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The global cognitive computing market is expected to reach $12.5 billion in 2019, up from $2.5 billion in 2014, at a CAGR of 38 percent.
“Machine learning is exploding right now,”says Stewart Rogers, director of marketing technology at VentureBeat. “We can’t ignore the hype.”
But it’s not just the growth of the market and the size of the market.
“AI technology projects at Google have absolutely exploded over the last four years,” Rogers notes. “They’ve gone from almost nothing to over 2,700 projects in deep learning and artificial intelligence — and that’s just at google. Everybody’s working on AI and machine learning. And they all have similar growth rates. They all have thousands of projects going on at the same time.”
And that’s opening up the world of machine learning and AI for every size business.
“Where we are is that now, every company can be a data company,” Rogers says. “Every company can access algorithmic intelligence. Every app can now be intelligent.”
In other words, there are immediate machine learning opportunities for businesses right now, and the results are staggering, says Terrilyn Tourangeau, Choice Hotels’ director of loyalty marketing.
“We dipped our toe in the artificial intelligence arena last year, and took a very conservative approach to what we were even considering trying, with a very small investment across a few opportunities in our digital channels ” Tourangeau says. “The promised results sounded absolutely too good to be true. Even I approached it with a level of skepticism, and I’m an early adopter of innovative technologies.”
But implementers are believers.
“The results that we saw even from that tiny investment in AI were outstanding,” says Tourangeau. “Astounding and outstanding, to the point where I was almost uncomfortable publishing them, because I didn’t think anyone would believe it.”
From that small proof of value they went all in.
“We cashed in all of our chips in this one particular arena to optimize revenue,” she says. “And this technology absolutely pays dividends.”
AI and machine learning pays marketing dividends too, says Keith Johnson, EVP of strategic data solutions at leading digital agency Wunderman.
“We see a lot of customers and clients focused on ways they can optimize the business either through growth — how they can use machine learning to accelerate customer acquisition — or how they can use machine learning to help decrease costs through operational efficiencies,” Johnson explains.
With the ability to absorb enormous datasets, machine learning systems can be trained to optimize response rates for marketing or advertising campaigns, optimize creative in real time, even how to optimize each marketing channel.
“And all of these systems having a feedback loop mechanism in them, so the machine learning keeps learning,” Johnson says. “And the more you learn, the more you learn, which really acts as an accelerator for the business and opens up opportunities to do other things.”
Jim D’Arcangelo, WhenIWork’s VP of marketing, has seen a huge push in the course of the last five or six years to harness the power of machine learning and AI for engaging new customers, acquisition optimization, and all the way through customer advocacy and churn reduction, and the market is rushing to keep up.
“Most of the pieces right now are classically driving statistics, probability and optimization,” D’Arcangelo says. “They’re largely single marketing tech stack pieces, but we’re seeing an explosion of them from basically less than 500 four years ago to nearly 4,000 now.”
Leaps in optimization and yield are incredibly dramatic, D’Arcangelo says, and the technology is growing ever more sophisticated, even more quickly.
“In terms of opportunity in years ahead, we’ll move from machine learning in individual pieces to a fully integrated smart, AI-driven system from end to end,” says D’Arcangelo. “That’s definitely in the near future. Within five, six, seven years you’re going to see most of this entire engagement through acquisition through customer advocacy continuum being driven by AI.”
And that’s just for starters.
For the nitty gritty on how you can identify opportunities for machine learning, the technology you need, and how to use AI to deliver tremendous growth don’t miss this VB Live event.
Don’t miss out!
Access this free VB Live event on demand right here.
In this VB Live event, you’ll:
- Learn how speech recognition impacts the SEO value on your web presence
- Understand the full ROI of fully automated chat bots for artificial human interaction
- Integrate deep learning into your marketing strategy to realize unbelievable lift
Speakers:
- Stewart Rogers, Director of Marketing Technology, VentureBeat
- Keith Johnson, EVP Strategic Data Solutions, Wunderman
- Terrilyn Tourangeau, Director of Loyalty Marketing, Choice Hotels
- Jim D’Arcangelo, VP of Marketing, WhenIWork
Moderator:
- Wendy Schuchart, Moderator, VentureBeat
This VB Live event is sponsored by Treasure Data.
