Tech experts around the world are rigorously researching on new ways machines can simulate the human mind in the new tech disciple of Artificial Intelligence. Businesses, government agencies, and large corporations are heavily investing in AI so as not to miss out on the lucrative benefits the technology presents. As witnessed in the new craze for AI development, there is no limit to what the technology can do making it a subject of interest across all sectors of the economy.
The vast benefits of AI are already showing. Experts have made incredible breakthroughs in the automotive industry with the debut of driverless cars, AI-powered ad pricing technology, face recognition technologies already being deployed in the security sector among several others. Stakeholders in the financial sector are funding innovative exploits in the field of AI that is hoped to give them a predictive advantage over market situation. Nations are already racing for leadership positions in the field of AI. Governments believe that advanced AI systems can give them surveillance advantage over rivaling countries as well as enhance the war against terror.
Canada’s AI Space
Canada particularly allocated $125 million for AI through the Pan-Canadian Artificial Intelligence Strategy in the 2017 budget. Through the program, the government sought to establish the development of Artificial Intelligence and its broad effects on human rights. Google recently gave Canada’s ACTUA a $500,000 grant for the development of an efficient AI curriculum for high school. The program aims to give students a solid foundation in Artificial intelligence.
Canada is shaping up to be a global leader in AI innovations thanks to enterprising AI-based firms making it big in the scene. Among the companies steering Canada’s AI uprising include;
NexJ Systems Inc (TSE:NXJ)
NexJ Systems Inc (TSE:NXJ), headquartered in Toronto, Canada offers financial institutions and insurance companies unique cloud-based software services. The company leverages on cutting-edge AI technology to provide enhanced customer experience. NexJ is famous for its Customer Data Analytics & Intelligence (CDAi) that permits companies to efficiently catalogue clients’ data to be used in different other purposes. According to the company, the data will be essential in providing updated fresh data for machine learning. Upon going mainstream, CDAi is expected to rescue the company’s stock and revenue that has been on a free-fall since 2017. As of this writing, the stock closed the market day at $1.10 (CAD) representing a 3.51 drop.
Shopify Inc (NYSE:SHOP)
The e-commerce platform headquartered in Ottawa, Ontario is using AI to enhance merchants and online shoppers’ experience on their platform. The online retailer is using AI-fueled recommendations to market products to its potential customers. Through this approach, the company has grown its revenue by 54% YOY. The company’s shares dived 3.14% during the recently ended market day closing at $250.79.
Kinaxis Inc (TSE:KXS)
Software company Kinaxis Inc (TSE:KXS) operating from Ottawa, Canada is also making significant strides in the AI space. The company that closed the previous trading session at $75.63 (CAD) is leveraging on AI tech to augment its supply chain management software offerings. Through AI, Kinaxis looks to enhance its predictive abilities in forecasting demand, easing warehouse logistics and powering automated warehouse automotive.
