Pre-pandemic, artificial intelligence was already poised for huge growth in 2020. Back in September 2019, IDC predicted that spending on AI technologies would grow more than two and a half times to $97.9 billion by 2023. Since then, COVID-19 has only increased the potential value of AI to the enterprise. According to McKinsey’s State of AI survey published in November 2020, half of respondents say their organizations have adopted AI in at least one function.
However, the focus of AI adoption will not be simply to improve the efficiency or effectiveness of operations. “There has been a visible shift towards leveraging AI to improve stakeholder experience owing to the pandemic,” says Alisha Mittal, practice director with management consultancy and research firm Everest Group.
