10+ top quotes & stats that you need to know about AI Market
The Artificial Intelligence Market panorama is changing fast.
Most famous searching institutes and biggest advisors companies are trying to figure out what is going on and what is yet to come.
I’ve collected 10 (and more) best quotes and stats about Artificial Intelligence Market size, statistics and forecast all around.
1. McKinsey Global Institute
People from McKinsey Global Institute, interrogating themselves about the early adoption of Artificial Intelligence in companies’ process, in their paper say:
Firms that combine strong digital capability, robust ai adoption, and a proactive ai strategy see outsize financial performance.
Digital native companies made some of the most significant and earliest investment in AI, providing test cases for potential return on investments in AI.McKinsey Global Institute, “ARTIFICIAL INTELLIGENCE THE NEXT DIGITAL FRONTIER?” (p. 20)
Most significant investments are reserved for Machine Learning. Why? Easy to say. Without Machine Learning you can’t successfully manage, segment, analyse data.
Machine Learning enables other more specific tasks such as image recognition.
We read:
Machine learning attracted almost 60 percent of that investment, most likely because it is an enabler for so many other technologies and applications, such as robotics and speech recognition.
McKinsey Global Institute, “ARTIFICIAL INTELLIGENCE THE NEXT DIGITAL FRONTIER?” (p. 12)
2. Tractica
Tractica, a consulting company which provides in-depth analysis of interaction among people and technology industry, also runs searches on Artificial Intelligence Market, trends, and forecasts. Quarterly during the year, Tractica publishes insights about Artificial Intelligence Market.
In their 3Q 2016 editions, authors say:
Revenue generated from the direct and indirect application of AI software is estimated to grow from $643.7 million in 2016 to $36.8 billion by 2025. This represents a significant growth curve for the 9-year period with a compound annual growth rate (CAGR) of 56.8%.
Artificial Intelligence Market Forecasts, EXECUTIVE SUMMARY (p. 2) 3Q 2016
They also highlight precious information about the top 10 Artificial Intelligence use case and the expected revenues from these ten applications of the technology.
Out of the top 10 use cases, 60% of the use cases are related to big data and 40% are related to image or object recognition, which is a good high-level characterization of how the market is expected to shape up. In total, the top 10 use cases will account for approximately 40% of the overall AI software market revenue in 2025, representing $14 billion in value.
Artificial Intelligence Market Forecasts, EXECUTIVE SUMMARY (p. 3) 3Q 2016
3. Forrester
At Forrester, among they numerous insight paper, they also obviously have one dedicated to Artificial Intelligence Market Insights.
Professor Michele Goetz, in his article about Data Performance Management, on February 6, 2017, says:
Data Performance Management Is A Must-Have, Not A Nice-To-Have.
Michele Goetz, Data Performance Management.
The paper explains that companies are moving on, spending now more time, resources, people and care in curating valuable data to best apply new Artificial Intelligence Technologies.
However, this is a long journey that involves so many facts and figures inside a company data management process to be successful in the results.
4. AI Index from Stanford
AI Index is a project within the Stanford 100 Year Study on AI (AI 100). This initiative, funded by big players on the AI industry such as Google, Microsoft, and Toutiao.
The AI Index mission is to track and visualizse data relating to artificial intelligence.
To do that they leveraged on data coming from Indeed.com, Monster.com, the Google Trends Team, the Google Brain Team, Sand Hill Econometrics, VentureSource, Crunchbase and many other sources that you can find in their latest 2017 AI Index Report, free to download without any opt-in.
Here a quote that I think can clarify why, very often, Artificial Intelligence is misunderstood.
Tasks for AI systems are often framed in narrow contexts for the sake of making progress on a specific problem or application. While machines may exhibit stellar performance on a certain task, performance may degrade dramatically if the task is modified even slightly.
5. Accenture
Accenture search wants to make clear that Artificial Intelligence Marketing will have an impact on the whole organization system. From the C-level to the front line, everybody work and evaluation method will change.
That is mostly a new way of find value in people, information and data with the aim of winning a new decision-making mindset.
AI will bring new criteria for success — defined by collaboration capabilities, information sharing, experimentation, learning and decision-making effectiveness, as well as the ability to reach beyond the organization for insights.
The promise of artificial intelligence. Redefining management in the workforce of the future.
Mark Purdy and Paul Daugherty, in their “Why Artificial Intelligence is the Future of Growth” find in Artificial Intelligence the new factor of production.
AI has the potential to double annual economic growth rates in the countries that we analyzed in terms of gross value added (a close approximation of GDP).
6. PWC
PWC, a big company, leading professional service to entrepreneurial and private businesses, share valuable white-paper trying to give a better insight into a new business challenge that entrepreneurs need to face.
In the “The economic impact of artificial intelligence on the UK economy” report the four authors highlight the importance of AI opportunity in the UK market in the next years.
UK GDP will be up to 10.3% higher in 2030 as a result of AI — the equivalent of an additional £232bn — making it one of the biggest commercial opportunities in today’s fast-changing economy.
The economic impact of artificial intelligence on the UK economy
While, on a different report more globally focused, PWC analysis statement is:
Global GDP will be up to 14% higher in 2030 as a result of the accelerating development and take-up of AI — the equivalent of an additional $15.7 trillion.
Sizing the prize What’s the real value of AI for your business and how can you capitalise?
7. ReportsnReports
Reportsnreports.com, a firm devoted to providing sources for all market research needs has recently released (February 2018) a lengthy report about Artificial Intelligence in marketing market value:
Artificial intelligence (AI) in marketing market to grow at a CAGR of 29.79% between 2018 and 2025. The AI in marketing market is expected to be valued at USD 6.46 billion in 2018 and is likely to reach USD 40.09 billion by 2025, at a CAGR of 29.79% during the forecast period. Factors such as the growing adoption of customer-centric marketing strategies, increased use of social media for advertising, and increase in demand for virtual assistants are contributing to the growth of the AI in marketing market.
8. International Data Corporation (IDC)
An insight report released in September 2017 IDC reveals:
Worldwide spending on cognitive and artificial intelligence (AI) systems is forecast to reach $57.6 billion in 2021. With many industries aggressively investing in cognitive and AI solutions, spending is expected to achieve a compound annual growth rate (CAGR) of 50.1% over the 2016–2021 forecast period. Worldwide spending on cognitive and AI systems will total $12.0 billion in 2017, an increase of 59.1% over 2016.
9. Deloitte
Deloitte, the colossus in the advisory market, in one of its most recent insights, point out that Artificial Intelligence needs people and context. AI are not themselves smart, AI algorithms are intelligent if they are well structured to respond to goals.
AI algorithms are “mind tools,” not artificial minds. This implies that successful applications of AI hinge on more than big data and powerful algorithms.
10. BCG Boston Consulting Group
Over the next five years in three sectors alone — retail, health care, and financial services — personalization will push a revenue shift of some $800 billion to the 15% of companies that get it right.
Profiting from Personalization, MAY 8, 2017
By Mark Abraham , Steve Mitchelmore , Sean Collins , Jeff Maness , Mark Kistulinec , Shervin Khodabandeh , Daniel Hoenig , and Jody Visser
To sum up about Artificial Intelligence Market
Big players in searches and insight have provided their opinion to entrepreneurs, business analysts and investors that are looking to get more and understand, from a statistic point of view, Artificial Intelligence market data, size, and future.
Forecasts are not sure. Artificial Intelligence was born in the Seventies, but it is only a recent blow up due to the possibilities that new and powerful chipset has opened.
Also, since AI and Machine learning are focused programmed, it is quite an uncommon find use cease on a large scale. In Artificial Intelligence there is a healthy return to a more personalized business problem-solving approach.
Now, the floor is yours.
Are you implementing solutions which are involved AI use in your company?
If your reply is “YES” or “I’m working on that” please recommend this article and comment, I really would like to know other opinions.
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