Find me research about the trends in the use of AI/machine learning and marketing to consumers.
As it has been requested for this write-up to include quick stats, rather than huge chunks of information, below are the key pieces of data to pull out from our research. The statistics and quotes are organized into three categories: quick general AI statistics, AI technology already in use, and predictions in AI technology.
QUICK GENERAL AI STATISTICS
“51% of marketing leaders are already using AI”.
“72% of high performing marketing teams are using AI for product recommendations and predictive lead scoring”.
“63% of marketers are already using AI tools without realizing it”.
“The #1 objective surveyed businesses want to achieve with AI is to drive revenue growth”.
“Three things AI currently processes reasonably well are image recognition, natural language processing and aspects of driverless cars”.
AI EXAMPLES IN MARKETING ALREADY
Netflix uses “diverse datasets for predictive analysis purposes to surface recommendations”, and lets “users make the most of their subscription”.
Under Armour takes user data “from its Record app” and “combines with third-party data and research on fitness, nutrition, etc.” by utilizing IBM’s Watson.
Google uses RankBrain, “an AI system that interprets a ‘very large fraction’ of search queries…to help find relevance in content and queries, as well as better interpretation of voice search and user context (e.g. Google Now)".
Neiman Marcus utilizes AI (specifically, Natural Language Processing [NLP]), to “transform text into structured data” in order to “react quickly to new fraudster tactics and analyze unstructured data”.
Google utilized AI to “replace their old Google Translate system” and “it went from pretty good to outstanding literally overnight”.
PREDICTIONS IN AI TECHNOLOGY
“The robots and AI solutions market will grow to $153 billion by the end of 2020…which will comprise $83 billion for robots and robotics, and $60 billion for AI-based analytics”.
“There will also be $9 trillion of cuts in employment costs via ‘AI-enabled automation of knowledge work’”.
“AI could boost productivity by 30% in many industries…while cutting manufacturing labor costs by 18% to 33%”.
“75% of executives surveyed say AI will be ‘actively implemented’ in companies within the next three years”.
“3,500 marketing leaders say AI is the ‘leading technology’ where marketers expect the most growth in the next two years”.
Top firms such as Google, Salesforce, Microsoft, and Amazon spent “$20 to $30 billion on AI in 2016”.
Top “five objectives that organizations want to achieve with artificial intelligence marketing initiatives includes driving revenue growth, better serve existing customers, meet rising customer expectations, remain competitive, and improve/strengthen our brand”.
Further, when asked what their plans were when using AI marketing technologies, the top ten answers are below:
AI-enhanced advanced analytics: 43%
Intelligent recommendations solutions: 40%
Machine learning: 37%
Customer analytics: 35%
Text analytics: 32%
Send time optimizations: 30%
Virtual assistants: 29%
Business intelligence: 29%
Deep learning, neural networks: 29%
Contextual solutions: 28%
In all, AI is already being utilize by over half of United States marketers, and over 60% are utilizing AI without realizing it. AI is rapidly growing, and is expecting to grow to $153 billion by the end of 2020. Large companies already utilizing AI technology include Netflix, Under Armour, Google Search, Nieman Marcus, and Google Translate.