In this ever-evolving Digital Era, the ways in which businesses operate are also changing dynamically at a brisk pace. Be it market disruption due to the adoption of new technologies, or automation of processes across Production, Sales, Marketing, Advertising and Customer Service – Data Analytics and Artificial Intelligence are not just options but have become a necessity for businesses to stay relevant and get a competitive edge. Let’s foresee future trends as we try to understand the scope and unlimited possibilities that these fields empower businesses with.
Interesting Facts and Stats about Data Analytics and Artificial Intelligence
- The Global AI Market Value is expected to grow to an impressive $190.61 billion by 2025.
- The AI annual growth rate will touch a whopping 33.2% between 2020 and 2027.
- 97.2% of companies are investing in Big Data and AI.
- The Big Data Analytics market will possibly skyrocket to $103 billion by 2023.
All the above-mentioned statistics and insights point to the fact that the future of Data Analytics and AI looks bright. Research also indicates that the number of businesses that adopt AI will grow by about 240% in the next four years.
Applications of Data Analytics and Artificial Intelligence
From Finance to Marketing and Human Resources, there is no Industry or Business area that has remained untouched by the growing demand for Data Science and AI. Banking has gone digital as more and more Wealth Management solutions are leveraging the power of Big Data to help make the right investment choices. It also assists Finance Companies in resolving high-value customer lifestyle management challenges. AI plays a vital role in devising Data Protection solutions that extend its sphere of influence beyond Finance. India’s leading Fintech and payments solution provider, Razorpay uses AI to keep a tab on Return-to-Origin (RTO) fraud losses in e-commerce. These frauds occur when someone replaces the product to be returned with a faulty one, or by denying the receipt of the product. The AI engine flags both low-risk and high-risk orders, which can be rejected or approved based on the type of risk.
Marketing Automation has empowered brands to stay on top of their game, allowing them to collate data from massive sources to derive insights about customer behavior and buying patterns at a micro level. This has helped in enhancing shopping and customer experiences to the next level, enabling brands to build a strong foundation of a loyal customer base. AI Chatbots have brought about a revolution in maintaining customer satisfaction at all times by reducing the TAT for resolving queries. Even in the field of HR, there has been a steady growth in the dependence on AI technologies for finding the right applications by setting up specific parameters.
Research shows that the exponential growth of Netflix can be attributed to the ramping up of Data Analytics and AI technologies in recent years. These new-age solutions provide users with personalized movie and TV show recommendations which increases view time considerably. Data Analytics is also used by Netflix for personalizing marketing content and for enhancing production planning. The impact can be evidently measured by analyzing the growth rate of worldwide Netflix viewership, which is expected to reach 670.7 million by 2024 and make up 8.4% of the population.
Even retail giants such as Lenskart are heavily investing in AI technologies to improve customer satisfaction. Their “AI Lens” captures customer footfalls without user involvement by converting video data into valuable information to drive sales and productivity while increasing the level of security at the store.
The list does not end here. Other fields such as Automobiles, Agriculture, Lifestyle and Gaming, have also witnessed rising popularity in the use of Big Data to drive automation and Virtual Reality applications. What’s more? The combination of Big Data and AI technologies can help farmers detect nutrient deficiencies in the soil. Data Analytics can help Manufacturers in strategic demand and consensus planning. A data-driven decision-making approach also aids companies in effective Risk Management, especially in the field of Finance and Insurance.
Looking at the growing demand and the extensive range of applications, AI and Data Analytics will surely define the future of businesses and decision-making processes going forward. Upgrading your knowledge about these technologies and upskilling at the right time will take you a long way in shaping your career and staying one step ahead.
Reference links:
https://www.semrush.com/blog/artificial-intelligence-stats/
https://analyticsindiamag.com/how-indian-retailers-use-ai/
https://analyticsindiamag.com/how-the-indian-fintech-is-using-ai/