Did Neglecting Swarm Intelligence Technology Cost Your Business?
7 Dec 2023
The advent of advanced technologies such as artificial intelligence and machine learning has not been a sudden event. Various technological developments have taken place earlier which have laid the foundation stone for the maturing of these innovations. One such technological development which helped in the evolution of AI and machine learning is swarm intelligence. Developed in 1989 by Gerardo Beni and Jing Wang, swarm intelligence basically refers to analyzing the collective knowledge and behavior of decentralized objects, both natural and artificial. Thus, swarm intelligence, instead of relying on consciousness of one object, takes into account the collective consciousness and processes it to offer a solution.
Why different industries are adopting swarm intelligence technology
Since swarm intelligence is the backbone of AI, it has a similar wide applicability across different industries. For instance, swarm intelligence is now being extensively deployed by various transport and logistics companies to optimize the operations. A study done by an airlines company found that swarm intelligence helped the company to reduce freight rates, reduce staff workload, and make substantial annual gains. A similar result was seen when swarm intelligence was deployed in warehousing operations. Telecommunications is another area which has seen huge adoption of swarm intelligence technology. This technology was able to detect congested communication channels much in advance and suggest alternative routes which helped in effective management of communication traffic. Swarm intelligence can also help in enhancing the quality of customer feedback mechanisms. It can sift through all the feedback messages and find those which are genuine, while at the same time discarding those which are automated.
Acquisitions and mergers in the market
The swarm intelligence market is a dynamic one with different companies competing for power. In April 2023, Telix Pharmaceuticals Limited announced the acquisition of Dedicaid GmbH. Dedicaid recently built a clinical decision support software (CDSS) using AI and swarm intelligence technologies, which upon acquisition will be controlled by Telix Pharmaceuticals Limited.
In June 2023, Accenture announced the acquisition of Nextira, a company specializing in predictive analysis. A statement released by the company said that the acquisition by Accenture was made to expand its artificial intelligence and machine learning capabilities. Both these acquisitions and many more such strategic alliances have not just benefited the companies involved but the entire industry in general.
Growth opportunities in the industry
The growth of the global swarm intelligence market can be attributed to the rising demand for effective and innovative solutions from different industries and businesses. Along with this, growing use of swarm intelligence for military, defense, and telecommunication applications is anticipated to create numerous growth opportunities in the market.
When analyzed on the basis of type, the particle optimization segment of the swarm intelligence market is estimated to gather an absolute revenue of $399.3 million from 2022 to 2032. On the other hand, the ant colony optimization and others segments are projected to amass $297.57 million during the same period. At the same time, the India swarm intelligence market is projected to conquer new heights with a CAGR of 47.3% in the 2023-2032 period.
To sum it up, the increasing applicability of swarm intelligence across various sectors and industries, along with strategic alliances among major companies will boost the growth rate of the market.
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.