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- Data from Statista shows that the AI market will reach $241.80 billion in 2023.
- Improvements in data personalization models have helped address privacy challenges.
- Gartner Research reports that generative AI-driven customer service is yielding impressive results.
Data from Statista, the online platform specializing in data gathering and visualization, shows that the market size in the artificial intelligence market will reach $241.80 billion in 2023. The platform showed that AI investments would be in five distinctive sectors – AI robotics, autonomous and sensor technology, computer vision, machine learning, and natural language processing.
Source: Statista.com
Statista’s projection aligns with the numerous improvements the AI industry is undergoing. Improvements in data personalization models have reportedly helped address the challenges posed by data privacy regulations and large technology companies.
Notably, issues surrounding data privacy and how technology companies use the data of individuals to make money have been the concern of many technology users. However, the evolution of mobile personalization, especially the emergence of generative AI, is beginning to address those issues.
Gartner Research, an American technological research and consulting firm, noted that generative AI, in particular, is revolutionizing the mobile user experience. Gartner Research projected generative AI as one of the technologies poised to significantly impact customer service and support strategies in the next five years.
From a background perspective, generative AI focuses on optimized personalization that addresses the issues surrounding data privacy regulations. The technology focuses on user behavior based on AI-driven personalization tools to deliver tailored experiences without relying on sensitive personal data.
With these improvements, the evolving AI industry is moving away from the traditional system. A system involving data collection and usage processes was skewed to favor a few large technology companies. The improvements also remove some of the existing hurdles for marketers, who suffer from strict regulations aimed at protecting consumer privacy.
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