Everyone wants a personalized, customized experience tailored to their needs and requirements. And with their demands being met by more than one service provider, people are increasingly choosing a service based on the level of customization that it can provide.
It might feel like this applies to B2C organizations, but it is very much true for B2B Technology companies. More and more companies are turning to Artificial Intelligence / Machine Learning (AI/ML) to meet the demands of their customers.
Customers have the same expectations for a simple and easy buying experience whether it’s a B2C or B2B interaction. So, if you’re in the B2B space, I hope your organisation is beginning to explore and plan for, if not already implemented, big data and machine learning to your operations
Infographics by E-commerce Saudi Arabia
Though, it's a prediction that might not be too far from the truth. In fact, the global AI market is predicted to reach $190.61B market value by 2025.
Current market and future growth
| 75% Enterprises | Will shift from piloting to operationalizing AI, causing a 5X increase in streaming data and analytics infrastructure |
| 127 Devices | Get connected to the internet every second |
| By 2025 | The Internet of Things global market is expected to grow around 1.6T dollars |
| By 2025 | The AI industry will be generating revenues of $119B a year |
| By 2030 | The AI industry could be worth more than $15T |
| By 2030 | China will be the biggest AI market, accounting for 26% of the global AI market share. |
| 80% Of Executives | Currently accelerating their business process automation efforts |
| 25% Of Companies | Already use AI in workflow automation, while 51% of enterprises are planning to do so shortly |
| Through 2022 | Every company could have 35 AI projects in development |
| By 2026 | The use of AI and ML in cybersecurity is expected to reach $38.2B |
Benefits of AI in B2B
| 64% of B2B marketers | Consider AI valuable for their sales and marketing strategy |
| 83% of early AI adopters | Have already achieved substantial (30%) or moderate (53%) economic benefits |
| 41% of marketing executives | Say improving their ability to innovate is a marketing priority for 2022 |
| 63% of Digital Marketing Leaders | Still Struggle with Personalisation, Yet Only 17% Use AI and Machine Learning Across the Function |
| 84% of digital marketing leaders | Believe using AI/ML enhances the marketing function’s ability to deliver real-time, personalised experiences to customers. |
Challenges of AI in B2B
| 76% of CEOs | Are most concerned with the potential for bias and lack of transparency when it comes to AI adoption |
| 77% of CEOs | Say AI and automation will increase vulnerability and disruption to the way they do business |
| Through 2022 | 85% of AI projects will deliver erroneous outcomes due to bias in data, algorithms, or the teams responsible for managing them |
| 40% of Executives | Say that technologies and expertise are too expensive |
| 93% of Automation Technologists | Feel unprepared or only partially prepared to tackle the challenges associated with smart machine technologies |
| 63% of B2B marketers | Are not using AI in their tech stack |
Traditional marketing powered by AI
| 71% of B2B marketers | Are interested in using AI for personalisation |
| 63% of B2B marketers | Are interested in using AI to identify trends |
| 59% of B2B marketers | Expect AI to help identify prospective customers |
| 53% of B2B marketers | Expect AI to improve marketing effectiveness in driving revenue. |
| 87% of companies | That have adopted AI were using it to improve email marketing |
| 61% of marketers | Were also planning to use artificial intelligence in sales forecasting |
| 61% of marketers | Say artificial intelligence is the most important aspect of their data strategy |
AI powered tech
As per Gartner reports, public cloud services will be essential for 90% of data and analytics innovation.
The wearable artificial intelligence market will reach $180B by 2025.
There will be 8B voice assistants by 2023.
97% of mobile users are using AI-powered voice assistants
