AI in 2019 – Getting Past the Adoption Tipping Point

Over the past few years, AI or artificial technology has been spreading like wildfire across the global platform. There has been a massive development in investments and measurable impacts due to the introduction of AI tactics. But the concern happens to be about the comfort of the customers.

Although technology is speeding through the market, yet it has failed to provide the desired comfort to many consumers. According to the results of surveys conducted by Blumberg Capital, customers are on the verge of a critical tipping point.

The surveys are mostly based on getting a deeper understanding of the comfort level of the consumers. These surveys also provide essential facts about the sentiment and knowledge of the customers towards embracing the concept of AI.

So, the findings of these surveys suggest that many small and medium-sized companies are still skeptical about using AI for their trade. If such would be the picture of the market, then it would be tough to integrate the technology at the more in-depth sections in the industry. Therefore, this blog is focusing mainly on the following aspects:

  • Detailed review on the understanding and knowledge of AI among the consumers
  • How comfortable these industries are in utilizing the concepts of AI along with addressing consumer concerns towards accepting AI
  • The potential factors that affect the consumer adoption of AI services and products

Consumer Understanding About AI

According to the statistical reports, nearly half of the companies have integrated the AI into their daily activities. However, only around five percent of these numbers utilize the concepts for their official activities. The experts suggest that this is the result of the misinformation provided by the media to the customers.

In simpler terms, people mostly know about technology from social media or movies, which can lead to different perspectives. Such information isn’t authentic and do not provide the relevant details about its features and uses to the consumers. No surprise that the more substantial portion of the population isn’t much open about integrating and using the technology for their business.

However, the scenario isn’t wholly negative. That is because; recent studies show that the users are optimistic about the technology and its benefits. But they are also confused and often express fear about how the trades are going to change with the integration of AI.

What Is the Comfort Level of Different Sectors in Using AI?

A specific portion of the trades is quite enthusiastic about utilizing the AI concept for their business. But is the consumers understand these facts well, they why the rate of adoption so low? Let us take a look at the different sectors and their detailed knowledge about AI.

  • Retail and Commerce

Studies show that customers are comfortable interacting with AI products only if it provides some basic amenities. These features include speed and value, convenience, etc. without any requirement of personal information.  Hence, consumers trust AI when utilized for commerce and entertainment mostly.

  • Cybersecurity

Cybersecurity is an essential issue in today’s digital world. Consumers are continually worried about keeping their information private while using the cyber platform. With the introduction of AI, people are getting comfortable with their safety on the digital platform. But around 48 percent of people still lack confidence in this concept. They tend to worry about the security of their information and data and hence lacks confidence in AI.

  • Healthcare

According to the experts, there is an enormous potential for AI products in the healthcare department. The AI products and services bring along plenty of benefits for both the consumers as well as the practitioners. But the customers remain hesitant towards the technology and its products.

A detailed study on these aspects shows that around 51 percent of the customers feel optimistic or rely on the services of AI. But the rest of the 49 percent are fearful about the concepts and the products. However, the experts are hopeful about the impact of AI through adoption in the next ten years in healthcare.

Factors That Affect the Consumer Adoption of AI Services

To understand why the adoption rate of AI services is low among the consumers, we need to learn about the factors that control this aspect:

  • One of the significant factors that affect the adoption rate is the availability of misconceptions about AI products and services. A more substantial amount of consumers lacks proper knowledge about the concepts of AI and its potential effects.
  • About 49 percent of consumers feel that AI is here to replace positions in the industry. As a result of that, people are losing their jobs.
  • About 19 percent agree that AI can assist them in getting rid of drudge work in their jobs.
  • But approximately 90 percent feel that AI products and services would offer higher chances to people to pursue their dreams. As the products can carry out mundane tasks, people can focus on their creative sides as well.

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