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Artificial Intelligence Industry will be Worth $1.2 trillion in 2018

Companies like Google, IBM, Microsoft, Apple and Nvidia are laboriously researching to develop AI-based products and services

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According to the research firm Gartner, the global value derived from AI will mark a 70% increase from 2017 which is expected to be $ 1.2 trillion this year and expected to surge up-to $3.9 trillion by 2022. One of the biggest combined sources for AI-enhanced products and services obtained by organizations from 2017 to 2022 will métier solutions that will tend to needs very well. 

These needs might include techniques to make customer experiences better, ways to drive new revenue streams and methods to cut costs, which can be operational or serving existing products. 

Companies like Google, IBM, Microsoft, Apple and Nvidia are laboriously researching to develop AI-based products and services. Start-ups from around the world are also budding up to pursue Artificial intelligence in sectors like automobiles, commerce, sales, marketing and customer relationship management.

Strong growth might appear in the customer experience sector while organizations will experiment with offshoot technology like in-depth learning, neural networking and machine learning software.

Virtual assistants, for instance can take over client requests and tasks from call centers, subtracting the cost for organizations in providing customer helplines. By proceeding to simple tasks, human resource is then free to devote their time to complex tasks which in turn may improve customer service. 

Artificial intelligence is supposed to present 36% growth of the global market value in 2018 and in 2022 this arena may sum up to 44% of global AI business value. 

AI market growth is speculated to surge until 2021 and once the market will be stable this curve is expected to flatten. 

Decision automation systems which use AI to automatically perform business tasks such as classifying database will account up-to 2% this year. 

However, as AI systems mature to tackle the problem of classifying unstructured data this percentage is expected to move forward to 16% in 2022. Smart products like cloud systems connected to AI platforms account to 18% of global value this year and is expected to reduce to 14% by 2022 as more mature systems take charge. 

Hence, in the long run the business value of AI will be about new revenue possibilities. 

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

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Shefali Bhatia

Shefali is an intern with BW Businessworld and covers Artifical Intelligence

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