Artificial intelligence has been playing a significant role in strengthening and transforming industries worldwide. Many businesses are yet to be convinced about the benefits of such a technology. By doing that, they are losing a genuine chance to do better and cement their position in the market. The choice between taking risks or losing the edge over completion in the market has always been evident. It may not seem obvious, but AI-focused strategies are being included in current Search Engine Marketing Service packages.
The different areas you can categorize the AI statistics
Hence, it is necessary to know about the present AI scenario. Some statistics will be able to help determine if this approach is going to be beneficial for your business or not. When you are going through the numbers and data, though, it is necessary to know where they are coming from and how they will be able to have an impact upon your business. The statistics you will have access to can be divided into the following sections:
- General statistics
- How a company is adopting AI
- Benefits and results of AI
- How and where AI is getting implemented
- How AI is going to impact the workforce
- Use of AI in marketing, customer service, and sales
- How AI is helping in the Covid-19 pandemic situation
- What AI promises for the future
The general statistics regarding AI
- According to the present trend, the global AI market is to reach a value of $190.61 billion by 2025.
- Wearable AI marketing will reach a value of $180 billion by the same time.
- The anticipated annual growth rate of AI between 2020 and 2027 is 33.2%.
- The global AI chip market revenue will reach an anticipated number of $83.25 billion by the year 2027.
- It is also anticipated that by 2030 China will become a leader in AI technology and will cover 26.1% of the global market share.
- Lack of trained and experienced staff will be a significant issue in the growth of the AI market.
- In 2019, the machine learning industry got a boost of $37 billion, and this fund was provided by the US.
- It is being estimated that by the year 2030, AI will occupy 26% of the global GDP, which will be $15.7 trillion, and it will come from increased profitability and consumption.
- Smart machine technology will command the global market, and 93% of automation technologists feel inadequately prepared to handle the upcoming challenges.
- A company has to face challenges in three sections regarding the implementation of AI, and they are staff skills, finding the starting point, and the fear for the unknown.
How businesses are adopting AI Statistics
- It is expected that companies will have 35 AI projects on average by 2022.
- At present, 20% of the companies are opining that automating tasks, including invoicing and contract validation, will be the second most essential working areas for artificial intelligence.
- 80% of the retail executives are hoping that retail companies will adopt AI-powered intelligent automation by the year 2027.
- A meagre 7% of the companies are not using artificial intelligence at the moment, but they are looking into the subject.
- 86% of the CEOs have revealed that AI is a mainstream technology in their office in 2021.
- 48% of the companies are using AI tools, machine learning, and data analysis to address data quality issues.
- 75% of the executives are now apprehensive of losing position in the market within the next five years if AI is not implemented in their businesses.
- Amongst the various processes of a company, marketing and sales use artificial the most to achieve success.
Benefits and results of AI
- 54% of the executives across industries have revealed that the implementation of AI has increased the productivity of their workplaces.
- 79% of the executives think that the implementation of artificial intelligence will make jobs simpler and more efficient.
- One of the most significant influences of AI is the use of chatbots which can be available around the clock (64%), offer instant response to the queries (55%), and answer the questions asked by a user (55%).
- In 2021, an increase in the usage of AI across businesses will be creating $2.9 trillion business value and $6.2 billion hours of worker productivity.
- By March of 2019, there were 279,145 AI patent applications in the US, and this number will only grow further in the future.
- The supply chain management industry has experienced a considerable cost reduction after the implementation of AI technology.
- The additional benefits from AI are talent management optimization, warehouse automation, contact centre automation, etc.
How and where AI is being implemented
- Studies have revealed that almost 40% of the US population had used voice search in 2019, 45% of the households owned a smart speaker, and 26% are planning to purchase one next.
- 2020 witnessed 4.2 billion use of digital voice assistants, and it is expected that the number will double by 2024.
- Most use of AI in the retail industry happens in the form of chatbots, predictive behaviour analysis, hyper-personalization.
- 52% of people are pretty confident that cyber-security is not an issue because of effective AI-based technologies.
- Every day almost 300 billion emails are sent worldwide, and machine learning can detect that half of that number is spam.
- Using AI software allows experts to detect a plagiarized source code with 87% accuracy.
The ways in which AI impacts the workforce statistics
- 38% of the people think that technology will eliminate their jobs in the next three years, and 13% of people expect a considerable number of positions will get eliminated.
- As per current estimation, about 20 million manufacturing jobs will be lost to robots by 2030.
- Rising AI technology will cause a 16% reduction of the total workforce in the US by 2030.
- Though there is a worry regarding the reduced job opportunities, there will also be the chance of a stronger and wealthier economy with new jobs.
- 63% of the CEOs are predicting that artificial intelligence is going to positively impact job openings like the internet did at the time of its introduction.
- It is anticipated that 97 million new job roles will be created, including AI and machine learning specialists, process automation specialists, big data specialists, and more.
- At present, 43% of manufacturers are using data scientists and data quality analysts to their workforce, and 35% more will be doing the same within the next 5 years.
Use of AI in marketing, customer service, and sales
- 40% of the businesses are saying that customer experience is integral to their decision to implement artificial intelligence.
- 71% of the marketing experts consider AI as adequate for personalization.
- 80% of marketing professionals were using chatbots as part of their customer experience strategy in 2020.
- 48% of the marketing professionals agree that digital and mobile technologies have brought forth a considerable difference in how their customers and prospects interact with the businesses.
- 51% of the eCommerce bigshots have already implemented automation technologies across sales, marketing, and customer service for ensuring a better user experience.
- The survey has also revealed that 34% of sales and marketing leaders opine that AI will change the customer experience scenario in the coming years.
- In 2020 only, chatbots were responsible for responding to 85% of customer service interactions. Until now, 27% of the consumers think that an AI can provide equal or better customer service than human beings. 43% of the people still believe that AI will cause more complaints.
Assistance from AI during the COVID-19 pandemic
- Governments worldwide have been enforcing social distancing requirements with the help of artificial intelligence
- Hospitals have been speeding up the testing and diagnosing of patients, along with providing automated remote consultations through chatbots
- Various AI-based technologies and projects are detecting multiple issues with a COVID patient, study the transition rate, etc.
The impact of AI on the future
So far, artificial intelligence has been influencing the world, life, and its various aspects in different ways. There are various negative impacts and implications associated with AI and its future, but life is not science fiction. Some useful statistics on the subject will help you sail through 2021 and beyond. The future is going to be glorious with proper support from artificial intelligence. It is time to learn and hone your skills regarding AI.