This post originally appeared on the Marketing Artificial Intelligence Institute's blog. The Marketing AI Institute was created and is powered by PR 20/20.
Artificial intelligence has reached peak hype stage, but is it possible that its potential to transform marketing, and your career, is even greater than advertised?
Gartner forecasts global business value derived from AI is projected to reach $1.9 trillion in 2019, ramping up to $3.9 trillion in 2022 through three primary sources of customer experience, cost reduction and new revenue.
Meanwhile, McKinsey Global Institute projects up to a $6 trillion impact of AI and other analytics on marketing and sales, including the areas of pricing and promotion ($1.9T), customer service management ($1.0T), next product to buy/individualized offering ($1.0T), customer acquisition/lead generation ($0.7T), marketing budget allocation ($0.6T), churn reduction ($0.38T) and channel management ($0.32T).