates on robot-written ads jump by as much as 450%. In
comparison, ads written by humans saw just a 50 to 200% increase. Chase plans to use AI-
generated copy for direct-response marketing campaigns in personal banking, home
lending, and wealth management as well as digital advertising,

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Electronics and Semiconductors

 Lattice Semiconductors developed the Lattice sensAI stack to deploy FPGA-based Machine
Learning/Artificial Intelligence solutions. The AI stack assists in the deployment of always-on,
on-device AI into a wide range of Edge applications, including mobile, smart home, smart
city, smart factory, and smart car products.

Manufacturing
 Infor developed an AI/ML-based platform - Infor OS, enabling smart manufacturing using
AI-powered ERP systems. Deloitte and AWS have partnered to be Infor’s systems integrators.
Predictive maintenance, digital design, and PLM product lifecycle management are the key
areas where Infor’s customers realize the ROI, and there's a lot of maturity in terms of AI
adoption.
 AI is used widely inside BMW’s smart manufacturing plants - low-lying transport robots
follow invisible pathways driven by AI, taking parts and components from point A to B. They
stop at red lights, move out of each other’s way, and reach their destination on time. Untiring
and autonomous, there are currently more than 400 such Smart Transport Robots carrying
out over 14,000 deliveries a day at the BMW Group.

Food and Agriculture

 Chipotle implemented a cook-to-needs kitchen management system that provides
demand-based cooking and ingredient preparation forecasts to optimize throughput and
freshness while minimizing food waste. Deploying AI and machine learning, the system
monitors ingredient levels in real-time and alerts employees how much to prep, cook, and
when to start cooking, while automatically populating real-time production planning for
each restaurant.
 Bayer Crop Sciences leverages ML to breed seeds that are custom-designed to thrive in
specific regions, climates, and soil types. Plant height, color/greenness, and plant
diseases/infections, as captured by images, are triangulated with the soil, irrigation, and
fertilization data to identify the most resilient breeds. Scientists use machine learning to
simulate a new plant variety’s performance in thousands of micro-level agroclimatic and
soil conditions, helping breeders create a thoroughly vetted product at a lower cost.

Energy and Utilities

 Baker Hughes is leveraging the alliance with Augury to add Machine Health capability to its
asset performance portfolio. Machine Health uses advanced sensors and artificial
intelligence-based software to predict and prevent machine failures, driving reliability,
efficiency, and sustainability for energy and industrials. The AI-enabled software can deliver
up to a 30% reduction in maintenance costs and up to a 45% reduction in unplanned
downtime.
 Abu Dhabi National Oil Company (ADNOC) makes use of AI-driven digital twin models,
deploying them across thousands of critical assets. Instead of doing the required
maintenance every two weeks – whether the equipment needs work or not – the insights
can project exactly when maintenance is necessary. ADNOC’s geologists are also using AI-
based image classification to construct digital petroleum reservoirs more effectively – and
simulate all kinds of decision-making factors.
 ENGIE is running an AI pilot to predict how much wind power should be sold on which power
market and at what price. This is a challenge due to the complexity of the short-term power
markets and the unpredictable nature of wind production. To tackle this problem, vast
amounts of data from various sources need to be collected, stored, and analyzed. The AI
solution leverages a performant and scalable data system and advanced machine
learning algorithms to extract value from the data that supports subsequent decisions.

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Chemicals and Materials

 BASF engineers developed AI and machine learning solutions to help organize their data
and understand how changes in one production unit might force different operating
conditions in other connected units. BASF calls these “soft sensors.” Unlike physical sensors,
which can melt or just be impossible to use in the sometimes-extreme operating conditions
of a chemical manufacturing plant, soft sensors are entirely driven by data. With machine
learning and AI, BASF has opened new avenues to solve problems it couldn’t solve before
with conventional tools
 AspenTech is leveraging AI to optimize the process for getting precious metals or minerals
such as lithium out of the ground and to the end user. The demand for lithium has
skyrocketed 6x since the advent of Li-ion batteries. AspenTech was quick to notice that the
metals and mining industry is one of the most archaic ones in the field, using digitalization
only at 30% capacity, and AI deployment in the sector is an opportunity that AspenTech is
positioning to help deliver on.

Automotive
 John Deere revealed a fully autonomous tractor that's ready for large-scale production. The
machine combines Deere's 8R tractor, TruSet-enabled chisel plow, GPS guidance system,
and new advanced technologies. The autonomous tractor has six pairs of stereo cameras,
which enables 360-degree obstacle detection and the calculation of distance. Images
captured by the cameras are passed through a deep neural network that classifies each
pixel in approximately 100 milliseconds and determines if the machine continues to move or
stops, depending on if an obstacle is detected. The autonomous tractor is also continuously
checking its position relative to a geofence, ensuring it is operating where it is supposed to,
and is within less than an inch of accuracy.
 Tesla is using AI to create, train, and improve the neural networks that aim to enable its cars’
Autopilot technology. Autopilot is a driving assistance system that aims to improve driver
safety and convenience. When utilized correctly, the system could potentially decrease the
driver’s total effort. For those driving without Autopilot but with active safety features, Tesla
registered one accident for every 2.05 million miles driven. For those driving without
Autopilot and without active safety features, Tesla registered one accident for every 1.27
million miles driven. By comparison, NHTSA’s most recent data shows that in the US, there is
an automobile crash every 484,000 miles.
 CarMax, one of the largest wholesalers of used cars, has deployed automated vehicle
assessment technology through AI-enhanced condition reports for wholesale buyers of
vehicles sold at auction. CarMax has installed the technology in several wholesale locations
and uses AI to scan the body, tires, and the undercarriage of vehicles to quickly produce an
online user-friendly report with high-resolution photos. The system also has the capability to
detect frame damage, missing parts, fluid leaks, brake, and exhaust-system issues.

Retail and e-commerce

 Amazon Go, the high-tech retail store by Amazon, is the combination of artificial intelligence,
computer vision, and data pulled from multiple sensors that ensures customers have a
hassle-free experience. This technology can detect when products are taken or returned to
the shelves and keeps track of them in your virtual cart. When you leave the store with your
goods, your Amazon account is charged, and you are sent a receipt. Amazon terms these as
“Just Walk Out” stores.
 Uniqlo has launched a new platform, UMood, featuring neuroscience technology that
creates a t-shirt to match a buyer's mood based on brain wave readings. With four million
T-shirts and over 600 different designs available, it was important not to overwhelm
shoppers with choices. UMood measures a person’s brain activity by showing them different
images and videos on a screen. The machine then computes an algorithm that suggests
the appropriate t-shirt to match their mood.

Source: AI-based Business Models – Roundtable Discussions held in Boston, Houston, and London

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03 ‘AN OPPORTUNITY FOR ALL’

IN AI - THE WAY FORWARD

3.1 NEW BUSINESS MODELS LIKELY TO EMERGE

AI has been set up as the primary driver of growing technologies, such as robotics, big data, and IoT. In both
the short-term and the long-term, and across back- and front-office applications, AI has the potential to add
value to business workflows, augment employee capabilities, and harness the power of man and machine to
improve customer experience. Most of the current AI-based business models we analyzed are domain-specific,
i.e., they focus on applications wherein sufficient data and context are available. In the future, it is highly likely that
generalized AI systems would be deployed that could leverage general concepts and re-purpose themselves
across different applications. The rising usage of generalized AI would also open a new range of opportunities for
vendors as well as anticipate the next generation of AI applications for end users.

FIGURE 9 NEW AI-DRIVEN BUSINESS MODELS TO EMERGE IN THE FUTURE

AI Product Model 1
 Offering solutions that play at the surface of existing systems
 Require almost no improvement in AI maturity on behalf of the client
 Most likely targeted by AI SaaS vendors

AI Product Model 2
 Offering solutions that integrate with client systems, and use of client data
 Data and integration require other elements of AI maturity, including skills around cross-
functional teams, and building a culture where experimentation is permitted or encouraged
 Most likely targeted by AI product vendors

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AI Product Model 3
 Offering a platform with more open-ended, broad use-case potential
 Must educate clients on the potential of AI, and the specific features and workflows of their
platform
 Most likely targeted by AI platform vendors

AI Service Model 1
 Near-term RoI and AI maturity achieved varies greatly with the type of AI service provided
 Potentially offering the widest range of narrow, surface-level AI tools and SaaS integrations,
or consulting and strategy work, or longer-term AI maturity at a technical level
 Must support clients in pursuing varied and diverse AI applications on top of their platform
 Most likely targeted by AI technical and management consulting firms

AI Service Model 2
 Capable of advising on strategy, education, and process consulting, but not hands-on
technical AI work
 May need to niche more specifically to compete with consulting firms also capable of AI
technical work
 Must support clients in pursuing varied and diverse AI applications on top of their platform
 Most likely targeted by AI management consulting firms

Source: Industry Experts and MarketsandMarkets Analysis

3.2 
CONCLUSION: AI-BASED BUSINESS MODELS WILL ORCHESTRATE THE NEXT BIG SHIFT IN ENTERPRISE AI ADOPTION

The core, underlying essence of AI deployment has always been improving the human experience while keeping
a check on operational costs. The business models in AI have emerged from such application areas where the
human experience has been augmented. With authentic revenue realization and near-term RoI (visible value of
the AI business model) becoming clear in areas such as fraud detection, manual process removal/reduction,
and capacity augmentation – AI-based business models hold power to rearticulate the income statements of
organizations with over 400 billion dollars’ worth of opportunities

AI Based business models will create successful and high growth revenue streams in
use cases that improve the human experience through multiple levers. These levers
cover prediction/foresight/early-stage detection; capacity augmentation in supply
constrained areas (like healthcare provision); improving cost to serve, offering
entirely new capability (soft sensors in chemical industries);
reducing error rates and personalized customer experience

– Krishnan Chatterjee | Chief Operating Officer |

Markets and Markets

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3.3 EXCERPTS FROM DISCUSSION WITH KEY INDUSTRY OPINION LEADERS

To ensure that we cover the market landscape of AI-based business models and various disruptions in this space,
we brought some of the esteemed stakeholders and industry leaders in the artificial intelligence ecosystem
together. The discussions were organized in a traditional roundtable format at Houston, Boston, and London.
Notable takeaways from the discussions are enlisted below:

“End users are gradually coming to terms with use cases of AI and ML, which has exacerbated the
maturity of AI-based business models. Our company identified several application areas for AI, which
we then categorized into 7-8 high-priority clusters. This led to a high end-to-end visibility of our entire
operations, especially in the ERP space, where AI gave us a vantage point to map the value chain of our
customers with ease.”

– Senior Director, Leading Business Cloud Software Development Firm

“The success metrics for AI-based business models is likely to see further improvements, backed by
the increasing efficiency of predictive algorithms. AI is gradually reaching a point where even events
that happened once in a lifetime or infrequent events – like weather changes – can be accurately
modeled. This nascent application has the potential to disrupt how we use AI to predict and monitor
risks in real-time.”

– AI Manager, Data Analytics Firm Operating in the Insurance Ecosystem

“AI models essentially have three functions at their core – prediction, optimization, and automation. All
the three functions are built on data – and accurate data remains the number one problem for
achieving superior performance from AI-based business models. Humans in the loop are therefore
crucial to extract the maximum benefit from AI -something that Honda calls ‘Co-operative Intelligence’
– which will pave the way for how datasets used for building AI models get monetized, and how humans
owning that data are brought into the picture.”

– Head of Innovation, Machine Learning R&D Firm

“Edge-based artificial intelligence (Edge AI) will bring a lot to the table in terms of digital transformation
across the energy sector. AI on the edge is powering business models that can offer robust use cases
even in the remotest of exploration sites, including preventive maintenance, auto shutdown, and auto
restart. Developments are being made on how AI can help energy players, especially in upstream, to
analyze and explore the right reservoirs at a breakneck pace with safety in mind.”

– Managing Director, Fortune 500 IT and Consulting Services Firm

“The amalgamation of quantum computing with AI has a huge untapped potential – something that
our company aims to explore. In the coming years, AI algorithms will not be restricted to mere 10-15
variables but will be scaled up to a level where complex problems involving thousands of variables
need to be handled. The sheer cost of this compute power will, of course, be a barrier to entry for many
firms – and this is where we will eventually offer this to the market as an AI-based service model.”

– Managing Director and Head of a Private Sector, Leading IT Equipment and Services Firm

“AI has been used in multiple facets in our company - from supervised ML in computer vision to imagery
extraction, sensor data analytics, and even digital twins. However, the use cases of AI-based business
models remain narrow. It’s high time that the focus be shifted on developing artificial general
intelligence algorithms that can handle any problems thrown at them.”

– Former Head of Computer Vision, Leading Global Manufacturing Conglomerate

Source: AI-based Business Models – Roundtable Discussions held in Boston, Houston, and London

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