Europe emerging as hub for marketing AI
Investments in marketing-related AI technologies are growing, with $2.5 billion bet on emerging companies in the sector during 2018.
According to new figures from GP Bullhound some $1 billion was invested during Q2 2019 alone, contributing to a total of $11 billion invested in the sector since 2014.
While North America remains the leading market for marketing AI funding, growth in European companies is growing at the fastest rate.
During the first half of 2019 European companies accounted for 30 per cent of total global transactions, suggesting the emergence of Europe as a developing hub for the field.
Asia, meanwhile, has seen its share of transactions decline, from 20 per cent in 2018 to just 5 per cent in H1 2019.
Commenting on the research, GP Bullhound executive director Oliver Schweitzer said: “Artificial Intelligence heralds the beginning of a new marketing era, driven by the need to connect vast amounts of disparate data, uncover patterns and make predictions, which only AI can accomplish. AI will become increasingly integrated into digital services and marketing processes; however, human intelligence and intuition will remain critical to interpret its findings and implement strategic and creative plans accordingly.
“While North American companies involved with marketing AI still dominate the sector, there has been strong recent growth in Europe. But ultimately this is a global industry serving multinational clients who are seeking help and advice to process, interpret and act upon the massive volume of data being collected on customers.”