Not too long ago, McKinsey Global Institute conducted research on Artificial intelligence. Drawing on insight from around 400+ use cases, across 19 industries, and 9 different business functions, they were able to assess the practical functions and the economic potential of traditional analytics and AI, and advanced AI. McKinsey was able to estimate that the potential total value of AI and analytics across industries could be anywhere between $9.5 T to $15.4 T. It was found that there were continuing limitations and obstacles across all industries with regard to how AI can be used. At the end of the day, the effectiveness of artificial Intelligence came down to how well the company could harness it.
From this chart, we can see that AI has great potential in increasing sales across verticals. But again, without proper implementation, the true potential of AI cannot be reached. Let us look further into how AI can make an impact in each industry.