Artificial Intelligence (AI) is transforming businesses of all types from small companies to large enterprises. According to Gartner, AI will be one of the top 5 investment priorities for more than 30% of CIOs globally, by 2020. Most of the businesses are still thinking of integrating AI with their operations. AI and machine learning technologies enabled many companies to automate important time-consuming tasks, allowing them to focus on other higher-value work.
We did online research on how AI will impact businesses in 2020. Here are the top 10 insights that you should know:
1. Artificial intelligence is a part of the mainstream because it allows us to use a large amount of data in very little time; certainly, worldwide data will grow 61% to 175 zettabytes by 2025. (Source -IDC)
2. According to Gartner by the end of 2020, 80% of developing technologies will have AI foundations.
3. The demand for AI will be much higher in marketing and sales than any other department. It will increase by 40% as per Forbes.
4. According to IDC, Artificial intelligence will invest mostly in automated customer service agents ($4.5 billion), sales process recommendation automation ($2.7 billion) and automated threat intelligence and prevention systems ($2.7 billion).
5. As reported by Gartner, AI by 2022 will help analysts in marketing organizations to concentrate more on their business priorities rather than spending time on manual processes like personalization, lead scoring, anomaly detection, marketing performance management, and reporting. This will free more than one -third of data analysts in marketing organizations.
6. In the last two years, the need for AI has doubled. As per MMC Ventures, 60%of artificial intelligence has been currently used by technology and financial service companies.
7. As reported by G2 Crowd, 63% of people in the world prefer to message a chatbot rather than talking to a human.
8. According to Chatbots Magazine, 44% of executives think that the data which can be used to make decisions is provided by artificial intelligence.
9. As per the Global Market Insights, the wearable artificial intelligence revenue will reach $180 billion by 2025.
10. As reported by VisionGain, the market growth of facial recognition powered by artificial intelligence is going to increase by 20% by the year 2020.