The global business value of artificial intelligence will reach $1.2 trillion this year, an increase of 70% from last year, according to a new Gartner forecast.
By 2022, AI-derived business value is projected to reach $3.9 trillion.
There are three sources comprising the Gartner AI-derived business value forecast: customer experience, new revenue and cost reduction.
Customer experience is seen as the primary source of business value in the early years of AI, as businesses see the benefits of using artificial intelligence to improve customer interactions, with the goal of increasing customer growth and retention, according to Gartner. By 2021, the primary source will shift to new revenue, as businesses uncover ways to use AI to increase sales.
“AI promises to be the most disruptive class of technologies during the next 10 years due to advances in computational power, volume, velocity and variety of data, as well as advances in deep neural networks," stated John-David Lovelock, research vice president at Gartner. "One of the biggest aggregate sources for AI-enhanced products and services will be niche solutions that address one need very well.”
Virtual agents are projected to provide an uplift in revenue as they free employees’ time for higher value-add work and reduce the need for human assistance. Smart products will account for 18% of global AI-derived business value this year, according to Gartner.