Students’ Corner
How AI will help make better Marketing Decisions
Mr. Abhimanyu Mukherjee Student KIIT School of Management
Introduction Today's business era is surrounded with technologies and digitalization. Artificial Intelligence is the most common advanced technologies that has been adopted by most of the sectors such as marketing, technology, healthcare, financial and others. This article will highlight the aspects of Artificial Intelligence in the context of marketing decision making process. It has been ascertained that Artificial Intelligence is highly beneficial in the field of marketing for making effective decision that helps the organization to sail in the competitive market. Further, it has been discovered that AI not only helps in making marketing strategies or decision it also helps the organization to achieve marketing goals and objectives that helps in organizational profitability and growth (Stone et.al. 2020).
Figure : Global AI in Marketing Market, by region 2020-2027
Source: (Maximize Market Research,2021)
Artificial Intelligence Artificial Intelligence can be termed as machine intelligence capability to reproduce the cognitive outcomes of a human being or can be defined as a reproduction of human intelligence procedure by machines mainly computer systems. It has been identified that AI has been adopted by majority of the market segment in order to take the technological advancement benefits for better business profitability and growth. There are different of AI applications elements that comprises of speech recognition, expert systems, machine vision and natural language processing. It has been identified that the worldwide Artificial Intelligence market size is anticipated to reach USD 390.9 billion by 2025, in fact it is expected that market will be expand around CAGR of 46.2% from 2019 to 2025 (Scarlett Rose, 2020). Artificial Intelligence is known to be the most crucial technological advancement in the digital era that most of the big giant organization such as Apple, Facebook, Google, Amazon etc. has adopted AI in their business operation for better utilization of resources to gain profitability. Below graph clearly depicts the market size of the AI application.
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