The voice market will grow from $1.6 billion in 2015 to $15.8 billion in 2021 (iProspect) Despite these make-or-break stakes, fewer than half of companies are currently taking measures to manage customer service over customer facing channels or are able to draw valuable insights from data available on social media profiles. Social media is a goldmine, with information on preferences, opinions and, in many cases, buying intentions readily available, yet only 40% of businesses are able to integrate Chatbots in social or CRM data for their customer analytics. Don't forget to like and recommend this story if you found it interesting!
According to the latest market research report "Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), End-User Industry, and Geography - Global Forecast to 2025", published by MarketsandMarkets, the market is expected to grow from USD 21.46 Billion in 2018 to USD 190.61 Billion by 2025, at a CAGR of 36.62% between 2018 and 2025. Major drivers for the market are growing big data, the increasing adoption of cloud-based applications and services, and increasing demand for intelligent virtual assistants. The major restraint for the market is the limited number of AI technology experts. Browse 67 tables and 48 figures spread through 205 pages and in-depth TOC on "Artificial Intelligence Market - Global Forecast to 2025" The market for services is expected to grow at the highest CAGR between 2018 and 2025. The adoption of AI is rapidly increasing in various applications.
The market is further segmented on the basis of types and end-user applications. The report also provides an estimation of the segment expected to lead the market in the forecast years. Detailed segmentation of the market based on types and applications along with historical data and forecast estimation is offered in the report. Furthermore, the report provides an extensive analysis of the regional segmentation of the market. The regional analysis covers product development, sales, consumption trends, regional market share, and size in each region.
The value of global insurance premiums underwritten by artificial intelligence will exceed $20 billion by 2024, up from an estimated $1.3 billion in 2019, according to new data from Juniper Research. This growth will be driven by streamlined underwriting processes, faster customer on-boarding and reductions in operational costs enabled by AI, according to the forecast. The report, Insurtech: Impact Assessments, Insurer Readiness & Market Forecasts 2019-2024, says that increased use of telematics and Internet of Things (IoT) management tools will enable efficiencies in underwriting in the motor, home, life and health insurance sectors. Insurers' increased access to operational and behavioural data will enable enhanced data analysis capabilities; allowing insurers to guard against evolving risks. The research anticipates that global revenues from telematics will grow from $1.2 billion in 2019 to $5.4 billion by 2024.