The potential of artificial intelligence (AI) in marketing has created a great buzz among businesses and marketers. As the technology evolves, AI is set to make a significant impact on how customers interact with brands and receive marketing messages.
With its wide range of benefits such as more accurate customer segmentation, personalized content, improved targeting and efficiency gains, AI has made it possible for companies to better understand their customers’ needs and preferences at a whole new level.
Let’s discuss the latest AI in marketing statistics, share some key advantages that businesses can gain from implementing this technology into their strategies, and explore current trends related to AI in marketing today.
AI in Marketing Statistics
- The market for artificial intelligence (AI) in marketing was estimated to be 15.84 billion US dollars in 2022, with a projected increase to 47.32 billion by 2025.
- 71% of marketers believe AI could help them personalize their marketing campaigns.
- According to Juniper, chatbots will save more than $8 billion per year by 2022.
- According to 79% of respondents, AI is one of the technologies that will have an impact on marketing in the future.
- 68% of respondents claim to have a fully developed AI strategy.
- AI has the potential to boost marketing and sales across all industries by $1.4 trillion to $2.6 trillion.
- The top 28% of businesses use marketing automation and AI marketing tools actively.
- Businesses that use AI marketing tools see a 451% increase in qualified leads.
AI in Marketing Market
The market for artificial intelligence (AI) in marketing was estimated to be 15.84 billion US dollars in 2022, with a projected increase to 107.5 billion by 2028.
|Market value in billion U.S. dollars
Benefits of AI in Marketing According to Marketing Experts
Types of AI in Marketing
According to Localiq, the four main types of AI that are implemented for marketing purposes are virtual reality, augmented reality, voice recognition, and machine learning.
Virtual reality immerses viewers in a simulated environment, allowing them to interact with it.
Augmented reality allows brands to superimpose a digital layer onto the physical world to provide customers with extra information about products and enhance their shopping experience.
Voice is becoming increasingly important for businesses as more people purchase voice activated personal assistants like Alexa or Google Home.
Machine learning is allowing marketers to better understand consumer behavior by leveraging past data and customer insights while utilizing predictive analytics algorithms. Ultimately, AI has provided marketing professionals with a plethora of possibilities for creating remarkable experiences and imagining new targeting tactics.
AI Use Cases In Marketing
Oracle says that AI is transforming marketing in amazing ways. It can be used to exploit the full potential of the customer experience, including dynamic product pricing and promotion methods for a competitive advantage.
Not only this, it can even be used to analyze social media influencer messaging and the success rate from previous brand collaborations too. This allows marketers to more efficiently target their ads, enhancing client happiness and resulting in a higher ROI.
How is AI used for marketing?
According to MarketingEvolution.com, AI technology is transforming the way we do marketing today by helping to automate decisions based on data, analysis, market trends and audience behavior. AI is quickly becoming an integral part of digital marketing strategies, as it helps to make decisions and analyze in a much faster manner with improved accuracy.
This allows marketers to save time and resources while they focus on bigger picture objectives like cost-efficiency and creative campaigns. AI can help marketers identify opportunities that help shape their strategies, target prospects, customize messaging, as well as optimize media buys for improved ROI.
Survey: Artificial Intelligence in Marketing Market Forecast to 2028