In the current era of digitalization, AI is a top contender. The hype is constant, and the role of AI in consumer products & enterprises is growing, rare for any technology. Consumers presumably engage with artificial intelligence regularly without even realizing it. AI is changing how companies operate and how individuals go about their daily lives. Creating an era of machine learning, natural language processing, and chatbots that can lead human interactions, AI has become the hottest topic in the business world today.
In 2023 and beyond, the potential for AI will be enormous. Although it has received mixed reactions as some think it can free up workers' time while others believe it to be the most significant risk to the future of civilization, Artificial Intelligence continues to make an impact on businesses, and in everyday life.
But what is the fuss regarding AI?
More than ever, businesses are unleashing the power of AI in their operations and processes to bolster the efforts of their professionals and become more productive. From business process automation to data analysis and security, artificial intelligence provides businesses with more opportunities to improve operations and drive growth.
But before business leaders invest in AI development for their business operations to stay competitive, collecting data for the business is a crucial indicator of making better decisions. The data will act as the stairs to success and be a backbone to make vital decisions. After thorough research and understanding, we are here to help you better grasp AI's most recent advancements. Therefore, we've compiled a list of interesting AI statistics to consider before you use AI for your next project.
Market statistics is essential for business, as it provides the answers companies need to make decisions to move forward. So what do you think about the Artificial Intelligence market? As more and more businesses are investing in AI, companies need to make technology decisions based on market analysis today. Let’s learn more about the AI market landscape.
Thanks to increased practical use cases of AI, from content marketing to self-driving cars to medical checkups, the AI market is expected to show higher growth in the coming decades.
As per the latest record, the current AI market size is USD 136.55 billion, which will expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030.
AI is fast becoming a staple in this business world. Its ability to automate tasks, improve decision-making and make work more efficient can enable businesses to gain a competitive advantage. According to Gartner, by 2025, 30% of outbound marketing messages from large organizations will be synthetically generated, up from less than 2% in 2022.
With the current value of 100 billion US dollars in 2023, the Artificial Intelligence market size is expected to grow twentyfold by 2030, nearly up to two trillion US dollars. Although the AI market covers various industries, from supply chains to product making and more, chatbots and generative AI are the significant trends businesses will adopt in the future.
Artificial intelligence will contribute $15.7 trillion to the global economy by 2030. Also, according to a study by PwC, product improvements will account for 45% of all economic gains by 2030, boosting customer demand by increasing product diversity, personalization, attractiveness, and affordability.
Global Market Insights Inc has predicted the Wearable AI market will reach $180 billion by 2025. Due to the rising consumer focus on fitness and health, wearable AI will observe robust growth. With the growing usage of wearables such as smartwatches and fitness bands, the implementation of machine learning and AI algorithms will increase.
Undoubtedly, the AI chip market is significant and will get more prominent in the coming years. With the rise in demand for intelligent things- from cars and homes to cities- Statista projected that the global artificial Intelligence chip market revenue will grow to 10.14 billion US dollars in 2027.
Technology is changing, and so are product development procedures. AI is expected to gain considerable importance in product development companies globally by 2025.
From manufacturing to hospitality to retail and aerospace, artificial intelligence is being adopted by several organizations across all industries. Although businesses are still in the early stages of adopting AI, this dynamic force has kept industries moving forward to conquer more with technology. Here are a few statistics you should look at before adopting AI in your organization.
Businesses are always looking for opportunities to increase their productivity, and adopting AI will increase worker productivity by roughly 40%. A report by PWC predicts to increase in productivity by 40 percent in the workplace.
With the advancement of technology in full swing, business leaders, and CTOs are looking for automated ways for improved customer experience and on-demand delivery. Research by Analytics Insight shows that 80% of retail CEOs will implement AI automation in their companies by 2025.
Are chatbots only marketing trends, or do they have the intelligence to lead human interactions? Chatbots are no longer a gimmick to showcase your company's technology advancement; these are handy tools to improve your overall customer experience. Before investing in chatbots for your business, consider the stats below.
As more and more businesses adopt artificial intelligence, chatbots enable them to ensure better conversion and customer acquisition. Statistics state that the chatbot market will reach around 1.25 billion US dollars in 2025, which was 190.8 million US dollars in 2016.
From retail to defense, AI robots are a popular choice among industries of all sectors. These AI robots integrate AI programs to allow industries to simulate human intelligence and perform automated tasks. The AI robot market is expected to grow tenfold in 2030.
Organizations are using chatbots to save workforce, money, and time. 26% of B2B eCommerce marketers find using chatbots can help them gain 20% more lead generation volumes in marketing programs.
A survey conducted by Statista showcased that 57% of marketers used chatbots in their demand generation programs to understand their audience better in the US.
Marketers believe that chatbots can convert website traffic into sales-qualified leads even after office hours. Therefore the above survey by Statista also showcased that 55% of B2B markets will adopt chatbots to generate new leads in the future in the US.
Apart from generating leads, 43% of business leaders in the US also believed that chatbots helped them educate prospects.
Although AI is a hot topic today, the application of AI beyond Siri and Alexa remains murky. New use cases of AI are expected to transform every industry in the coming years and decades. Many startups are also struggling for generative AI product ideas to start their business today. So what is the percentage of artificial intelligence being used in different sectors? Here are a few of them you should know.
The global AI market for the education sector was valued at USD 1.82 billion in 2021 and is expected to grow at a compound annual rate of 36.0% in 2030.
A survey by Grand View Research states that the AI Fintech market will grow at a compound annual growth rate (CAGR) of 16.5% from 2022 to 2030.
Although healthcare tech is in the early stage of AI adoption, the AI market for healthcare was worth around 11 billion US dollars in 2021, which will be worth almost 188 billion US dollars by 2030, growing at a compound annual growth rate of 37 percent.
The global Natural Language Processing market was $15.7 billion in 2017, expected to grow at a CAGR of 25.7% by the end of 2027.
The Global AI market in business looks promising as the sector is expected to reach $25.7 billion by 2025, a report from Grand View Research.
As per Verified Market Research, the AI SAAS Market size was valued at USD 73.8 Billion in 2020 and is forecasted to reach $1,547.57 Billion by 2030, registering a CAGR of 37.66% from 2022 to 2030.
A report by Reliable Research states that AI in the logistics market is expected to grow annually by 10.2% (CAGR 2023 - 2030).
According to Global Market Estimates, the AI in Hospitality Market will grow with a CAGR value of around 10% over the forecast period of 2021 to 2026.
Market and market share the stats of the global AI infrastructure market to grow up to $96.6 Billion by 2027 at a CAGR of 27.5% from $28.7 Billion in 2022.
Generative AI has taken the internet by storm, as companies can use this form of AI to create art, music, and other creative content as per their needs. The most well-known example of generative AI is ChatGPT, which became an overnight sensation in late 2022. While people globally consider AI likely to improve their lives, most are ambivalent. Although they have mixed feelings about this form of artificial intelligence, here are a few stats to consider when adopting generative AI for your business.
The well-known startup, OpenAI has attracted high-profile investors, including Microsoft and Amazon Web Services. It is one of the most funded ML startups in the world, with funding of more than 1 billion US dollars in January 2023.
With the rising application of generative AI in various sectors, the generative AI market is expected to grow at a compound annual growth rate (CAGR) of 35.6% in 2030, as per Grand View Research, which was USD 10.14 billion in 2022.
During a survey in 2023, it was found that 37% of professionals working in the advertising and marketing industry used generative AI to automate their tasks.
Generative AI tools are quite popular among professionals in the US, and according to a survey by Statista, 29% of people belonging to Gen Z use these AI tools. Moreover, 28% of Gen X and 27% of millennials respondents used such tools.
From next-generation chatbots to models that can generate any image (or, very soon, video), the advancement of AI is impossible to ignore. With the global populace's eyes on this technology, it is unsurprising that almost all companies use artificial intelligence to focus on their core business and outsource other needs to third-party experts.
Global market research has reported that AI as a Service Market will hit $43.29 billion (USD) by 2030, expanding at a compound yearly growth rate of 25.8%. Like IaaS, PaaS, and SaaS development, AIaaS is a third-party offering of artificial intelligence outsourcing. It allows companies to experiment with artificial intelligence to build various products without a large investment and with lower risk.
Although AIaaS marketing is predicted to show strong growth in the coming decades, it is an excellent alternative to avoid all the challenges in-house AI development teams create.
As time progresses, the introduction of artificial intelligence will likely have long-term effects on future businesses, whether about simple daily tasks or collaboration in large-scale development projects. AI can create and reproduce high-quality works but also embrace businesses and ordinary people to unlock opportunities and create a competitive edge in today's marketplace.
If you're also planning to partner with a company for AI development for your next business idea, Classic Informatics can help you build one. The team at Classic Informatics are top AI engineers who can help you build a new product, integrating the latest generative AI capabilities while enabling you to gain a competitive edge in this artificial intelligence era.