Analyst firm Gartner is forecasting that artificial intelligence (AI) will generate $1.2 trillion in value for enterprises in 2018. That's a 70 percent increase from last year. And by 2022, AI tech could contribute $3.9 trillion to companies' balance sheets.
"In the early years of AI, customer experience is the primary source of derived business value, as organizations see value in using AI techniques to improve every customer interaction, with the goal of increasing customer growth and retention," said John-David Lovelock, research vice president at Gartner. "However, in 2021, new revenue will become the dominant source, as companies uncover business value in using AI to increase sales of existing products and services, as well as to discover opportunities for new products and services. Thus, in the long run, the business value of AI will be about new revenue possibilities."