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Artificial Intelligence is on a streak. Gartner expects the AI market to exceed $1.2 trillion dollars this year and to reach nearly $4 billion by 2022. The market is currently growing at about 70 percent. Businesses are applying AI technology to help them in three areas: customer experience, new revenue, and cost reduction.
Other findings of the Gartner report include:
- AI services are on track to become a multi-billion dollar industry.
- AI will improve the quality and efficiency of customer service that businesses can offer and while doing that, reduce labor costs.
John-David Lovelock, research vice president at Gartner, said that “AI promises to be the most disruptive class of technologies during the next 10 years due to advances in computational power, volume, velocity and variety of data, as well as advances in deep neural networks (DNNs). One of the biggest aggregate sources for AI-enhanced products and services acquired by enterprises between 2017 and 2022 will be niche solutions that address one need very well. Business executives will drive investment in these products, sourced from thousands of narrowly focused, specialist suppliers with specific AI-enhanced applications.”