The global Artificial Intelligence in SME market is expected to grow by 2018-2023 the CAGR of 44%. The market is driven by huge investment in AI worldwide. AI is considered fourth industrial revolution. AI in SME is dominated by e-commerce, healthcare and Insurance. Major challenge which SMEs are facing, is high cost and technology oriented process. They don’t have access to large capital AI is playing very important role in advertisement and marketing.
What is Artificial Intelligence in SME?
SMEs are businesses that have employees, assets and revenue below a certain threshold, it varies from country to country. SME creates maximum jobs in emerging economies. SMEs are still struggling to the adopt AI to increase the efficiency and reduce the chances of error. AI in SME is use of AI in Small medium Businesses to automate the process and driving it to become more customer centric. Many SMEs believes that AI is higher priced and needs high technical demand. Researchers indicate that artificial intelligence will be able to perform more task in coming years. Artificial intelligence has already proven effective at automating repetitive tasks that salesperson, HR specialists, and small business owners used to spend hours each day.
What are the applications of Artificial Intelligence in SME?
Artificial Intelligence is impacting almost every business irrespective of their size. AI can automate the business process. AI powered apps can schedule meeting, answer customer’s request and inform about travel time. With the help of AI HR executive can filter the suitable candidates from pool of applicants on various parameter effectively. AI integrated CRM helps salesperson to get more insight about customer which help them in planning marketing and sales strategy. SMEs are using AI for marketing and advertisement. AI powered competitive analysis tools help SMEs to keep track of competitors across the world through different channels, identifying prices and PR activity also. Today all type of companies using chatbots for customer service and financial transaction with their prospect and customer. AI is also used for training and development purpose. AI is used for managing inventory in stores and warehouses. AI can easily map out the expenditure of SMEs.
Market Research and Market Trends of Artificial Intelligence in SME:
- Artificial Intelligence in SME is allowing companies to cut down their cost, automate their process and reduce the chances of error. AI Chatbots are used by companies as customer assistants for various purposes such as sales, customer care executive (over phone), and online chat executive. AI is empowering small finance companies as it is affordable as well as chances of error occurrence is very low.
- This year IBM launched Watson assistants for SMEs to enhance their royalty and transform customer experience even while keeping the data secure and private.
- Active.Ai empowers banks and other financial institutions to intuitively and intelligently engage customers on mobile, chat, or voice-enabled IoT devices using AI.
- AI integrated tools like Gong, Chorus and Jog record and transcribe the call the sales representative had with customer. It can help in strategizing sales plan.
Who are the Major Players in Artificial Intelligence in SME Market?
The companies referred in the market research report are Google LLC, NVidia, Tesla and 10 other companies.
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