AI Business 3 March 2020
At the end of 2019, the AI Summit and Omdia, in partnership with Starmind and Forbes, commissioned a survey that saw over 1,000 business leaders, solution creators, and enterprise problem solvers take part. This high-level engagement gave us an insight into how AI solution providers and their customers see the burgeoning AI industry. This space is experiencing phenomenal growth and interest, with the size of the AI software market estimated to go from $5.4bn in 2017 to over $126bn in 2025, according to Omdia.
In the past year, there has been growing introspection in the industry; machine learning has been in the spotlight for a while, and some are asking whether we are on the brink of an AI winter. These survey results suggest not – and yet, the road to transformative AI solutions, particularly those that can cut across enterprise functions, is in a period of re-evaluation, as the challenges have been underestimated, the pace of advancement overestimated.
In this period of re-evaluation, it will be paramount for enterprises that are considering the adoption of AI solutions to engage high-level backing from their board of directors and C-suite to break down business silos. AI solution providers should adopt definition, quality, and clarity as their motto.
Many AI solution markets are far from defined, and while the optimal approach to AI has been characterized as “go big or go home,” there are still plenty of business leaders who do not see this as the case. This means that in providing quality point solutions and cornering their own defined niche, there is plenty of scope for AI solution providers to generate large growth opportunities.
That said, clarity in solution providers’ marketing is taking on increased importance. As executives begin to prioritize their own business needs more effectively, explanations of what an AI system does and how it does it will become increasingly important.
Meanwhile, regulators are waking up to the latest developments in AI and the changes they are bringing to our societies. A key limiter in the adoption of AI is trust in the decisions made by automated systems. In the long term, those solution providers who can make their solutions explainable, and therefore accountable, will win greater market and mind share because their solutions will be easier to trust.
- Organization, not technology, is the key challenge in developing AI, particularly breaking through organizational and data silos.
- The challenges have been underestimated, and the pace overestimated, in the development of AI solutions.
- CRM, website operations, product design, marketing, and sales functions currently show the greatest levels of AI development and look set to be the most promising growth areas for the next few years.
- Development of cross-enterprise AI solutions is hampered by a lack of unified AI strategies.
- Demand for AI talent will only increase as enterprises realign and build out comprehensive strategies looking to deliver an AI-enabled organization.
Access the full, complimentary, interactive report here.
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This report is based on the results of a survey conducted by the AI Summit Event Series, part of Informa Tech, in partnership with Forbes. Responses were taken between September and December 2019, with 1,093 initial responses.
Respondents came from 69 countries, included over 90 CxOs, and over 150 executive roles. Results have then been interpreted based on wider research conducted by the analyst.
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