As machine learning continues to be employed in business processes, AI has found its way into the heart of businesses by enabling machines to perform tasks the way humans do. This is apart from the fact that AI-enabled solutions are able to adjust to situations while learning from experience. Artificial intelligence software employs advanced technologies such as natural language processing and deep learning, making them trainable in carrying out tasks. Such systems accomplish these by being able to recognize patterns in high volumes of data.
If you are planning to develop or shop for a software system with AI capabilities like top data analytics tools, knowing where the industry is heading is a must. Here, we have compiled a list of the most pertinent AI statistics to help you know more about the technology and the tools that use them. Given the current artificial intelligence market size, the statistics are wide and varied but can lend to you clues to the factors shaking up this technology niche.
The artificial intelligence (AI) software market has been expanding at breakneck speed: the latest artificial intelligence market forecast, for example, shows that the industry is driven by the uptick in the category’s use cases. However, growth is not confined to the software industry as AI is also expected to leave a positive economic footprint. The following are key artificial intelligence market statistics that you should know.
AI software has found numerous applications in the business world and among consumers. These tools are commonly being utilized to communicate with mobile devices, coming in the form of a variety of technologies such as voice assistants and chatbots. Organizations have likewise reaped the benefits of these solutions, making areas in sales, marketing and customer service more effective in the process.
Static image recognition, classification and tagging
Algorithmic trading strategy performance improvement
Efficient, scalable processing of patient data
Object identification, detection, classification, tracking
Text query of images
Automated geophysical feature detection
Content distribution on social media
Object detection and classification, avoidance, navigation
Prevention against cybersecurity threats
Source: Statista.comDesigned by
Current artificial market research reflects that even as many companies lag in AI adoption, others have embraced the technology, finding innovative use cases for it. The use of artificial intelligence in business applications include areas such as marketing, customer service and sales, which have previously been known to involve labor-intensive and grueling processes. AI use has resulted in improved productivity and profitability. For instance, current business intelligence statistics reflect the steady rise in the market for such products, making it safe to say that the future looks bright for the technology.
Companies have proved that the use of AI greatly improves their sales processes. These tools make use of algorithms to make recommendations to customers, come up with sound business forecasts and even advertise their products through a variety of channels, including social media and email. Today’s AI tools are also able to monitor consumer behavior, online activities and preferences, making it possible for businesses to sell their products and services more effectively. This is evidenced by artificial intelligence in business tendency that indicates the massive use of AI.
Impact of AI Use on Sales
Connecting with clients or prospects in person%
Connecting with clients or prospects virtually%
Internal company meetings%
Source: salesforce.comDesigned by
AI has become a very important component of marketing, spawning the term AI marketing in the process. This involves the use of AI to help businesses decide on how to best reach their customers. The main goal of the process is, of course, to boost targeting, personalization and customer experience. This is achieved with the use of customer data as a basis. AI use in top marketing analytics tools usually involves search engines, information filtering/analysis, search engines, image recognition and visual search, sentiment analysis and social listening.
Customer service is another area where AI has been making a difference. The technology is now being used as both reinforcement and replacement for human agents. What’s good about this is that it minimizes costs while further enriching customer experience. Many businesses have been enjoying this benefit by using a variety of AI-powered tools, among them top live chat software. While AI still has its limitations, it is now able to process customer requests that previously were handled by human agents. AI technology has found its way into a number of customer service processes, including call receiving and routing.
predictions linked to customers, business health and machines%
Automation of manual/repetitive tasks%
Monitoring and alerts to provide assessments on the state of your business%
Increase quality of customer communications%
Recommendations related to internal issues/customer facing efforts%
Source: nrbii.comDesigned by
The use of AI offers a myriad of benefits—there is no denying this. For companies, AI technologies offer the gift of automation, which improves productivity and efficiency, leading to increased bottom lines and more jobs. Evidence of this is the continued artificial intelligence market growth that we’re witnessing. Also, you need only look at current CRM software statistics to see how AI-powered platforms have been performing so far. It likewise helps humans focus more on important matters by automating otherwise repetitive processes. These and more are the reasons why businesses are increasingly using AI to boost their processes. However, there are things to consider when purchasing BI software or other solutions.
Despite the huge benefits that AI offers, a considerable number of businesses continue to shy away from the technology as they continue to be apprehensive about how it could impact their organizations. These reasons, although misplaced, are but a natural reaction to anything new. And then there is the matter of organizations refusing to abandon their existing workflows and processes.
Although centuries away from SkyNet, today’s AI platforms have been making steady strides in making processes free of human intervention. However, with these benefits come potential job losses from AI use. Automation has become the new norm in a number of business processes such as accounting, marketing and sales as developers continue to find ways to expand AI automation capabilities.
Despite the challenges that come with the implementation of AI, companies should embrace technology, which can greatly improve their standing in their respective markets. Leveraging these tools can also give a company a competitive edge by using it to boost core corporate functions. The following are tips on how to successfully maximize the benefits of AI.
To successfully use AI, you need to hire new talent—both technical and managerial. This is because the technology is bound to require previously unheard-of job positions so that businesses may be able to add the technology in the corporate mix. Only when you successfully integrate AI into your processes and workflows will you be able to realize its full potential, and you need individuals with the right skills to do this.
Contrary to what you may think, AI is not a tool for digitization but rather a critical appendage of it. Remember that AI works best when you have access to high-grade information. A company’s digital foundation, however, is not confined to data. It includes all digital equipment and assets, along with their respective uses.
Some companies view AI as a means to reduce costs but it can do much more than that. Many retailers use AI to expand their markets, which results in growth. When used across a company’s entire tech stack, AI can really make the difference when it comes to sales. This new use of the tech could only result in an expanded artificial intelligence market share.
If you’re planning to use AI, you should be ready to make changes in your long-term goals. Migrating to an alternative business model may result in new revenue sources, which is always a good thing.
FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.