Artificial Intelligence (AI) is about integrating or mimicking human intelligence and behavior to machines and softwares and respond and behave in circumstances. It has been most commonly pictured as robots and talking computers or a major part of an advanced future. It is already here and is being utilized in all sorts of fields. One of the biggest trends in the technology enterprise today is Artificial Intelligence. As Artificial Intelligence matures, more and more businesses are joining the trend to include AI innovation in their action plans to stay ahead of competitors.
AI is already making exceptional impacts in multiple industries. It is spreading, if not all, almost all kinds of businesses and its areas. Some of these industries include retail, manufacturing, automotive, life sciences, healthcare, energy and financial services. It has settled for a development surge as many industries lean on for a long-term development and it will reach not only years but decades. As expected, the most extensive modifier of AI today is IT departments. IT departments use AI in automation, identifying threats and user concerns.
To help improve employee productivity, AI is already being operated to automate specific processes. It has been anticipated that it will significantly impact enterprise customer service. An Oracle study found out that 8 out of 10 businesses have implemented or are planning to adopt Artificial Intelligence as a customer service solution by 2020.
It is believed that AI will define the future of customer service. AI in customer service is forecasted to surpass the percentage of other industries that uses the technology.
AI Startups Acquisition
This year, AI is more likely to be the most popular area of investment for tech firms. Perceiving Artificial intelligence as a catalyst to success, many industries are looking forward to it to gain market shares. According to a market research firm Tractica, AI spending is predicted to grow from $640 million in 2016 to $37 billion by 2025.
Big global corporates like Apple, Salesforce, Google, Yahoo, Intel and IBM are challenged to acquire private AI companies. Recently joining the trend are Ford, Samsung, GE and Uber. In addition, since 2012, over 200 private companies that practice AI algorithms have been acquired.
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