- Artificial intelligence refers to the simulation of human intelligence processes by machines. It is expected to contribute US$20 trillion to the global economy.
- The Australian government will play a key role in supporting businesses to enter new markets, investing in digital transformation, and providing competitive products and services.
- Bigtincan Holdings, LiveTiles, BrainChip, and Crowd Media Holdings are major artificial intelligence players listed on the ASX.
Artificial Intelligence (AI) refers to the simulation of human intelligence processes by machines. The applications of AI comprise natural processing language, speech recognition, and expert system.
Generally, AI works by including a massive amount of labelled data, analysing it, and identifying its correlation and pattern. Then, based on the outcome, it predicts the future state. While programming for AI, the focus is on learning, reasoning, and self-correction.
AI has become critical as businesses are gradually becoming aware of certain operations, they were unaware of earlier and how they can use AI to perform the task better than humans.
Artificial Intelligence in Australia
Artificial intelligence has enormous potential to grow the economy, create jobs, stimulate business and many more. Through these activities, AI would help improve an individual's day-to-day activities and the way people live.
The Australian government, in its recent action plan report, projected that AI could contribute over US$20 trillion to the global economy by 2030. Hence, to take advantage of AI's opportunities, the nation as a whole must utilise collective capabilities, talent, and resources to early adopters of AI.
The government's AI Action Plan sets out a path to ensure that AI is utilised responsibly to boost the economy and improve people's lives guided by appropriate security and ethical considerations. In addition, the government would ensure that everyone has an opportunity to benefit from these technologies. Also, the government would ensure that the use of these technologies reflects the diverse community of the country.
As an essential part of the Australian government's Digital Economic strategy, the government would support businesses in entering new markets, investing in their digital transformation, and providing internationally competitive products and services.
These steps would help in the upliftment of the businesses across the economy, improve productivity and competitiveness. Thus, helping businesses to increase their revenue and hire more Aussies.
- Tech hot Space: AI and Pitch Towards a Big Industry Opportunity ($315b)
- Ethical Use of AI in Australia - The Next Leg by the Government
With this backdrop, let us look at a few exciting ASX-listed AI players:
Bigtincan Holdings Limited (ASX:BTH)
Bigtincan is a Sales Enablement Automation Company, allowing customer-facing positions to create digital experiences customised to people with intelligent recommendations and personalised for top global brands.
Companies use BTH's products for sales content management, sales training and coaching, document automation and internal communication.
On 25 June 2021, Bigtincan completed the acquisition of Vidinoti, a Swiss leader in AR/VR tech.
LiveTiles Limited (ASX:LVT)
LiveTiles helps businesses to build smart workspaces by creating powerful user experiences that boost productivity throughout the board. It offers no- or low-code solutions to the businesses through which they can design user-optimised portals based on Office 365 or Azure technology and hundreds of existing APIs. These portals are built with the help of drag-and-drop features and can be improved with AI using LiveTiles Chatbots.
BrainChip Holdings Ltd (ASX:BRN)
BrainChip is a global technology company that has built an advanced neural networking processor that brings AI to the edge in a manner that current technologies cannot.
BRN’s solutions offer a wide range of edge capabilities involving continuous learning.
Crowd Media Holdings Limited (ASX:CM8)
An AI player, Crowd Media its AI platform for uses in Conversational Commerce. The Company has two divisions:
- Mobile division: This division produces content involving apps, games, music, and games.
- Digital marketing division: This digital marketing division works with brands and digital influencers to provide branded content to the vast and aggressive millennial and Generation Z markets.
Alcidion Group Limited (ASX:ALC)
Alcidion Group Limited is helping healthcare companies to accept smart technologies and drive innovation.
ALC’s customised platforms influence clinical decision support, AI, and real-time visualisation to offer smart health informatics for safe and sound delivery of care.
Bill Identity Limited (ASX:BID)
Bill Identity Limited operates across Australia, New Zealand, the US, the UK, and Europe. It provides Utility Bill Expense Management Solutions that support the automation of manual processes and enhances data visibility, integrity, and control.
The Company's robots automate manual processes, delivering meaningful data insights with unmatched accuracy.
On 08 April 2021, Bill Identity entered into a Master Service Agreement with Simply Energy in NZ, under which BID would provide Utility Bill Portal solution to Simply.
Linius Technologies Limited (ASX:LNU)
Linius Technologies has cracked the code that supports the preparation of hyper-personalised videos. The Company develops the Video Visualization EngineTM, which visualisation video services and AI in the cloud. The Video Visualization EngineTM is available on Amazon Web Services, Microsoft Azure, and IBM Cloud.
Mach7 Technologies Limited (ASX:M7T)
Mach7 Technologies provide healthcare professionals with the tools they need to assist their patients in achieving improved health outcomes. Mach7 has built innovative solutions that can include several systems, allow clinical collaboration, provide vendor-neutral archiving, enterprise-wide universal viewing, transform legacy PACS, etc.
Stock Information (At of 16 July 2021)