The AI Eye Episode 345: IBM Collaborating with Samsung, M1, IMDA on Singapore's 5G Industry 4.0 Trial and Virtusa Achieves AWS SaaS Competency

Point Roberts, WA and Vancouver, BC - May 7, 2020 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) brings you today's edition of The AI Eye - watching stock news, deal tracker and advancements in artificial intelligence.

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Today's Column - The AI Eye - Watching stock news, deal tracker and advancements in artificial intelligence

Stocks discussed: (NYSE:IBM) (KSE:005930) (NasdaqGS:VRTU) (NasdaqGS:AMZN)

IBM (NYSE:IBM), along with the Infocomm Media Development Authority (IMDA), M1 Limited and Samsung (KSE:005930), announced a collaboration on Singapore's first 5G Industry 4.0 trial. Part of the collaboration will be a 5G Solution Showcase, which "will feature Industry 4.0 solutions powered by 5G and leveraging capabilities such as Internet-of-Things (IoT) and Artificial Intelligence. The aim is to help proliferate 5G solutions to different industry sectors in Singapore." Martin Chee, Managing Director, IBM Singapore, explained:

"We want to complement Singapore's Smart Nation and Digital Economy efforts and empower enterprises and industry players with a robust and versatile 5G launch-pad through this trial. This will allow businesses to leverage digital technologies to create next-generation solutions and be responsive to rapidly changing markets and 5G adoption in Singapore. IBM has built industry-leading hybrid cloud, AI and security capabilities underpinned by deep industry expertise. With support from IMDA and our strategic partners Samsung and M1, this collaboration will seed Singapore's 5G capabilities and strengthen its position as a leading industrial innovation hub, and move us closer in fulfilling our Industry 4.0 vision."

Virtusa Corporation (NasdaqGS:VRTU) has achieved Amazon Web Services (AWS) SaaS Competency status, meaning that it "has demonstrated deep experience helping organizations design and build SaaS and cloud-native solutions on AWS." [AWS is a subsidiary of Amazon (NasdaqGS:AMZN)] According to the press release, Virtusa "leverages AWS for its vLife platform, a large healthcare and life sciences application marketplace with APIs, microservices, pre-built artificial intelligence (AI) and machine learning (ML) models, visualization, and predictive tools available for client subscription." Raymond Hennings, EVP, Virtusa, said:

"The AWS SaaS Competency status validates Virtusa's ability to maximize resources on AWS to help clients efficiently modernize systems and save money in order to better serve their customers."

Global Chatbots Market to Reach $9.172 Billion by 2025

Research from Valuates Reports finds that the Global Chatbots market will grow from $2.285 billion in 2018 to $9.172 billion in 2025 with a compound annual growth rate (CAGR) of 21.95 percent in the forecast period. A press release covering the report outlines the following trends observed in the market:

  • Machine learning systems are now being used to assess trades performed on Wall Street and to predict how consumers are going to click on different advertisements. Besides being revenue generators, chatbots may also act as study bots, or to save companies money for lead generation and brand recognition. This feature of the chatbot is expected to increase the market size during the forecast period.
  • Insurance firms represent some of the early adopters of chatbot services focused on AI. Insurance firms use location-based technology to automatically start the claims process, using chatbots, along with visual resources such as live chat, to inform consumers about changes to requests, inspections, and documentation claims, as well as update them on claim status. These implementations of chatbots among various insurance organizations are expected to increase the talkbots market size.

Sam Mowers, Investorideas.com

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