It’s fair to say that Artificial Intelligence continues to be one of the most powerful trending topics in the UC marketplace today. Countless sectors are experimenting with virtual assistants, chatbots, and machine learning when it comes to boosting productivity and customer experience.
According to financial and industry analysts, Nuance Communications could be one of the major brands to transform the AI world as we move into 2018. Indeed, many investors are already aware of the Nuance name, as it’s technology lets them place orders for pizza, powers car entertainment system, and even once powered the popular Siri service for Apple.
So, why does Nuance have such a bright future in the AI world?
Strength in the Healthcare Sector
Perhaps one of the most important verticals for Nuance, and one of the most compelling segments in the AI story right now, is the health sector. The company recently saw some interest in the UC marketplace when it revealed it’s new AI Marketplace for imaging diagnostics. Apparently, the system comes from a combination of Nuance’s PowerScribe reporting service, and PowerShare image exchange with Nvidia’s deep-learning platform.
The result is the first marketplace for diagnostic imaging apps in the marketplace. Already, PowerScribe and PowerShare are used by around 70% of all the radiologists in the United States, and the new platform will streamline the use of AI for diagnosis, detection, and treatment in disease.
The Nuance service is similar in concept to the app store, where AI developers and radiologists can build, share, and test algorithms with each other. Additionally, Nuance has also developed a virtual assistant for the healthcare world, which can help doctors with a range of tasks, including scheduling appointments and writing patient summaries. This is a particularly compelling product when you consider the fact that Nuance says that 63% of healthcare executives are already investing in the AI world.
Enhancing the Enterprise
Although the healthcare sector might be the most exciting area for Nuance right now, the enterprise segment is also worth mentioning. According to Nuance, the segment posted its seventh consecutive quarter of growth year-over-year at the end of 2017. Additionally, the segment was also the largest revenue-gainer for the company in 2017.
Nuance is continuing to develop new and improved enterprise experiences for their customers, meaning that they beat their competition in terms of rankings, and even secured the “top vendor” position from two research groups in the marketplace (Opus Research and Forrester).
Opus Research gave Nuance the highest combined score available from all bot and intelligent assistance vendors, and the brand received “gold” rating in six of seven available categories.
The Rise of the Connected Car
Finally, another reason why Nuance could own the AI world is that they’re becoming ever-more connected with the realm of the connected or “Smart” car. The company recently invested further into their AI and IoT strategy in transportation by launching a “DRIVE” lab for design, research, innovation, and in-vehicle experience. The lab was launched in the Detroit area in an attempt to study new ideas for innovation in the automotive industry.
The recent lab will act as Nuance’s global vehicle-based hub, but additional labs will also be launched around Asia and Europe. Currently, the company believes that the connected car will play a big part in the future of AI, as around 90% of automakers in today’s market believe that AI is very important to their product roadmap.
In this industry, Nuance is positioning themselves in the perfect space to continue innovating with their existing automotive assistance “Dragon Drive“. With a little look, the organisation will continue its fantastic streak of working with some of the most profitable automotive brands in the world, including BMW, Fiat, Audi, Ford, Toyota, Volkswagen, Hyundai, GM, and more.
Currently, there are more than 180 million cars on the road featuring Dragon Drive technology.
A Strong Future for Nuance
With three major business segments under lock and key, Nuance has a strong map ahead of itself in terms of growth for the AI industry. There are billions of dollars out there in potential deals, and the company has already shown through countless accolades that it has the expertise and knowledge to help the marketplace make the most out of the AI revolution.
For now, we can only wait and see what comes next for this amazing company, but it’s safe to say that the future looks bright.
