Why is Artificial Intelligence the Next Breakthrough? — Infographic

Currently valued at $202 million, the market for Artificial Intelligence (AI) technology is expected to explode to more than $11 billion by 2024. What’s driving this incredible growth? And how are companies using the technology to grow their business?

The Artificial Intelligence (AI) market will grow from $202 million to more than $11 billion by 2024.

What’s driving this explosive growth?

1. “Big Data” — Between 2009 and 2020, the data we need to keep track of will grow by 44 times. (IDC, 2014)
2. Fewer Bodies — 62% of businesses believe slow processes are limiting their revenue. (IDC, 2014)
3. Computational Power — In 2000, $1,000 bought the computation power of a cricket. By 2020 the same $1,000 will buy a human brain. (Kurzweil Technologies, Inc., 2015)

There are two types of AI

1. Deterministic: software that executes a known series of steps in a pre-programmed sequence to arrive at a solution. Describes most software applications today. (Decoded Sciences, February 2012)
2. Non-Deterministic: Applications that explore an exponentially large number of inputs to arrive at a previously unknown output through the recognition of patterns and categories in the data. (Decoded Science, February 2012)

80% of businesses believe AI improves worker performance and creates jobs. (Narrative Science, 2015)

This is called Machine Learning. 44% of business believe AI can be helpful in making better business decisions. (Narrative Science, 2015)

What growth opportunities are available for businesses in AI development?

1. Using Machines that Understand “Big Data”

58% of businesses that use “big data” also use AI technologies. (Narrative Science, 2015)

2. Making Smarter Robots

From 2016 to 2018 robot installations are estimated to increase by 15% on average per year. (www.ifr.org, 2015)

3. Making Smarter Assistants

32% cite voice recognition and response solutions as their most used AI technology. (Narrative Science, 2015)

4. Using Machines that Understand Emotions

1,400+ brands use Affectiva’s technology to understand consumer emotional engagement with digital content. (iMotions, 2015)