According to data presented by Trading Platforms. figures show that revenue from AI systems is projected to increase by 120 percent by 2024 to $110 biillion In 2020 the AI market is expected to reach the $50 billion mark for the first time.
In a study of use cases of AI, the numbers point to organisations wanting to improve their customer experience or increasing employee productivity. Organisations use AI for Automated Customer Service Agents, Sales Process Recommendation and automation to help deliver better customer experience in their webstores. Productivity is increased through the use of AI through automated threat intelligence and prevention, and IT automation. These uses account for nearly a third of all use cases, the report said.
As the data above suggests, the retail sector will primarily focus on the improvement of their customer experience through the use of chatbots and recommendation algorithms. The banking sector meanwhile will not only use AI in the same way as retail when it comes to Automated Customer Agents but largely to aid in their fraud analysis and investigation which accounts for 6.1 per cent of case uses.
Throughout the forecast period up until 2024, the US will still account for more than half of all AI spending powered by the strong retail and banking industry. Western Europe will be the biggest largest users of AI primarily in retail and banking but as well as discrete manufacturing. China will be the third-largest source of AI revenue with state/local government, banking and professional services as the industries leading AI integration.
During the forecast period, Japan will see the largest five-year growth with a CAGR of 32.1 percent with Latin America as the next largest growth opportunity with a CAGR of 25.1 percent.