Artificial Intelligence solutions can be considered a trend itself, yet it would be an understatement. The domain is currently a way to broad and complex to consider it a monolith. So what are the most significant Ai-related trends to watch in 2020?
Artificial Intelligence is a business and industry revolution comparable to the steam machine and an assembly line, that redefined the way the goods are produced and the whole economy in the end. Augmenting the human workforce with technology had an impact unseen before, with lifting thousands of workers from poverty and building modern societies among others.
Considering that, it is not a surprise that the AI market is estimated to reach $118.6 billion by 2025 jumping from $9.51 billion in 2018 delivering over elevenfold growth in seven years. According to Markets and Markets research, the compound annual growth rate amasses to 36.6%.
Delivering such an inspiring growth is based on several technologies and trends that will be worth observing in the upcoming year.
There are several emerging techniques within Artificial Intelligence technology and providing the reader with every one of them would be pointless. That’s why we decided to deliver the most significant business-related trends to watch in 2020.
A chatbot is an ever-vigilant, always well informed and ready-to-help guy with and endless patience. Perfect customer service or helpdesk employee indeed. That’s why multiple companies include chatbots in their daily operations.
Currently, almost 60% (59% to be precise) conversations are currently involving a chatbot. What’s even more impressive, 27% of cases started in the conversation with the chatbot were resolved from beginning to the end by the chatbot.
Delivering a tailored and personalized offer for the customer is being reached into new heights. Companies like Google, Facebook or Amazon process a mind-boggling amount of data regarding the habits and preferences.
A great example comes from Netflix, where even disturbingly niche preferences like “a strong female protagonist in a romantic story” are properly mapped and similarities are found. Bringing something so fitting is impossible without the machine learning techniques that are able to chew through both the customers’ and the movies (or other content) data.
According to the Accenture data, up to 91% of consumers are more likely to shop with a brand that provides relevant offers and recommendations. And in the age of AI-powered recommendation engines, that’s far beyond “tanks for boys and dolls for girls” paradigm.
On the dark side of the personalization, there are echo-chambers and bubbles created by Facebook and similar algorithms that provide a tailored world for the user. Delivering the algorithm that is not producing a digital bubble while providing as much personalization as possible is yet another challenge associated with the AI.
The right content is one thing. But the right place and time is a whole different story. Companies that master sniffing not only a product preference but also a time relevant for delivering a message are on track to win the race for the client’s attention.
A good example can be shown on delivering push notifications in a time relevant to the customer’s timezone - there is no point in promoting the customer in the middle of the night. He or she will be sleeping or - in a worse scenario - will get awaken and get angry on the app that caused that.
By analyzing the patterns within the user’s activity, the AI-powered solution can spot the micro-moments where the user is both active and most open for the information. The whole concept of micro-moment marketing was conceived by Google, one of the leading AI-developing companies and one of the few that deliver the infrastructure and tools to make this paradigm reality.
It doesn’t look like a random correlation. Rather a carefully devised AI trend.
With the rising popularity of cyber assistants like Siri, Alexa or Google Assistant, the way people search for new information changes. The interesting fact is that humanity devised an interesting para-language of possibly accurate google querries that is composed of limited grammar and simple words intended to stick to keywords.
Thus, SEO was a two-side game aimed at spotting the right combination of keywords that cover the need of the user. And that proved to be tricky sometimes, especially in the niche, B2B services. Another tricky situation occurred when the user had a need but didn’t know what to look for.
The things slowly changed with the semantic search, but the real redefinition comes with voice assistants - and the key in the change is in the user’s habit of speaking in a natural way, not in the search engine optimized para-language.
Considering that, delivering an SEO strategy can change significantly, shifting from forging a little bit unnatural constructions into the text to building more “speech-like” content to make it more fitting to the voice search.
The next step can be delivering a more precise targeting by cherry-picking people with a certain accent or speech mannerisms that reflect the education or professional background. Although it sounds a bit odd, it is a part of our reality right now - Facebook allows the user to target people who celebrate Ramadan or
Last but not least, the last and maybe the most important trend will be the growing popularity of Artificial Intelligence solutions. companies will find new ways to apply the ML-based solutions into their daily operations and support the problem solving with AI tools. Examples are as numerous as companies out there, waiting to discover their own way to use the new technology.
The popularity will take two forms. The first one comes as a bigger adoption of the technology among the end-users. An increasing number of people will be using AI-powered solutions without even knowing that.
Also, companies will be seeing profits rising from adopting this technology and augmenting daily operations with it. Thus, today’s elite technology will be tomorrow’s commodity, as it became with big data and another tech throughout human history.
It is easy to say that AI is the future and every company is going to be affected. But it is not the truth. The artificial intelligence is today’s most important trend affecting everything. It is a silent revolution of numerous AI trends that are powering the most important changes in the business and world around.
The machine learning technology is flourishing, sprouting both solutions that benefit all the users like a better personalization, more tailored content or a vast improvement in the process effectivity. On the other hand, the same technology is criticized as a tool or surveillance in China and predicted to deliver even more significant changes in people’s daily lives and future advances by artificial intelligence.
But that’s only a tool, in the same way, the steam locomotive was - the tool powerful enough to transform all reality and jump-start a company into the new era.
Maybe your company is in need of some AI consulting company?
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