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We are in the age of personalization where smartphones are the front-runners for driving and knowing the needs of their users. This is all thanks to artificial intelligence (AI)-powered intelligent apps that use machine learning, deep learning, and cognitive technologies to deliver personalized insights.
The idea of helping users complete tasks faster led to the humble beginnings of intelligent apps in the form of Clippy in Microsoft Office nearly 15 years ago. And while Clippy may no longer be known, we have a host of intelligent applications as a result such as Siri, Cortana, and Google Assistant.
The advanced analytics driving there intelligent apps can analyze user’s activities and derive insights that enable greater productivity and efficiency. As a result of their tremendous potential, enterprises are investing heavily in AI and cognitive technologies to gain a competitive advantage.
IDC estimates that by 2021, more than 50% of cognitive and AI investments will be on intelligent applications that are capable of self-learning and prescriptive analytics. These next-generation intelligent applications will be capable of learning through observation and discovery. As a result, they will be able to make recommendations, spot problems, and offer advice to help users.
According to Infoholic Research, the global intelligent apps market is poised to reach $123.89 billion by 2023, growing at a CAGR of around 69.28% between 2017 and 2023. This increased market share will be most visible in countries such as the US, China, and Japan, where the connected device penetration rate is higher than others.
Another IDC report indicates that by 2022, 30% of all the enterprise apps market will constitute task-level intelligent apps that enhance human efforts. In effect, financial institutions, retail companies, and service providers can reap high revenue by using intelligent apps to remind and facilitate users to book a service, buy a product, or make a payment on time.
But of course, achieving this level of innovation will require both the IT and operations teams within these companies to work in tandem. Cynthia Stoddard, Senior Vice President and Chief Information Officer at Adobe believes that “…if you (IT organization) get close to the business and put yourself in the customers shoes then what you design and what you develop and how you look at it will take more of an end-to-end view and you're going to deliver that level of value.”