Gartner: Global business value from AI will reach $1.2 trillion by the end of 2018

James is editor in chief of TechForge Media, with a passion for how technologies influence business and several Mobile World Congress events under his belt. James has interviewed a variety of leading figures in his career, from former Mafia boss Michael Franzese, to Steve Wozniak, and Jean Michel Jarre. James can be found tweeting at @James_T_Bourne.

Global business value derived from artificial intelligence (AI) will hit $1.2 trillion (£859.4bn) this year, according to the latest forecast from analyst house Gartner.

The total use cases come under three categories, Gartner puts it: customer experience, new revenue, and cost reduction. By 2022, Gartner predicts this overall number will threaten $4 trillion – but what’s more interesting is the growth percentage. 2018 will see 70% growth, from $692bn to $1.2tn, with 2019 seeing an additional 62% growth to $1.9tn.

The analyst firm puts this down to a shift from organisations seeing value in using AI techniques in the coming two years, to uncovering business value and new revenue opportunities from 2021 onwards.

Today, cost reduction is one of the primary factors as companies look for AI to automate more tasks and improve decision making. As this publication has previously noted, fears abound over how automation may lead to employees’ jobs being removed. Gartner’s view, which comes in line with that of many technologists, is that virtual agents, for instance, will take over simple requests and tasks from call centres and leave the more complex issues to human workers.

“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,” said John-David Lovelock, Gartner research vice president in a statement.

“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,” Lovelock added. “Business executives will drive investment in these products, sourced from thousands of narrowly focused, specialist suppliers with specific AI-enhanced applications.”

You can read the full analysis in the Gartner report (client access), The Business Value of Artificial Intelligence, Worldwide, 2017-2025.

 Interested in hearing industry leaders discuss subjects like this and sharing their use-cases? Attend the co-located AI & Big Data Expo events with upcoming shows in Silicon Valley, London and Amsterdam to learn more. Co-located with the  IoT Tech Expo, Blockchain Expo and Cyber Security & Cloud Expo so you can explore the future of enterprise technology in one place.

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