AI B2B market set to be worth $1.2 trillion this year

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The financial benefits of utilising artificial intelligence in the workplace is set to hit $1.2 trillion this year, according to a new report by Gartner.

The analyst firm says this figure represents a jump of 70 per cent compared to last year, and claims that by 2022, the value will hit $3.9 trillion.

The report breaks down value gain into three main categories: customer experience (CX), new revenue and cost reduction. Without CX there can be no widespread adoption of AI. Once adopted, it can open up new revenue streams, and reduce costs incurred in producing and delivering new or existing products and services

AI will take over small and repetitive tasks from their human counterparts, freeing up their time for more complex assignments. It will uplift revenue, as well.  

"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(DNNs)," said John-David Lovelock, research vice president at Gartner.

"One of the biggest aggregate sources for AI-enhanced products and services acquired by organisations between 2017 and 2022 will be niche solutions that address one need very well. Business executives will drive investment in these products, sourced from thousands of narrowly focused, specialist suppliers with specific AI-enhanced applications."

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