Why would you want to spend a bunch of time combing through research reports on AI?
You don’t. That’s what this section is for—to save you the pain of reading hundreds of pages of reports. (We’ve done that, and it’s not pretty…)
Seriously, though, there are a number of projections and estimates you need to know if you’re going to convince bosses, colleagues, and stakeholders that AI is the real deal.
Because the disruptive opportunity presented by AI is almost too big to be believed—until you put it in numbers.
Take a look at the report summaries below (with links to the full reports). In just a few minutes, you’ll have a better idea of why we’re so excited about AI in marketing.
Funding for AI-Powered Sales and Marketing Companies Exceeds $5.2 Billion (January 2019)
According to our analysis of Crunchbase data, there are 1,141 companies that fit into the category groups of both “Sales and Marketing” and “Artificial Intelligence.” These are predominantly software companies selling sales and marketing solutions, of which 488* have raised funding totaling more than $5.2 billion (in USD).
Let’s dig into the data on these 488 funded companies to see what else we can learn:
You can learn even more about our findings at the link below.
AI Will Unlock $2.6 Trillion in Value for Marketing and Sales (January 2018)
There’s been a lot of hype around the impact artificial intelligence will have on different industries, especially marketing. Luckily, McKinsey’s quarterly Five Fifty study, “Real-World AI,” cut through the hype and put some actual numbers (big numbers!) behind these claims.
According to McKinsey, AI’s application to real-world business problems extends across nearly every sector of the economy, but the biggest impact could arise in two particular business functions: marketing and sales, and supply-chain management and manufacturing.
McKinsey predicts there is $2.6 trillion (yes, trillion) of potential value to be unlocked by AI applications in the marketing and sales sectors alone. Supply-chain management and manufacturing follow right behind at $2 trillion.
Businesses Need to Get Real About AI—Now (September 2018)
A recent research project from MIT Sloan Management Review and The Boston Consulting Group (BCG) analyzed AI adoption based on a global survey of 3,076 business executives. The report—Artificial Intelligence in Business Gets Real: Pioneering Companies Aim for AI Scale—broke responding companies into four groups:
No matter how you look at it, businesses are in the infancy of AI adoption, meaning you and your organization have the opportunity now to be proactive in advancing knowledge and capabilities before your competitors beat you to it.
According to the report, “Pioneers, by deepening their commitments to AI, are establishing positions in both customer and labor markets that may make it hard for others to draft off of their hard work. The many advantages reported by Pioneers suggest that early AI movers may be especially hard to catch.”
C-Suite Support for AI Leads to Massive Profits (June 2017)
Another report, from the McKinsey Global Institute, surveyed over 3,000 AI-aware C-level executives from across 14 industries and 10 countries.
Few companies researchers spoke to, outside of the tech sector, have actually deployed AI at scale: Only 20% said they use any AI-related technology at scale or in a core part of their business. And, upon reviewing more than 160 use cases, researchers found AI was only deployed commercially about 12% of the time.
That said, the companies that moved past the uncertainty and seriously invested in AI saw real results. Those who combined an already strong digital foundation with proactive strategies saw massive increases in profit margin, and the performance gap between them and the AI laggards will continue to grow.
According to the report, “Respondents from firms that have successfully deployed an AI technology at scale tended to rate C-suite support nearly twice as high as those from companies that had not adopted any AI technology.”