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How will AI Increase Business for Industries?

Artificial Intelligence (AI) will be incorporated into businesses more as organizations strive to accommodate the new technology. A survey report published in 2018 by Narrative Science and the National Business Research Institute states that 60 percent companies have already integrated AI. They are trying out further avenues as well. In this article at TechRepublic, Jonathan Greig discusses how the technology can increase businesses for industries.

AI Increasing Business

As per 2018 Gartner surveys, AI will improve customer service and reduce labor costs. Services that will use the technology will also experience increased trust among customers and growth in market value. A further study revealed that the technology has helped businesses to reach a net worth of $1.2 trillion in 2018, a 70 percent raise. By 2022, this number is expected to grow up to $3.9 trillion.

Multi-Industry Growth Influence

John-David Lovelock, research VP at Gartner, states that AI will bring more disruption across industries than any other technology in the coming 10 years. It will increase the “computational power, volume, velocity and variety of data, as well as advances in deep neural networks (DNNs).”

Gartner thinks there are three main areas where AI-led influence will be more prominent—customer service, profit avenues, and cost-cutting. Customer experience (CX) is the primary area where artificial intelligence will help businesses derive benefits, as per Lovelock. Artificial intelligence will become better at task management and automation, allowing businesses to save the cost of human resources. Other than lowering costs and risks, the technology will also assist in increasing sale possibilities for other business products and generate ROI from developing technologies.

However, when companies become habituated with the technology, the growth trajectory might become static. Though AI market has a promising growth, 70 percent is the maximum increase you will see in this area for the next five years.

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