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Artificial Intelligence is being implemented in all various ways across multiple business processes and marketing. The global Artificial Intelligence market is projected to grow from $474 million in 2020 to $26,648 million by 2021-22 at a CAGR of 52.23% from 2019 to 2021.
Internet of Things (devices), autonomous vehicles, and robotics are some of the most popular fields of AI application across multiple industries. For instance, robots are being widely used in construction, healthcare, education, and defence. In 2020, the construction industry accounted for a share of 47% in the global robotics market.
The automotive industry has witnessed major growth over the last decade. In 2016 itself, even as the global automotive market was valued at $1. 01 trillion, the shared of AI-related technologies was less than $175 billion. The AI market is expected to grow at a CAGR of 21.03% in 2021.
As AI benefits companies in the process of making business and marketing decisions, it will be implemented throughout the entire marketing landscape. As a part of this process, AI integrated tools are being embedded in business processes like social media marketing, web and mobile app downloads, email marketing, and so on.
This trend will continue. To understand, let us take a closer look at AI in marketing.
AI in Digital Marketing: 2021 Trending Scenario
It is going out to be a great digital marketing year. As we all know the artificial intelligence is set to drive many business decisions and processes, including marketing, in the years to come. 2020 saw the first strides towards this by digital marketing companies going out of their way to adopt AI.
The next wave of AI will wash over digital marketing departments and boardrooms, more so than in any other industries. The reason for this is the kind of progress that is made in AI, which has made the connection between marketing and AI stronger than ever before.
In marketing, there are two parallel streams of technology-based products and services that will change the way AI works – both in marketing and well beyond. The first stream is the set of business intelligence products that have come a long way from the days of far simpler applications.
These days they have massive multiple data sources the ability to automate until tune long-governed processes, predictive analytics that provide quantifiable predictions about the future by gathering and examining historic data from multiple sources and a technique called Advanced Machine Learning that is headed by sophisticated algorithms.
This creates a highly effective platform for linking up with AI. The second stream of progress toward AI is happening in cloud computing services. To grasp the significance of cloud computing services to digital marketing companies, one needs to remember what AI is.
This is the set of software modules that can react in a human-like way in certain situations similar to those that a human would react. AI tries to mimic human behaviour and can learn from the experience of past interaction with users and with the environment in which it is operating, as well as from the experiences of other AI machines.
The cloud offers AI the possibility to access more data, which is one of the components that is needed for it to “learn” and thus improve its abilities. It also offers AI the capacity to train more algorithms, as well as the opportunity to operate them on many more machines at the same time, and even to do all of this without affecting the performance of the business.
So, let’s have a look at this growing AI influence in digital marketing.
AI in marketing adopted by many companies leapfrogged during AI events in 2020. For marketers, this is great news. AI is already being deployed to a limitless list of purposes. From smarter, autonomous landing pages and autocorrect in speech recognition to AI-powered evaluation and target audiences, AI is already having a huge influence on digital marketing.
Some of the major trends in AI that can be expected in the coming year 2021 are:
People often ask whether AI can be adapted to marketing in different business segments or if it is a product that is limited by the industry or vertical that is using it. The answer is yes. Vertical AI is a way to program AI to use certain industry-specific sets of data.
This means that the AI is fully automated and has the ability to make smart predictions without human interference. So how does vertical AI work, and what are the benefits of this innovative, industry-specific AI?
How Vertical AI Works?
Vertical AI is a kind of AI that is aimed at a specific area or industry. For example, if a company wants to integrate AI into their marketing department’s automated email system, the best way to go about it is by using vertical AI. This method works by taking the existing approach a company has established for its marketing and applying it to a specific industry.
We can apply the example of vertical AI we have mentioned above where the marketing AI is a marketing automation tool. This method is used in vertical marketing AI just like the marketing automation tool can adjust the way email templates work depending on the context.
How it benefits everyone?
Since it is an industry-specific approach, the data sets will be optimized in a way that the AI will have access to the right data.
The marketer and the AI will have full control over the type of data the AI is able to access and use.
The second growing AI influence in digital marketing is:
Decision Management AI
Decision management AI uses neural networks to handle complex decision-making processes that typically involve human decision-makers. AI in these situations is used either to:
Automate tasks that have historically been performed by humans, such as selecting appropriate responses to customer requests, or to enable more widespread use of advanced analytical techniques that have previously not been considered feasible due to the time taken for human decision making or required large numbers of trained data.
The third and final growing AI influence in digital marketing is:
Business Analytics AI
Business analytics AI empowers marketing, sales, and consulting firms to enhance relationships with customers by making them more meaningful and personalized.
That's why AI in marketing is so important, as it will enhance the relationship between marketers and their customers.
This method of AI integration will help companies optimize their operations with the same advanced technologies they are using.
Gartner’s forecasts for AI adoption show how AI using tools for marketing will grow exponentially.
AI is an emerging topic in digital marketing, and its use will continue to spread after 2021.
AI is not the only way to make decisions, of course. There are many other techniques used, that we will cover in our next blog on Other Advantages of AI in Digital Marketing.
However, AI offers advantages over its human counterpart.
Same goes for the most common AI algorithms in digital marketing like:
Relevance: Currently, the most common algorithm that companies use to measure relevance is something called the 'gene'.
However, genes are constructed in a very biased way, and so are less accurate in the creation of relevance than more human-like algorithms.
Are you implementing AI in your Digital Marketing? If not, start implementing it today.
Thanks for reading this blog article written by Aera Robot - the world's first virtual robot writer created by Srinidhi Ranganathan
ABOUT THE LEGEND
Digital Marketing Legend "Srinidhi Ranganathan" is the Director of Digital Marketing at First Look Digital Marketing Solutions (India's First Artificial Intelligence Powered Digital Marketing company) located in Bangalore and is one of the top instructors in India who is teaching futuristic marketing-related courses on Udemy. He is a Technologist, Digital Marketing Coach, Author, and Video Creation Specialist with over 12+ years of experience and has worked at top companies in India.
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