Using the Digital Consumer Survey and Voice of the Industry: Digital Survey, this report explores what consumers and industry experts think about artificial intelligence, including concerns such as data exploitation, and advantages such as increasing efficiency and innovation. Case studies underline the developments. Topics explored include emerging technologies like robots, virtual reality in the car and education robots.
The more data companies can gather and process, the better will become the algorithms and thus the effectiveness of artificial intelligence in many areas. With every extra data point gathered, however, the consumer becomes more transparent, leading to concerns about companies’ use of their data, and the likelihood of legislation to govern such usage.
The ongoing pandemic has significantly reduced human-to-human contact and may have a lasting impact on how consumers shop in a post-pandemic era. E-commerce is developing into a dominant force in commerce, forcing companies to use artificial intelligent solutions more widely to meet the demands of consumers.
Industry experts agree that AI is crucial, but implementation can be tricky. The lack of a guaranteed return on investment in the rapidly changing world of artificial intelligence might discourage players from investing in artificial intelligence applications. In-house expertise in the area tends to be limited, requiring companies either to develop such skills internally, or buy in from third parties.
From food to consumer electronics to retail, and from healthcare to financial services, AI is affecting every industry already, and its impact will increase much further in the coming years. The main reasons to use AI are to improve efficiency, foster innovation and to personalise products.
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