The artificial intelligence sector is hot, and investors are looking for opportunities to jump in — here’s a look at five artificial intelligence stocks.
The global AI market was worth US$28.42 billion in 2019, and is projected to grow at a compound annual growth rate of 43.99 percent this year to reach US$40.74 billion in 2020.
According to a Research and Markets report, “The growth is mainly due to the COVID-19 health emergency across the globe that has led to a new wave of transformative technologies.” By 2023, the global AI market is projected to hit nearly US$100 billion.
Fueling growth going forward, AI solutions like deep learning, robotics, neurolinguistic programming and querying methods will be at the forefront of the AI revolution.
With the AI market poised for significant, transformative growth over the next several years, here’s a look at five small-cap artificial intelligence-related stocks for investors to consider. Data was gathered on July 27, 2020, and all stocks had market caps of between C$10 million and C$100 million at that time.
1. ProntoForms (TSXV:PFM)
Market cap: C$96.21 million
ProntoForms is first on this list of artificial intelligence stocks. It provides mobile enterprise workflow solutions, but is working on AI-based applications as well. ProntoForms sees predictive analytics, voice recognition and computer vision technology as areas where AI technology can be implemented.
The company’s mobile solution helps remote workers collect data through mobile forms. They can also access company data offline or online, and share the results with office systems and cloud services.
2. VIQ Solutions (TSXV:VQS)
Market cap: C$70.5 million
Next on our artificial intelligence stocks list is VIQ Solutions, a company that provides cybersecurity-protected technology and service platforms for digital evidence capture and content management.
It is also working on accelerating Next Growth Driver, its AI platform, with enhanced services for the company’s government, public safety, medical and judicial customers.
3. Datametrex AI (TSXV:DM)
Market cap: C$39.96 million
Datametrex AI’s wholly owned subsidiary, Nexalogy Environics, uses AI capabilities and machine-learning technology to provide data analytics insights to businesses and government agencies.
Nexalogy’s core technology, Nexaintelligence, is a social discovery tool that analyzes millions of data points from social media platforms to find new audiences, trends and risks, and removes spam for government agencies and businesses. Nexalogy has also developed a “fake news filter” for social media.
In mid-2020, Datametrex announced a sales agreement with SeeS Solutions; under the deal, Datametrex’s technologies will be used as an automated operating solution for SeeS’ large corporate customers, such as tech giants Samsung Electronics (KRX:005930) and Samsung SDI (KRX:006400), as well as several banks and insurance companies.
4. GoldSpot Discoveries (TSXV:SPOT)
Market cap: C$14.21 million
GoldSpot Discoveries uses AI and machine learning to reduce capital risk and increase success in the resource and investment sectors. The company has developed two AI-based platforms to help resource companies find deposits by analyzing and interpreting data collected through exploration.
GoldSpot’s technical services platform standardizes, transforms and stitches multiple layers of data together to optimize them for machine learning. From there, the data is run through several algorithms that predict where zones of mineralization occur.
5. Diagnos (TSXV:ADK)
Market cap: C$11.97 million
Last on our artificial intelligence stocks list is Diagnos, a data-mining and interpretation consulting services company that also designs data analytics software products.
The company’s artificial intelligence technology is applied to save lives on a daily basis through the early identification of critical health issues. Diagnos’ AI and healthcare technical services range from algorithm development to data analysis to image processing.
Currently Diagnos operates in 16 countries, including Canada, the United Arab Emirates, India, Mexico, Switzerland, the US, Poland and Colombia. It has 215,667 patients under its care.
Would you invest in any of these artificial intelligence stocks? Why or why not? Tell us in the comments, and let us know if we missed a company you think should be included.
This is an updated version of an article originally published by the Investing News Network in February 2018.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Datametrex AI, FireFox Gold, GoldSpot Discoveries and Northstar Gold are clients of the Investing News Network. This article is not paid for content.