Artificial Intelligence is quickly making inroads into every area of our lives, and there’s no stopping it. AI technology has proven particularly transformative within business environments by providing data-driven decision-making, automation, and improved customer experiences.
Given that all this activity is developing at such a fast rate and there are many sources available for information collection, we gathered up-to-date AI statistics in 2024, so as to give an up-to-date snapshot. Keep reading for insights into who is using it, how, and its influence within workplace environments. let’s get going!
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What is the Current State of AI?
Artificial Intelligence has seen remarkable advancement and widespread applications across industries over the last several years, particularly machine learning and deep learning technologies such as machine learning or deep neural nets, which have seen success across areas like natural language processing, image recognition, and predictive analytics solutions.
AI technologies are being integrated more into everyday applications, from virtual personal assistants and tailored media recommendations to private virtualization programs like Siri or Cortana virtual personal assistant virtualization programs.
Top 50 Artificial Intelligence Statistics Trends in 2024
As evidenced by recent trends and statistics, Artificial Intelligence is poised to impact almost every industry sector significantly in the near future, creating efficiency and automating processes.
AI Usage Statistics
- AI technologies could deliver as much as $1 trillion of added value annually, with improved customer service playing an especially prominent role.
- Tech companies will likely experience the most significant effect from AI integration, adding value to up to 9% of global industry revenues. Other knowledge-intensive sectors, like banking, pharmaceuticals, medical products, and education, may experience up to a 5% and 4% rise, respectively, due to AI implementation. It is predicted that by 2025, three times as many data analysts and scientists will adopt AutoML across their entire machine learning pipeline from data preparation through model deployment compared with today.
- By 2024, 50% of knowledge workers will use robotic assistants with AI capabilities on an everyday basis to assist them with prioritizing tasks, gathering information, and automating monotonous work processes.
- Accenture recently discovered that Large Language Models such as GPT-4 could impact 40% of total working hours across industries.
- BFSI (banking, finance, and services industry), healthcare, retail, government, and IT (information technology and telecom services) represent some of the primary industry verticals contributing to the AI market.
- Over 80% of executives in retail and consumer companies anticipate employing AI automation by 2025.
- 66% of businesses currently utilize or plan to use Artificial Intelligence for achieving their sustainability objectives.
- 54% of organizations report AI as providing cost savings and operational efficiencies.
- 42% of businesses indicated their intent to implement artificial Intelligence into their operations in the coming year.
- 35% of companies globally utilize artificial Intelligence.
- 34% of businesses report limited AI skills or knowledge as being an obstacle to AI adoption.
- 28% of respondents report using Generative Artificial Intelligence on their board’s agenda.
- One-third of survey respondents report using at least one function of generative AI regularly within their organization.
- Between 0.1% and 0.6% annual labor productivity growth could result from adopting AI through 2040.
- 87% of organizations worldwide believe AI technologies will give them an edge to remain competitive in their industries.
- 78% of companies consider it crucial for results obtained via AI to be “fair, safe, and reliable.”
- 61% of employees reported that Artificial Intelligence helped improve their productivity.
- 38% of respondents who utilize AI believe their organizations use it to reduce cyber risks.
- 32% of respondents reporting their organizations employ Artificial Intelligence and are doing so to reduce inaccuracy.
- 30% of marketer respondents believed generative AI presents significant threats to brand safety and misinformation.
- 21% of respondents who report using AI at work indicate their organization has implemented policies regarding employees’ use of generative AI technologies in their daily work lives.
- AI could potentially contribute a staggering estimated value of around $16 trillion by 2030 to global economies worldwide.
- Genomic AI could contribute between $2.6 and $4.4 Trillion annually to global economic output through various use cases.
- Global AI market size by 2032 is projected at $2.6 Trillion.
- Baidu holds 13,993 active machine learning and AI patents worldwide – the highest total among any entity worldwide.
- Tencent holds 13,187 active patent families worldwide – making them the second-leading owner of AI patents globally.
- AI’s compound annual growth rate globally stands at 37%; by 2030, it’s projected to boost GDP by 26%.
- 23% of respondents report attributing at least 5% of their organizations’ pretax earnings (before interest and taxes) directly to AI usage in their organization.
AI Statistics in Retail
Recent AI statistics demonstrate an ever-increasing demand for artificial Intelligence within retail settings, driven mainly by AI applications designed to enhance customer experiences by way of personalized recommendations, intelligent product search capabilities, and advanced pricing algorithms
- By 2033, artificial intelligence adoption in retail will likely reach $127.09 billion.
- Between 2023 and 2033, the demand for artificial Intelligence in retail is predicted to expand at a compound annual growth rate of 28%.
- North America will lead in the AI retail market. Projections project that the United States will experience a 5.8% compound annual compound compound compound annual compound compound compound annually between 2017-2033 in this industry sector, reaching a market valuation of around $64 billion by then.
- Artificial Intelligence in retail is projected to experience compound annual compound growth between 2021 and 2028 at a 30.5 percent annual compounding rate.
AI Market Size & Adoption Rates
While AI had long been on the market, ChatGPT’s public launch in November 2022 marked a breakthrough that significantly accelerated mainstream adoption rates of this technology. As a result, artificial Intelligence has gained greater acceptance and interest than before.
- Grand View Research projects the global artificial intelligence market will reach $1,811.775 billion by 2030 and experience compound annual growth rates of 37.3% between 2023 and 2030.
- GlobalData estimates the worldwide generative AI market to have totaled $1.75 billion as of 2022 and projected an impressive compound annual compound annual rate compound growth rate to reach $33.03 billion by 2027.
- Spherical Insights estimates that artificial Intelligence in computer vision could reach $ 100.42 billion globally by 2032.
- According to research by the World Economic Forum, over 75% of companies plan on adopting AI technologies such as extensive data analysis and cloud computing in the next five years.
- Over 84% of surveyed businesses identify emerging technologies and widening digital access as key trends that will spark transformation within their organizations.
- Gartner, Inc. conducted a recent survey with over 2,500 executive leaders from organizations that reported currently exploring Generative AI, with 70% studying and 19% producing or piloting it within their organization.
- McKinsey reports that 55% of respondents confirmed their organizations have adopted AI technology; however, less than one-third indicate it’s being applied across multiple business functions, indicating limited application scope.
- 2023 has seen an average AI deal size increase of 48% year-to-date due to mega-rounds.
- AI Voice Generators were estimated at $1,396 million worldwide in 2023, with projected global market revenues reaching $4.8889 billion by 2032 – representing a compound annual compounded annual growth rate of 15.40% from 2022-2032.
AI Business Impact
Artificial Intelligence continues to rise throughout organizations globally. Additionally, recent emphasis on generative AI is helping expand adoption by business leaders worldwide.
- Organizations that place AI at the core of their operational models have experienced improved performance metrics; specifically, they outshout their competition 44% more frequently compared to entities focused purely on skills.
- Recent discussions at the World Economic Forum regarding generative AI have generated much excitement, drawing scrutiny over its ability to automate over 50% of tasks for 19% of workforce workers.
- Employees predict a significant transformation in the labor market over the next five years due to changes brought about by emerging employment and by declining ones being eliminated. 23% of jobs expected to see turnover over this timeframe are predicted for imminent elimination due to emerging jobs outstripping declining ones.
- Employees anticipate that 44% of workers’ skills could become obsolete within five years.
- Generative AI advances could significantly transform automatable tasks between 2023-2027. According to studies, Large Language Models could automate 15% to 50% of functions using advanced applications that address current model limitations.
- Bloomberg estimates that increasing demand for AI products could generate nearly $280 billion of new software sales revenue.
- By 2032, Business Intelligence predicts generative AI will grow from under 1% of total market IT hardware sales and software services revenue to up to 10% of overall IT hardware, software services, ad spending, and gaming market revenues – key contributors being infrastructure services estimated at $247 billion, digital ads at $192 billion and AI assistant software projected to make an appearance of at $89 billion respectively.
- PwC predicts that labor productivity enhancements could account for over 55% of AI’s projected GDP gains between 2017-2030.
- Skynova conducted a poll among 1000 successful small business owners, in which 9 out of 10 confirmed AI was essential to their company growth, with adopters experiencing up to 75% higher revenues compared with nonadopters of AI technology.
Conclusion
Artificial Intelligence in Business is no fad; instead, more businesses of all types – big and small alike – are realigning their plans to incorporate more AI-related tech. This development takes two distinct paths: autonomous machines and machine learning. Both fields have become essential parts of modern industry, with data processing becoming ever more vital as computers and machines process even more information – but still don’t fully “understand” what it all means; that is what researchers will work toward rectifying in future research efforts.
AI jobs are being created at an exponential pace to satisfy an expanding market, automating processes that previously took hundreds of hours and several workers. Robots and AI may replace humans for specific jobs, creating disruption but also significantly reducing injury risks. Employers now must train employees on how best to use this new technology for future positions they make. Businesses and workers, in order to secure long-term employment, should learn how to expand their fields to incorporate AI.
Here are some predictions based on today’s AI statistics: Security measures and pressures will benefit SaaS businesses; AI’s potential has only just begun being explored; early adopters in Business will reap its rewards; we have only just scratched its surface!
