Fast Facts: Enterprise AI Is Surging
In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.
Whether it’s autocorrect on your smartphone or free standing robots aiding in the manufacturing industry, artificial intelligence is here and being utilized in a variety of ways. But it’s the utilization and adoption at the enterprise level that’ll steer the conversation over the next half decade.
According to a new study released by MarketsandMarkets, enterprise AI is forecast to boom through 2022, based on the need to analyze and collect large data sets. The prediction shows a 48.7% CAGR between 2018 and 2022, rising from $845.4 million market value to $6.142 billion by the end of the time frame.
See related: AI’s Biggest Obstacle Is Humans
“In the enterprise AI industry, the Natural Language Processing (NLP) technology is used to collect, analyze, and visualize customer-related data, such as responses to particular products and services,” the report states. “NLP is a human-to-computer interaction that analyzes and understands both the spoken and written forms of human languages. Therefore, it assists machines in understanding the languages in which humans communicate (both reading and writing), and formulating basic and advanced levels of interaction with humans.”
Of the two deployment types – cloud and on-premise – the cloud is expected to have the larger market size based on cost efficiencies.
A major issue in the AI market, however, is the ever-growing “innovation before education” model, where companies are attempting to harness new technologies before properly realizing best practices in adopting them.
See related: Your Company Is Not Ready For AI
As Enterprise Mobility Exchange contributor Jeff Orr points out, “The potential for AI in the mobile enterprise is truly exciting as it signals the beginning of augmenting worker intelligence. Yet many companies will struggle with AI technologies because they have not evolved to operating with ambiguous outcomes. Several AI-powered applications are currently available that benefit every industry and size of business, while reducing the risk and exposure to companies that are looking to build their AI competence.”
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