Foresense Technologies – A Global Leader in AI

Australian tech companies have long been global leaders and innovators in a range fields from medicine right through to mining, agriculture and industry.

The bionic ear, wi-fi technology, the black box flight recorder – just to name a few – are common examples of Aussie ingenuity and its widespread application in real-world settings to improve safety, security and efficiency.

What is perhaps not widely as known outside of industry circles is Australia’s all-encompassing commitment to new and emerging fields in Information and Communication Technologies.

Through a combination of government initiatives and industry investment, Australia has developed a burgeoning ICT sector over the past few decades that leaves it well positioned to lead the world into the second half of the 21st century and beyond.

Few would argue against the significance of Artificial Intelligence as we move forward into the future.

Identified as an area of immense scientific and economic value on a global scale, Australia has taken definitive action to ensure that it remains at the forefront of its development and innovation.

The government Department of Industry Science, Energy and Resources has outlined a range of commitments and initiatives to ensure AI Is given the attention it deserves across industry, education and government sectors including an ethical framework, a CSIRO commissioned AI Technology Roadmap, and allocated funding for grants for AI projects.

To see the full range of government initiatives see here.

In the education sector, The University of Technology Sydney has established the Australian Artificial Intelligence Institute (AAII), described as “a world leading research institute in AI with a vision to develop… (and) drive significant progress in areas like computational intelligence, business intelligence, computer vision, data science, machine learning, brain computer interface, bioinspired neural networks and information systems.” For more information about the AAII see here.

The AAII has a firm focus on a range of practical AI applications for industries including healthcare, defence, transportation, education, finance and marketing.

And as with any nation cooperatively focused on the future, the government and education sectors are complimented by on-the-ground leaders in industry – the real-world companies that actually drive development forward and realise the social and economic benefits that new technology allows.

Foresense Technologies is one such company.

Foresense Technologies is right at the forefront of presence detection technology, in Australia and across the world.

With significant ramifications for wide ranging sectors including educational institutions, hospitality, airports, stadiums, security, office and factory floors and retail settings, the Foresense platform collects behavioural data utilising leading edge proprietary Artificial Intelligence systems.

It analyses how people act – and interact – on-site in real world settings.

It allows accessibility in real time so highly-informed, proactive decisions can be executed as trends are actually emerging.

For decades now, behavioural data has been collected and analysed in the virtual world in minute detail.

  • Bounce rate.
  • Dwell time.
  • Impressions.
  • Unique and return visitors.
  • Session duration.

All of these small parts of information combine to form a highly detailed body of knowledge that can improve strengths and address weaknesses in the online space.

Foresense Technologies has developed a platform to bring these types of highly specific parameters into the bricks and mortar physical world – a real- time quantification of human behaviour at any site in its day- to-day operations to provide invaluable insight supporting commercially important decisions and increase revenue at low investment.

Recognising the increasing value of Big Data in the digital economy, Foresense set out to redefine the traditional, reactionary methods of collecting and collating behavioural data through the use of smartphone technology and AI.

Predictions estimate the global Big Data software market will be worth $31B this year, growing 14% from the previous year.

The entire global software market is forecast to be worth $628B in revenue, with $302B from applications.

Worldwide Big Data market revenues for software and services are projected to increase from $42B in 2018 to $103B in 2027, attaining a Compound Annual Growth Rate (CAGR) of 10.48%.

According to an Accenture study, 79% of enterprise executives agree that companies that do not embrace Big Data will lose their competitive position and could face extinction.

Even more, 83%, have pursued Big Data projects to seize a competitive edge.

Clearly Artificial Intelligence technologies that can swiftly interpret large quantities of Big Data to identify opportunity and implement strategy will provide not only competitive edge but greater stability into the future.

What is also clear is that the government and education sectors agree with key industry players in that investment in AI is an investment in the future.