In this ever-changing digital age, the way businesses operate is also dynamic and rapidly changing. Whether it is market disruption due to the introduction of new technologies, or automation of processes in production, sales, marketing, advertising, and customer service, data analytics, and artificial intelligence are helping companies stay relevant and gain a competitive advantage. It has become not only an option for creating. Anticipate future trends as you try to understand the scope and endless opportunities these areas offer your business.
Interesting facts and statistics about data analytics and artificial intelligence
By 2025, the value of the worldwide AI market is anticipated to be $190.61 billion. The annual growth rate of AI will get 33.2% between 2020 and 2027. 97.2% of businesses are spending money on AI and big data. The big data analytics market could grow to $103 billion by 2023. The above statistics and information suggest a bright future for data analytics and AI. Research shows that the number of companies adopting AI will increase by about 240% over the next four years.
Data analytics and artificial intelligence applications
From finance to marketing to human resources, no industrial or commercial sector is immune to the growing demand for data science and AI. Banking has gone digital as more wealth management solutions harness the power of big data to make the right investment decisions. He also helps financial firms solve lifestyle management problems for high-value clients. AI plays a vital role in developing data protection solutions that are expanding their reach beyond finance. Razorpay, a leading fintech and payment solutions provider in India, uses AI to monitor losses due to return-to-order (RTO) fraud in e-commerce. These scams occur when someone exchanges a returned product for a defective one or refuses to accept the outcome. The AI engine can flag orders as low and high risk and reject or approve them depending on the type of risk.
Marketing automation has always kept abreast of brands by aggregating data from various sources to enable micro-level insights into customer behavior and buying habits. This has taken the shopping and customer experience to the next level, allowing brands to build a strong base of loyal customers. AI chatbots have revolutionized keeping customers happy at all times by shortening the TAT for resolving queries. AI technology is also constantly used in HR to find suitable applications by setting specific parameters.
Research shows that Netflix’s exponential growth can be attributed to the rise of data analytics and AI technology in recent years. These cutting-edge solutions provide users with personalized movie and TV show recommendations, significantly increasing viewing time. Netflix also uses data analytics to personalize marketing content and improve production planning. Of course, the impact can be measured by analyzing the growth rate of Netflix’s global audience, which is expected to reach 670.7 million by 2024, making up 8.4% of the population.
Retail giants like Lenskart invest heavily in AI technology to improve customer satisfaction. Their “AI lens” captures customer steps without user involvement and transforms video data into valuable information to increase sales and productivity while increasing store security levels.
The list doesn’t end here. Other sectors such as automotive, agriculture, lifestyle, and gaming are also gaining popularity, using big data to power automation and virtual reality applications. What else? A combination of big data and AI technology helps farmers detect nutrient deficiencies in
the soil. Data analysis allows manufacturers to develop strategic demand and consensus plans. A data-driven approach to decision-making also helps organizations effectively manage risk, especially in finance and insurance.
Given the growing demand and wide range of applications, AI and data analytics will undoubtedly determine companies’ future decision-making processes. By increasing your knowledge of these technologies and improving your skills at the right time, you can shape your career and stay ahead of your game.