Artificial intelligence (AI) is the ability to process information in a way similar to the thought process of humans in learning, decision making, and problem solving. Enterprises are now identifying the value associated with integrating AI into their business processes. AI can be helpful to companies in a large number of ways that changes the technique in which these companies engage with customers, innovate & communicate their processes, and evaluate the sales process.
Development in advanced algorithms allows companies to experiment with AI technology to provide high computational capabilities in the massive volume of data generated. AI uses techniques such as natural language processing, machine learning, adaptive learning, deep learning, and computer vision to analyze enterprise data and provide detailed insights which helps in making informed decisions for enhanced management of the enterprise.
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Predictive analytics offered by artificial intelligence help marketing enterprises in customer acquisition and lead generation. Using AI, marketers can also benefit from advertising optimization techniques such as media content placement, and advertisement and campaign optimization based on usage pattern and customer behavioral. With the use of AI-based virtual assistance such as digital assistance, chatbots, and recommendation engines, marketing enterprises can manage customer relationships better, and help in understanding customer’s preference which improves the overall experience. Growing demand for digital assistance is projected to drive the growth of AI in marketing.
Significant improvement in machine learning algorithms is also responsible for large scale adoption of AI solutions in marketing. Growing demand for enhancing business functions and emerging innovation across industries are creating growth opportunities for AI solutions in marketing. However, lack of skilled labor and concerns about data sharing are estimated to hinder the growth of the market. Furthermore, the slow digitization rate affecting the adoption of AI in marketing in emerging economies is also expected to act as a restraint to the growth of the AI in marketing market.
The global artificial Intelligence (AI) in marketing market can be segmented based on component, technology, application, organization size, and region. On the basis of component, the artificial Intelligence (AI) in marketing market can be segmented into software (cloud-based and on-premise) and services (managed and professional services). Vendors are focusing on the deployment of cloud-based solutions, due to large scale adoption of cloud-based deployment.
Based on technology, the global artificial Intelligence (AI) in marketing market can be categorized into deep learning, machine learning, and Natural Language Processing (NLP). Furthermore, based on application, the artificial Intelligence (AI) in marketing market is categorized into analytics application, process automation, security & risk management, and marketing management. In terms of organization size, the market has been bifurcated into small and medium sized enterprises (SMEs), and large enterprises.
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The artificial Intelligence (AI) in marketing market is segmented on the basis of regions into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to contribute major share in the artificial Intelligence (AI) in marketing market during the forecast period. The region has a significant presence of prominent technology players to cater to the rapidly growing artificial Intelligence (AI) in marketing market. Adoption rate of AI by SMEs and large enterprises in North America is comparatively high when compared to other regions.
Some of the major players active in the development of Artificial Intelligence (AI) in Marketing Market include IBM Corporation, Google Inc., Salesforce.com, Inc., Albert Technologies, Amazon.com, Inc., Intel Corporation, Microsoft Corporation, NVIDIA Corporation, and Sentient Technologies Holdings Ltd.