Artificial intelligence, still in its infancy, has the potential to change business forever.
Its promise? To take care of all the mundane tasks employees currently handle, freeing up their time to be more creative and perform the work that machines cannot do. Today, the emerging technology is used mostly by large enterprises through machine learning and predictive analytics.
AI is going to be one of the hot topics at DMEXCO, Sept. 13 to 14 in Cologne, Germany. Ahead of the digital marketing conference, we thought it a good time to understand the current state of AI and what lies ahead. Here’s what we learned.
1. Business leaders believe AI is going to be fundamental in the future. In fact, 72% termed it a “business advantage.” (Source: PwC)
2. In the immediate future, execs are looking for AI to alleviate repetitive, menial tasks, such as paperwork (82%), scheduling (79%), and timesheets (78%). (Source: PwC)
3. By 2018, 75% of developer teams will include AI functionality in one or more application or service. (Source: IDC FutureScapes 2017)
4. By 2025, the artificial intelligence market will surpass $100 billion. (Source: Constellation Research)
5. A 2016 survey reported that 58% of enterprise business executives are already using predictive analytics within their organizations. (Source: Narrative Science)
6. 61% of those who have an innovation strategy said they are using AI to identify opportunities in data that would otherwise be missed. Only 22% without a strategy said the same. (Source: Narrative Science)
7. By 2020, 85% of customer interactions will be managed without a human. (Source: Gartner)
8. By the end of 2018, “customer digital assistants” will recognize customers by face and voice across channels and partners. (Source: Gartner)
9. While 16% of U.S. jobs will be lost over the next decade as the result of artificial intelligence and technology, 13.6 million jobs will be created during that time due to the trend. (Source: Forrester)
10. Currently, 1,031 AI startups are listed on AngelList, with an average valuation of $5.2 million--which equals nearly $5.4 billion in venture capital investments. (Source: Motley Fool)
11. 80% of executives believe AI boosts productivity. (Source: Motley Fool)
12. Investment in AI will grow 300% in 2017. (Source: Forrester)
13. 45% of the fastest-growing companies in the world will “employ” more smart machines and virtual assistants than people by 2018. (Source: Gartner)
14. 15% of Apple phone users use Siri’s voice-recognition capabilities. (Source: Veinterachive)
15. Voice recognition and response solutions are the most widely used AI technologies, according to business executives, with 32% who said their organizations have already employed such solutions. Machine learning is the second-most widely used technology among enterprise organizations, at 24%, followed by virtual personal assistants, at 15%. (Source: eMarketer)
See what Suresh Vittal, vice president of Adobe Marketing Cloud, has to say about the potenital of AI.