Why Should You Invest in Artificial Intelligence (AI) in 2020?
Why Should You Invest in Artificial Intelligence (AI) in 2020?
The rise of Artificial Intelligence is one of the most significant developments in the history of humanity. In today’s era, machines are getting better at deducing data, identifying patterns, and finding more effective ways to perform tasks. The leading tech companies are working hard at work on breakthroughs that can dominate what’s been achieved so far.
There are incredible incentives for accomplishing and maintaining a leadership position in the field, and investors who back its top players stand to see massive rewards over the long term.
AI-powered tech is already popular in the market, and everyone, from the automakers to the tech giants, is now adopting AI to boost their businesses. Technologies based on AI are now quickly becoming an essential part of our daily lives. AI is no longer a dream as it has already appeared in the present time with great purpose and force.
As there are no universally standardized means of measuring the value of the AI market or its potential, several estimates are suggesting that massive amounts will be created directly and get unlocked indirectly with the technology. A report by PricewaterhouseCoopers (PwC) predicts that AI will lead to improved product value and labor productivity, and consumption will rise to $15.7 trillion in the global annual gross domestic product by the year 2030.
While big business organizations like Apple, Amazon, Microsoft have been incorporating AI technology in their products, in the same way, small business is also standing to benefit their firms. AI helps companies in several different ways like accounting, chatbots, customer support, machine learning, market strategizing, sales, and speech recognition. Thus it is beneficial if you invest in AI technology. To provide more insight into this topic, we’ve gathered this article for our readers.
Is Investing in (AI) Artificial Intelligence Worthy?
MIT Sloan Management Review conducted a survey, and BCG reveals that 90% of the companies are at present investing in AI skills and tools. However, less than 40 percent of the organizations can sense and calculate the economic gains of implementing AI, while the rest noted that new technologies do not affect the business or the impact was minimal.
Well, this also depends on how you are deploying the technology, and the method you’re choosing for implementation. There are numerous ways and reasons to incorporate AI into your business. I have mentioned below some of the purposes why you should invest in Artificial Intelligence (AI) in 2020?
1. Real-Time Analytics –
Artificial Intelligence is capable of processing a massive amount of data and interprets the data in real-time. With this tactic, it becomes easy for businesses to act rapidly and make essential decisions that can position the enterprise firmly in the competitive market. The data can also be given to the end customers like the transportation industry where the drivers can adjust the relying on the traffic density.
2. Business Process Automation –
AI can prove to be effective in managing the automation of service delivery or product automation. Like for instance, it can handle the robotics lines in a factory, can control as well as maintain the necessary environmental conditions needed for product storage. It can monitor the warehouse balance, register customer service requests, process payments, and much more.
Moreover, AI elements can be integrated to accelerate and optimize several jobs carried out by employees like data interpretation by using the ERP system. AI can also be useful to use in the business intelligence departments.
3. AI Boosts the Cloud-Computing Market –
Some of the biggest and renowned tech companies rely on AI significantly to provide excellent cloud computing service. Like, Amazon is having almost 32% share of the cloud computing market that remains the most significant share. It uses AI systems for a host of cloud products. It is further estimated that the cloud-computing market will be worth approximately $278 billion by 2021 and the company that has taken the lead in investment will have a clear advantage. So, what are you waiting for?
4. AI is Enhancing Data Sorting –
AI is not about cool and latest new tech gadgets. This innovation is being used to make existing systems more capable and efficient, particularly in the case of data sorting. It can make it easier to protect and share sensitive data and information.
For example, Data Security Company Spunk helps other companies to gather and categorize data using machine learning. According to the company, it uses machine learning to get deeper insights from data than its customers can get without it. It should allow them to assemble and present valuable information they need from the clusters of raw data they produce.
Also, Spunk’s machine learning services are already assisting their customers and with companies obtaining and making ever-larger amounts of data, such tools will become even more crucial than before.
5. New Opportunities in the IoT –
Artificial Intelligence brings excellent opportunities in the IoT and there can be significant benefits you can gain from investment in AI for IoT. The Internet of Things devices that rely on platforms having AI elements find various uses and there can be breakthrough innovations in this field. Therefore, there can be numerous advantages from investment in this trend as it holds a lot of opportunities for development.
AI also provides a better user experience. Now extremely efficient AI-based chatbots are deployed that can work round the clock and provide user request support at any time. With this customer loyalty can be boosted with better interaction quality and short response time.
Like chatbots, there is an audio-based computer recognition software. You haven’t much encountered this tech on the phone with banks or large firms, where you’re asked to provide a detailed answer to queries like your address or phone numbers, and can pick from a list of subjects to hear more about it. This technology might seem necessary, but it instantly improves and can save your company time and energy if incoming calls are a big part of your business.
Another advantage of AI can be that algorithms and marketing personalization are available that can recognize the interaction among the active and potential buyer’s behavior. It becomes easy to utilize this data and to make precise offers that are meant for a specific group of people.
6. Market Research –
If you desire to compete with your competitors in responsive marketing, AI can surely help you do it. Specific tools can track certain kinds of articles, information, keywords, or subjects, keeping your marketing and PR teams in the consent. It is more than a search engine and is like having a relevant industry newshound within your office.
7. Boosts Cybersecurity –
To ensure webcam safety issues, avoid data theft following cyber disasters like Marriott International case, every year organizations have been adopting measures to reduce these cyber threats by improving data security across the board. One such is combing AI and machine learning to strengthen their cyberspace against possible cyber risks.
AI technology provides crucial insights into cyber threats and maintains IT security strategies. Furthermore, the AI cybersecurity market is expected to rise to $35 billion by 2024, as businesses identify the dangers that are challenging to manage without advanced technology.
The AI-enabled technologies reduce overburdens of services related to running a healthy security posture, from network monitoring and risk control to detect the rising cyber threats and identifying the scams.
Final Thoughts –
Artificial Intelligence has already paved its path in the market, which is growing at an unprecedented rate. Looking forward, investors must consider investing in this technology. In the next few years, more companies will be incorporating AI to remain in the race of their counterparts. Most of the big tech companies are already using AI to expand their dominance in their own business. It is time for other organizations to re-think and start investing in this innovative tech from today and enjoy its benefits.
Author Bio –
Zehra Ali is a Tech Reporter and Journalist with 2 years of experience in the infosec industry. She writes on topics related to cybersecurity, IoT, AI, Big Data and other privacy matters on various platforms, editor at PrivacyCrypts.com, follow her on twitter @zehraaly55.
Also Read – Top 5 Technology Trends To Follow In 2020