Gartner Expects the AI Business Market to Grow 70% This Year

While it seems like everybody and their cyborg seems to be thinking about artificial intelligence, a report seems to show there is real business value in the AI market. According to a report released today by the research firm Gartner, the global business value derived from AI is expected to increase to $1.2 trillion this year, up 70 percent from last year. That's expected to continue to grow over the next few years; AI-derived business value in 2022 could be as high as $3.9 trillion. Sources for the business value came from three areas: customer experience capabilities, new revenue from current and future products and services, and cost reductions from producing and delivering products and services. According to Gartner, customer experience is a "necessary precondition" for widespread adoption of AI--both in terms of its potential capabilities and the value it enables--having either a positive or negative effect on indirect costs to businesses.