As business booms in the Startup Nation, it is essential for companies to not only analyze their current state of affairs, but predict their future business outcomes. Gathering and analyzing the vast quantities of data needed to do this can present a huge strain on resources and so it is unsurprising that businesses are turning to artificial intelligence to streamline the process.
As AI-based analytics tools mature, companies are increasingly using these tools not only to inform business decisions, but to predict business outcomes. Using machine and deep learning algorithms, Predictive Analytics tools mine data and statistical models, allowing businesses to access to game-changing intelligence and insights.
Forecasters suggest that the market will reach over $6 billion in total revenue as of 2019. It is expected to reach nearly $11 billion in annual revenue by 2022, as an increasing number of businesses make use of predictive analytics techniques.
The technology is already proving effective across a range of industries – from insurance companies forecasting risk, to healthcare providers anticipating their patients’ behavior.
Israel has seen the launch of a number of startups utilizing AI to empower companies with insights into the future:
- Pecan is the world’s only automated platform for deep learning predictive analytics. Founded in 2016, the company offers its platform as a service, to make deep learning predictive analytics accessible and reliable for companies in a range of industries, including banking, retail and gaming.
- Founded on the principle that we all rely on machines for everything we do, Augury utilizes AI and the Internet of Things to make machines more reliable, reduce their environmental impact and enhance human productivity. The company, which was founded in 2011, gives its customers insights into the health and performance of the machines they use to make products, deliver services and improve lives.
- Applying predictive analytics to the world of human resources, Intervyo is the first interview simulation engine in the world, leveraging predictive technologies to screen candidates and gauge their suitability for a given position. Born in 2014, this startup uses a range of data-driven human predictive analysis, including personality insights, facial and intonation analysis, and cognitive ability, to improve the hiring process for its clients.
In a world where technology is rapidly evolving every day, solutions which enable us to anticipate the future are increasingly valuable. Israel is proving itself to be the perfect environment to foster such solutions.