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?
- “Big Data” — Between 2009 and 2020, the data we need to keep track of will grow by 44 times. (IDC, 2014)
- Fewer Bodies — 62% of businesses believe slow processes are limiting their revenue. (IDC, 2014)
- 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
- 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)
- 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?
- 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)