One of the most significant advances for sales in this decade is the growing sophistication and accuracy of predictive analytics-the science of knowing how and why and when people buy, and the best ways to approach them in sales. Predictive analytics is, in my opinion, one of the most compelling uses of Artificial Intelligence (AI).
The sales industry is beginning to catch on. However, inbound marketing and sales (along with many other functions and sectors) must continue to advance their use of AI in the ways their customers will consider useful and welcome, as opposed to invasive or "creepy."
To that end, my Labs Team at InsideSales.com just completed their newest study on the State of Artificial Intelligence. It's an interesting read and you can find the executive summary here.
In this report, we asked just under 2,000 people (1,985 respondents) from a variety of backgrounds and locations within the U.S. to give us their perceptions of this disruptive technology. For AI to reach its full potential in sales (and every other applicable industry), it is vital that we understand and respect their opinions well.
In summary, here's what we learned.
In 2016, the AI market was worth $644 million. In 2017, the market value of AI is expected to double and continue to grow exponentially until it reaches $38.6 billion in less than 10 years.
Consumer-driven companies like Google are leading the charge with more than 11 acquisitions, so far, while business-driven companies like Salesforce, who joined the race more recently, acquired two AI based companies in the last year. AI is here to stay and it's not just changing the market, it's shaping the way we live and work.