Change in business processes from AI solutions worldwide 2020

As of 2020, around 20 percent of surveyed global business executives, managers and analysts stated that their organization had extensive changes to many of its business processes when incorporating artificial intelligence (AI) into its business strategy. Only a few respondents reported no changes to any business processes when AI was implemented.

Artificial Intelligence in companies

Briefly stated, the term AI describes advanced computing software which demonstrates the ability to learn, make decisions, and solve problems. These applications make the technology very appealing to companies for a wide variety of different applications. Some of the most commonly acknowledged benefits of AI include cost savings and increased productivity. For those that have already adopted AI technology within their companies, many of them believe that it will give them a competitive advantage or allow them to move into new businesses.

AI market

The global artificial intelligence software market is expected to generate revenues of around 15 billion U.S. dollars in 2019, a number which is forecast to grow to almost 120 billion by 2025. Many of the world’s biggest tech companies have invested heavily into both acquiring AI companies and developing AI technologies of their own. Each of Microsoft, IBM, Google, and Samsung have submitted thousands of AI-related patent applications as they compete for positions in the growing market.