Artificial intelligence is disrupting the business world in ways that had not been anticipated before. Jobs are becoming automated, and government is having to rethink the employment issue. Business corporations are, however, reaping the benefits of this technology by employing it to reduce cost and minimize time wastage during the manufacture of products. Critical players across diverse sectors of the business world are adopting artificial intelligence technology. Below are some of the emerging trends in this sector of the economy.
Chatbots being adopted to reduce business costs by $8 billion in 2022
A research done by the analysis company Juniper Research found that using chatbots can reduce business costs by as much as $8 billion by 2022. The report was released on the backdrop of an anticipated uptake of artificial intelligence (AI) by businesses and startups that wished to automate their customer service programs.
The chatbots would be most useful in the banking and healthcare institutions as well as corporations that have greater levels of human interaction. The report predicts a trend whereby 75 to 90 per cent of all queries resulting from human interactions will be handled by “chatbots” in the next five years leading to a projected reduction in cost of about $0.70 for every interaction.
97% of smartphone owners use voice assistants with AI capabilities
The most famous digital assistants include Cortana, Siri, OK Google and Alexa. These are voice assistants aimed at helping device users navigate their gadgets and find whatever they need. Artificial intelligence coupled with digital assistants is the next big thing for these device manufacturers.
A comprehensive study carried out in both the US and UK by Carolina
Milanesi found out that a combined 97% of device owners use voice assistants across the different platforms. This statistic was broken down to include 39% who use the digital assistants at home, 51% in their car, 6% in public while 1.3% used them at work. The adoption of AI in designing these digital assistants is expected to help deal with the challenges to its adoption, chief of which was using it in public.
2020 projected to be the year of AI software programs
2020 is expected to be the year in which almost every software will incorporate artificial intelligence technology. The increasing interest in AI by the general public has forced software developers and vendors to consider it as a necessary component of their products.
The Gartner found out in its research that the word artificial intelligence did not feature anywhere within the first 100 search terms on its search engine in 2016. However, in May 2017, the term had risen to occupy position 7 in the search results. This indicated heightened popularity of the topic because people and businesses want to know how to integrate it with both personal and business operations. This led the Gartner to predict that by 2020, AI will be a critical investment decision by the top software vendors and app developers.