Introduction

Over the past few years, artificial intelligence (AI) has worked its way into a variety of industries, often unbeknownst to users. While the hype surrounding AI has, to a large extent, been focused on autonomous vehicles, customer service chatbots, and programmatic ad-serving solutions, AI is proving its worth in a multitude of use cases.

Indeed, AI technology can uncover complex and meaningful patterns in noisy and data-rich environments that pose challenges for human discernment. AI also has the advantage of being able to process very large amounts of data more quickly and accurately than even crowdsourcing. Although computers do fail, make mistakes, and go down unexpectedly, they are able to perform routine tasks more consistently than most people. Moreover, by feeding computers more training and real-world data, and applying the use of supervised learning techniques, computers can actually improve at performing tasks, something that does not always happen with human workers.

Enterprises are clearly recognizing the value associated with incorporating AI into their business processes. As large companies have increasingly “gone digital,” they have accumulated vast amounts of process, operational, and transactional data sets, which they can leverage to wring out more efficiency, productivity, and cost savings. But simply applying analytics will not enable these enterprises to fully capitalize on the value of the data they generate; only through the use of algorithms can hidden patterns be identified, and then correlated with other seemingly unrelated variables to create real “intelligence” that can truly allow an organization to find insights that can improve the way it runs its operations, as well as improve its customer interactions.

A key fear raised by prognosticators and futurists is that AI systems may become so advanced that they will make humans obsolete. However, a closer look at how AI technologies are being deployed illustrates that rather than replacing humans in the workforce, AI will change the paradigm of work, and shift workers to new roles that are augmented by AI. Will certain jobs and functions be made obsolete? Certainly, but AI will generally eliminate the jobs and functions that are usually considered rote, tedious, and relatively inefficient for humans to handle.

It is clear that organizations are focused on integrating AI, based on the number of pilot programs, proof-of-concept demonstrations, and commercial deployments of AI technology already being publicized by enterprise customers around the globe. Much of the success of AI is due to the fact that most tasks currently delegated to AI technology are data-driven and, therefore, easily measured or benchmarked. When deploying AI technology, even during a small pilot program, the benefits can quickly be demonstrated and proven by looking at the performance data.

Tractica analyzed nearly 300 different use cases in this study to create the market forecast. Not every use case may prove out, but executives in almost every industry need to consider the potential impact AI will have on their respective business models, bottom lines, and careers.

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