By 2020, the Artificial Intelligence (AI) is projected to be worth $70 billion, Virtual Reality (VR) and Augmented Reality (AR) are both estimated to generate revenue of $120 billion. Consumers are set to benefit with these advancements in technology as they are provided with new forms of entertainment and simplicity to their lives. Businesses have begun to adopt these advancements in technology as part of their digital marketing tools.
Is AI the next step forward for digital marketers? (Source: Flickr)
I have briefly touched on the subject of AI in my previous blog about Boost “Finding You the Right Matcha” campaign. I believe we as consumers will begin to see more similar digital marketing campaigns with the use of AI as it engages customers and enhances their experience with the brand. As this is something in the early stages of adoption, majority of the public are yet to experience something this new and different which presents marketers with an excellent opportunity to tap into. AI can also help improve the efficiency of collecting and analysing data in organisations to identify potential trends and improvements. There is no limit to AI as it is increasingly being used for bots, messengers, content generation, customer segmentation and more.
Whilst working at the Melbourne F1, I noticed several car manufacturers such as Renault using VR to provide racegoers with the experience to be part of the pit crew during a pit-stop. Oculus, HTC and other companies have introduced VR to the world and its possibilities. This has set huge expectations for the next stage for VR over the next few years where hype is exceeding reality. The use of VR in brand marketing is currently low and is limited in creating functional applications. However, like AI, VR is only at the early adoption stage of the product life cycle. The next stage for VR will be to create a better and improved experience for customers through offering a wider variety of content and improvements.
Keep your eye out for these technologies either as a consumer or marketer as they present marketers with an opportunity to improve customer engagement and experience.
Have you come across any brands using AI, VR or AR recently as part of their marketing tool? Do you think marketers should look to adopt these technology in the near future?