July 21, 2022

Artificial Intelligence: Then vs. Now

AI then vs. now

Old vs new Artificial Intelligence

Many companies have a growth challenge: they expect to get as much as 50% of their revenue from new businesses and products by 2026. However, many are not on this path. The answer to this lies in advancements in artificial intelligence. This can be both an exciting and frightening subject. Artificial intelligence is shaping the development of our future and constantly driving technological innovation. Worldwide artificial intelligence software revenue is forecasted to total $62.5 billion in 2022, an increase of 21.3% from 2021. AI research has also grown in the past 5 years at a pace of 12.9% annually. To understand where AI is headed, we must consider the advancements in the digital world that have led to present and future development. 

Artificial Intelligence Today

Today, AI boosts efficiency ; this means predicting, creating solutions, and making important business decisions. AI gathers information, sorts data, makes predictions, and helps mitigate risk. Life is becoming more technologically advanced and the integration of AI plays a vital role in this. AI does not strictly automate; instead, it leads toward actionable insights and recommendations. Business leaders can now work hand-in-hand with AI technology to create positive results in their industry. When data-driven companies make smarter decisions based on data, they are able to track those results. In return, actionable insights can be made about areas that can drive the most change in critical areas. When AI is used to gather data, smarter manufacturing decisions are made. As a result companies see greater speed and efficiency. Leading to lower costs and larger profits. Of course, human and AI connections will be crucial for this to occur. 

The Future of Artificial Intelligence

As we look into the future of AI and where it is headed, there will be steady growth. The global artificial intelligence market size was valued at USD $93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. Natural language processing plays a vital role in the discussion of artificial intelligence. NLP can be described as something that helps a computer using artificial intelligence take real-world input and make sense of it in a way that a computer can understand. 

When a step is taken back and the overall industry growth is put into perspective, there is much room for business leaders to see growth. Data-driven companies must trust the insights that have been collected from their various compiled data sites. This will lead them to augment their decisions. As we look into the future, AI will continue to become more and more advanced. The separation we will see between competitive businesses will be determined by whether a business has decided to incorporate AI into its systems or not.

Learn more about how ConverSight can lead your business toward an efficient data-driven and decision-making future. Take action and request a demo today!

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