With the Artificial Intelligence (AI) market predicted to grow at a CAGR of 53.65% from 2015 to 2020, momentum for AI is undoubtedly surging. AI, which is essentially the capability of a machine to imitate intelligent human behaviour (such as visual perception, speech recognition, etc.) and carry out multiple tasks, is proven to drive greater efficiency, and is on course to play a key role in propelling the growth of the retail sector. As consumers continue to demand greater speed and easier access to product and service information, fuelled by our connected world and the internet of things, AI will dramatically enhance the customer experience through improving responsiveness, personalisation and productivity. The potential of AI and its anticipated impact on the future of retail is massive, and by embracing it early on, brands and retailers have the opportunity to gain a major competitive edge.
You've heard the rumblings of the robots, right? When I make a customer service call and get an eerily nuanced answer from a chatbot, I hear the rumbling of the robots. When I call out to my digital assistant and Siri/Alexa/Cortana makes a wise-cracking response, I feel the rumblings. I can't help but love my Roomba, and I have mixed feelings about the robot that assembled my car, but what about the more nebulous forms of Artificial Intelligence?
You might say 2017 is the year of Assistant. While Google's AI chatbot launched last year, it's really come into form over the past few months, with an array of third-party actions, support for all Marshmallow and Nougat phones, Android Wear integration, and most recently, the ability to access millions of recipes. But now it's ready to take the biggest leap of all.
In my previous blog on artificial intelligence (AI), I dealt with the general characteristics of AI and machine learning. Thanks to complex virtual learning techniques, machines are now able to perform a wide range of physical and cognitive tasks. And the efficiency and accuracy of their work is expected to increase as AI systems advance through machine learning, big data and increased computational power.