NCET helps you explore business and technology
By Dave Archer
“I’m sorry, Dave. I afraid can’t do that.”
While HAL and sinister robots set on world domination may not be in our future, wide-spread applications of Artificial Intelligence, or AI for short, is already here.
To learn more about AI, we asked three of Northern Nevada’s top AI experts to share some datapoints and predictions:
- Matt Jamison, Technology Consultant, The Gunter Group
- Meg VanDeventer, Partner Engagement Lead, Blockchains
- Tom Van Ruiten, Digital Marketing Manager, Noble Studios
Here’s what they said:
- Market research firm Tractica estimates that the Global Artificial Intelligence software market size is expected to grow by approximately 154% each year from US$9.5 billion in 2018 to a forecasted $118.6 billion by 2025.
- Between 2016 and 2025, the top five use cases/segments of the AI market worldwide – ranked by revenue – will be:
- Machine/vehicular object detection/identification/avoidance
- Static image recognition, classification, and tagging
- Patient data processing
- Algorithmic trading strategy performance improvement
- According to Statista sources Accenture and Frontier Economics, AI has the potential to increase economic productivity of the United States from 2.6 percent in 2019 to 4.6 percent by 2035. While the U.S. is anticipated to lead the innovation’s impact on a global scale, other regional growth hubs include Finland, the United Kingdom, Sweden and the Netherlands, among others.
- Advanced data collection has led us to a period where websites are delivering dynamic, constantly changing experiences that are personalized to individuals. We see this to some degree now on many websites, like Amazon; but we are moving to a point where two different individuals might not even experience recognizably-similar versions of a landing page, as sites are learning to instantaneously modify page structure and content based on behavioral, demographic, and other third party data. Machine learning is helping to make use of the sea of data businesses are collecting on their site visitors, and we see dynamic, highly personalized website experiences as the future.
- Machine learning as it relates to digital marketing is all about optimizing results for goals. Algorithms are not subjective or emotional. Is your goal to get visitors to your website, or is it to get them to purchase once they land on your website? Are you going after more clicks on your ads or a higher return on ad spend? The machine logic doesn’t struggle with competing goals like we do; it’s either A or B, not some dynamic combination that fluctuates between weekly management meetings.
- To take advantage of current AI capabilities, you must be able to prioritize your website’s marketing goals, especially as it relates to the buyer’s journey from awareness, to research, to purchase. The AI algorithms optimize results over time, with more users/data leading to better results. Be prepared to carefully prioritize your organizational goals and stick with it as the machine does its thing.
Learn more about current and future applications of artificial intelligence and what they could mean for your personal and professional lives with our panel of experts at NCET’s luncheon on July 24. More info and tickets at NCETspecial.org.
Dave Archer is President and CEO of NCET, a member-supported non-profit that produces educational and networking events to help people explore business and technology.