Fraud is Major Driver of AI Adoption in Business

Fraud is Major Driver of AI Adoption in Business

February 6, 2020

Several new studies reveal that fraud detection and prevention are some of the most common reasons why businesses are adopting technology that use artificial intelligence (AI).

A new study from Juniper Research predicts total operator spend on AI solutions will exceed $15 billion by 2024; rising from $3 billion in 2020. The research identifies network optimization and fraud mitigation solutions as the most highly sought-after AI-based services over the next four years.

The research, AI Strategies for Network Operators: Key Use Cases & Monetization Models 2020-2024, found that operators in developed regions, such as North America and Europe, would account for over 40 percent of AI spend by 2024, despite only accounting for less than 20 percent of global subscribers.

MMC Ventures, in its The State of AI Divergence, finds one in ten enterprises now use ten or more AI applications. Fraud analysis is one of the top use cases in the survey.

recent survey from Algorithmia also found fraud as a major driver for AI adoption. The researchfound the top five uses cases for ML in companies with 10,000 employees or more are reducing company costs, process automation for internal organization, improving customer experience, generating customer insights and intelligence and detecting fraud. 

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Joan Goodchild

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