According to a market report, the Supply Chain Big Data Analytics Market is expected to register a CAGR of over 17.31 percent during the forecast period 2019 – 2024.AI-enabled NLP scans through the supply chain documents like contracts, purchase orders, chat logs with customers or suppliers and significant others to identify commonalities which are used as feedback to optimize SCM as part of continual improvement.ML helps people manage the flow of goods throughout the supply chain while ensuring that raw materials and products are in the right place at the right time. Also, technology can source and process data from different areas and forecast future demand based on external factors.
As per the reports by prnewswire.com, the social media analytics market size is projected to grow from USD 3 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period.The social media analytics market is driven by increased focus on competitive intelligence and increasing user engagement of social media using smartphones. However, rising numbers of users on various websites on social media platforms further contributes to the growth of the social media analytics market.
As per the reports by prnewswire.com, the market valuation of text analytics will reach by $15 Billion by 2026. The growing demand to gain key business insights by analyzing consumer behavior is propelling market growth. Governments across the globe are transitioning from conventional public services to e-governance, driving the demand for advanced analytics to formulate new policies. Text mining solutions enable federal agencies in information extraction and evaluation to gain new insights. Policymakers can leverage text mining systems to consolidate, compare, and government regulatory documents and establish new policies under the existing framework.
According to AMA, the market for Telecom Analytics is expected to register a CAGR of 32.75% during the forecast period to 2024. This growth is primarily driven by On-Going Indispensable Need for Churn Prevention, Enhanced Implications for Revenue Management and Increasing Vulnerability to Attacks and Rise in Suspicious Activities.
NITI Aayog came up with a National Strategy for Artificial Intelligence in India, which is aimed at focusing on economic growth and social inclusion. According to Agriculture Secretary Sanjay Aggarwal, “AI and big data are going to be a game-changer in the agriculture sector and the government is aiming to collate about 80% of such data by 2020.”Under the pact, the government of India has signed an MOU with IBM to use artificial intelligence (AI) to secure the farming capabilities of Indian farmers. By leveraging the benefits of AI, the government of India has rolled out a scheme — PM-KISAN, where every farmer is going to receive Rs. 6000 annually to support their farming abilities. The government of Karnataka has also recently signed an MOU with a tech giant — Microsoft to empower smallholder farmers with AI-based solutions to help them increase income and price forecasting practices.