Artificial Intelligence has grown significantly in the past decade, transforming machine learning. The AI market’s value in 2023 is $207.9 billion, marking a 217% increase from 2021’s $95.6 billion. This number signifies that many companies acknowledge the potential benefits of AI in their fields.
In the coming years, AI will become more common in various industries, including healthcare, manufacturing, finance, and cybersecurity. Discover the impact of AI on work and daily life in this article, which provides insights into statistics related to:
- AI adoption in various industries
- Generative AI
- AI effects on employment
- The role of virtual assistants
Editor’s Choice
- AI in the global healthcare industry will reach $45.2 billion in market value projection by 2026, at a 44.9% CAGR from 2021.
- Projected demands for AI in cybersecurity will reach $133.8 billion by 2030.
- AI-powered fraud detection systems can reduce 40% of false positives and cut up to 20% in financial loss.
- 29% of Gen Z employees are using generative AI tools.
- Over 65% would use ChatGPT Instead of Search Engines.
- AI and machine learning-related job postings on Indeed increased by 29.1% between 2018 and 2020.
- Roughly 1.5 billion people are using chatbots.
- Businesses using virtual assistants and chatbots can reduce customer service costs by up to 30%.
- 37% of organizations emphasized the difficulty of finding AI experts.
- 20% of the global workforce will be AI-driven machines in 2028.
How Big Is The Artificial Intelligence Market?
In 2023, the global AI market’s value is $142.3 billion, with a $513 billion projection by the end of the same year. AI is the next big thing on the market due to the global downpour of investments from various industries.
To better understand how big the AI market is, continue reading the following section on AI adoption in various industries.
AI Adoption Statistics Per Industry
AI has become an indispensable tool in the finance industry due to its predictive capabilities for identifying fraud, data breaches, and security attacks. Banks and financial institutions, in particular, face significant challenges in these areas, leading them to adopt AI as a proactive measure against threats.
The healthcare industry has adopted AI due to cost reduction and the generation of complex datasets. This adoption enabled its integration into other sectors. AI technology in the medical industry primarily aims to enhance cybersecurity and boost operational automation for data-driven support.
Here are more statistics about AI adoption among industries worldwide.
1. The manufacturing industry utilized 517 AI-powered robots in 2021.
(International Federation for Robotics)
Using AI in production lines provides industrial automated applications, leading the manufacturing sector to install more automatic reprogrammable robots. AI in production lines enables industrial automation, increasing the adoption of reprogrammable robots in manufacturing.
AI’s ability to learn from experience or machine learning is the primary reason for deploying robots in manufacturing. Installed robots represent a 31.3% increase of 3.5 million units deployed in 2022.
| 🎁 Bonus Fact In 2022, AI in manufacturing reached $3.8 billion worldwide. The demand for supply chain optimization is the key driver of the recent incline of AI market value. |
2. 59% of companies in the manufacturing industry utilize AI for quality control.
(LinkedIn, B2C)
Manufacturing companies utilize AI technology to analyze data, spot defects, and maintain standard product quality. AI helped increase overall equipment efficiency (OEE) by monitoring defects in real time with high precision and improving product quality while cutting costs.
The following are primary applications of AI in the manufacturing industry:
- Inventory management – 44%
- Monitoring and diagnostics – 32%
- Customer care – 29%
- Personalization of products and services – 22%
- Asset maintenance – 22%
3. The AI industrial robotics market will surpass a CAGR of 13.5% from 2023 to 2030.
(B2C)
Robots learn from experience and correct themselves through machine learning algorithms. The deployment of AI robots decreases workplace accidents in the manufacturing industry.
Production lines can be hazardous, causing potential accidents in workplaces. Implementing AI robots reduced human labor reliance on these tasks, increasing the demand for more robots in the manufacturing industry.
4. 51% of businesses have implemented AI for cybersecurity and fraud management.
(Capgemini, IEEE)
Fast-paced tech progress led to more sophisticated data breaches, making AI a crucial cybersecurity tool. Capgemini, a detection-research organization, reports that 51% of organizations implemented AI-based cybersecurity solutions for detection.
Replacement of traditional techniques with AI can harness up to 95% detection rates. Combining conventional and AI techniques can result in a 100% detection rate and increase the eradication of false positives. These figures show the effectiveness and reliability against cyber threats of AI-powered tools.
5. AI for cybersecurity will reach $133.8 billion by 2030.
(Global Newswire)
AI cybersecurity solutions are often cost-effective. This technology can detect data breaches and cyber-attacks with high precision and fast reaction time. Companies are looking to invest and deploy AI as the first defense against threats to cut costs due to data breaches and attacks.
| 📖Helpful Article Cyberattacks are rampant in many businesses, primarily through email malware, at 94%. Whether large or small, companies need to address issues in their cybersecurity to avoid breaches. This problem led to some companies using AI for predictive maintenance as it can detect potential attacks in advance. |
6. 73% of business organizations currently use and plan to use AI-powered chatbots for their messaging system.
(Forbes, Software Keep)
AI optimizes email correspondence and increases customer service responses in organizations and businesses. 61% of companies utilize AI in optimizing their emailing system, and 55% deploy AI for personalized services such as product recommendations. Through AI, businesses can limit spending in email marketing and CRM.
| 📖Helpful Article SMS is still king in most marketing plans. Many businesses still opt for traditional text message marketing for its higher click-through rate of 9.18% and an open rate of 98% compared to emails. |
7. The AI adoption rate increased by 250% since 2017.
(McKinsey)
20% of the McKinsey Survey respondents report adopting AI in at least one business area. The 2022 survey reveals an adoption figure of 50%. The adoption of AI is due to its top-tier capabilities, such as machine learning, predictability, and digital assistance.
Here’s an overview of the top AI capabilities embedded in products or business processes within an organization.
- Robotic process automation
- Computer Vision
- Natural-language text understanding
- Virtual agents or conversational interfaces
- Deep Learning
8. The global healthcare AI market is projected to reach $45.2 billion by 2026, growing at a CAGR of 44.9% from 2021.
(PR Newswire, Forbes)
AI Automation of medical records, digital consultations, health monitoring, and treatment design is prevalent in healthcare, making this industry more efficient for patient processing. In 2021, healthcare organizations utilized AI in providing services. Some AI used in healthcare are the following:
- PathAI for accurate cancer diagnosis
- AI-enhanced microscopes for fatal blood diseases.
- Customer service chatbots
- Virtual health assistants
- Robot-assisted surgery
- Fraud detection
- Medical records management
- Clerical task automation
9. Automating administrative tasks through AI can save healthcare professionals up to 17% of their time.
(Statista)
AI’s computing abilities aid healthcare operations by increasing efficiency and precision. Processes and management of extensive complex data, such as personal medical records, medical progress, and treatment plans, are easily optimized by AI. These tasks are time-saving for medical professionals and greatly benefit patients.
10. AI-powered fraud detection systems reduce 40% of false positives.
(KPMG, Security Org, Juniper Research)
Payment card fraud costs the financial industry an estimated $27 billion. Banks and finance institutions now use AI to detect fraudulent activities and transactions. Juniper Research’s report on AI fraud detection expected a cut in damages and losses of up to $1 trillion.
11. 80% of all New York Stock Exchange trades used AI on Machine Learning.
(The Economist)
Stock exchange is one of the top economic drivers of the current market. Utilizing AI in this sector can speed up processes and improve trade efficiency. The fast and precise computing capacity and the ability to consume complex data is one of AI’s strongest suits in trading.
12. By 2030, financial services will cut a projected $1 trillion in damage costs due to the utilization of AI.
(LinkedIn, Business Insider Intelligence)
Through machine learning, AI can detect sophisticated cyber attacks and fraudulent transactions. Traditional cybersecurity systems can stop around 30% to 60% of threats, while AI-powered systems have a success rate of 80% to 92%. These figures signify reliability, increased cost savings, and decreased cybersecurity damages and loss.
Generative AI Statistics in 2023
Despite the misinformation and lack of authenticity, the popularity of generative AI led to an increased global market value. AI’s ability to generate images, texts, or sounds using machine language algorithms is helpful in automation and various industries.
The following section will offer vital statistics about generative AI and its influence on the global economy.
13. Generative AI could boost the global economy by around $2.6 trillion to $4.4 trillion annually.
(McKinsey Global Institute)
Generative AI, such as ChatGPT and other chatbots, increases labor productivity by 0.1% to 0.6% annually. Workers from different industries have adopted this technology to reduce working time and increase productivity to complete various tasks.
The increasing popularity of generative AI has led investors to fund tech companies that provide such solutions. Below is a graph showing the percentage of factors in adopting generative AI.
- Advancements in AI accessibility – 43%
- The need to reduce costs and critical process automation – 42%
- The increasing amount of AI embedded in standard off-the-shelf business applications – 37%
- Competitive pressure – 31%
- Demands due to COVID-19 pandemic -25%
- Pressure from consumers – 25%
- Directives from leaders – 23%
- Company culture -22%
- Labor and skills shortages -22%
- Environmental stress- 20%
14. 35% of companies are using AI in their organization.
(IBM)
To optimize productivity, many companies utilize generative AI in their business. 37% of workers from marketing and advertising organizations reported using AI in their tasks.
Other sectors showing an increase in AI use are tech and consulting companies, with 35% and 30%, respectively. 42% of companies are also exploring the effects of AI in business models and data insights.
15. 29% of Gen Z employees are using generative AI tools.
(Statista)
The popularity of tech use among Gen Z is the primary factor behind the increase in the utilization of generative AI. Statista’s data revealed that 29% of Gen Z respondents among US professionals used productive AI tools. Gen X and millennials percentages are 28% and 27%, respectively.
16. Over 65% of users prefer ChatGPT instead of search engines.
(Forbes)
Forbes’ 2023 survey revealed consumers’ growing interest in using AI language models such as ChatGPT to look for information or answers. ChatGPT’s speed in providing information makes users more inclined to use these tools more often.
The statistic suggests that investors should look at AI-driven solutions to provide a more personalized and efficient approach to user experience. Uses of Generative AI technology per industry is as follows:
- Marketing and Sales
- General Operations
- IT and Engineering
- Research and Development
| 💡Did You Know? ChatGPT is short for Chat Generative Pre-trained Transformer. Many prefer this app because it can communicate like a human and answer questions quickly without using other tools. |
Statistics on the Impact of AI on Jobs and Employment
AI technology development aims to boost productivity and reduce production expenses. This surge in AI technology development has led to a higher demand for AI experts. However, AI poses an alarming incline of unemployment due to job displacement.
To better grasp the impacts of AI, read the next section of the article.
17. Due to the rise in process automation, there will be 85 million job displacements by 2025.
(World Economic Forum)
AI’s capability to optimize work and increase productivity and efficiency without human intervention caused job displacement. However, the popularity of AI created 97 million jobs across 26 countries. Companies that utilize AI for process automation see most job displacements.
| 🎉Fun Fact People working on “boring” and “repetitive” tasks are at risk of being replaced by automation at 30%. Companies that value the efficiency of AI save time from mundane tasks. |
18. AI and machine learning-related job postings on Indeed increased by 29.1% between 2018 and 2020.
(Indeed)
The rapid integration of automation and AI in several industries causes an increase in demand. As previously mentioned, AI will lead to a projected loss in employment due to process automation. Despite this loss, the IT industry looks forward to hiring more professionals with expertise in AI and cybersecurity.
19. By 2027, there is a forecasted 40% growth in emerging job roles related to AI and robotics, such as AI specialists and data analysts.
(World Economic Forum)
The rapid increase in AI adoption across many industries caused a rise in demand for AI experts, data analysts, and automation experts. For instance, IBM plans to replace 7,800 jobs with AI technology.
The need for more business solutions is a call for more tech-related skills training to compensate for the growing job demands in this sector.
Chatbot Statistics in the AI Industry
According to the Research and Markets report, the popularity of chatbots among users caused the Internet bot market to reach an expected $9.4 billion by 2024. The fast response and resolution to inquiries and problems are the main key factors why consumers rely on chatbots rather than humans.
Discover how AI revolutionized the bot industry and how it improved the market.
20. A chatbot market projection of $1.25 billion is expected by 2025.
(Statista)
As organizations and businesses saw an influx of chatbot users, the capabilities of this tool in problem resolution and automation led to precise outcomes. This increase led to industries and companies investing more in chatbots for marketing and operations.
64% of internet users believe that the 24-hour accessibility of service is the best customer service and support. 69% of consumers prefer chatbots for quick and accessible communication with brands.
21. Roughly 1.5 billion people are using chatbots worldwide.
(Qliqsoft)
India, Brazil, Germany, the UK, and the US are among the top countries with the most chatbot users worldwide. Chatbot’s ability to converse in a human-like manner is the key factor why more consumer accepts chatbots as their customer service representative.
22. 58% of B2B companies actively use chatbots for lead generation.
(Brillity Digital, Business News Daily)
Businesses of all sizes use chatbots to provide customers with faster responses. Microbusinesses have the highest percentage of companies, with 22% already using chatbots, followed by small-scale businesses with 20%.
Although medium-scale businesses had the most minor chatbot usage, organizations of this size have the highest percentage of planning to utilize chatbots in future operations. Big corporations, with 71%, follow them.
These figures signify that chatbots will have tremendous market value over the following years due to companies planning to adopt and develop such technologies.
| 🎉Fun Fact Automated messages or chatbots are essential to any business. These tools allow companies to respond to customers quickly. Customers also value quick responses, as 42% will stop supporting a brand due to no real-time support lines. |
Virtual Assistant Statistics in the AI Industry
The imminent replacement of routine jobs, such as data management, data encoding, and customer relations, will happen sooner than expected due to the development of AI-powered virtual assistants. Intelligent Virtual Assistant’s ability to process millions of data in seconds leads to an incline in productivity rate and a decline in processing costs.
Here are crucial statistics on virtual assistants in the AI industry and their impact on various sectors.
23. The virtual assistant market expects a value of $21.52 billion, growing at a CAGR of 36.6% from 2020 to 2026.
(LinkedIn)
The increase in demand for AI-powered virtual assistant software and solutions and development across different industries increases its market value potential. Companies need to fulfill various customer service roles in multiple sectors, which drives the need for intelligent virtual assistants to grow exponentially.
24. By 2022, a 72.4% projection of customer interactions will involve emerging technologies such as virtual AI assistants.
(Gartner)
Intelligent virtual assistants can converse in a human-like manner naturally. Their advanced natural language processing algorithms can understand user input, produce relevant responses, and improve performance over time by learning from these interactions.
These capabilities and the capacity to process complex tasks increased the demand for IVAs in various businesses.
25. Businesses using virtual assistants and chatbots can reduce customer service costs by up to 30%.
(IBM)
IVAs can replace individuals who are doing routine jobs in some industries. With AI’s computing prowess and the ability to consume information at a very rapid rate, it can replace hundreds or even thousands of individual manual labor, a long-term cost saving for companies.
How Fast Is Artificial Intelligence Growing?
AI is growing at a rapid rate of 38% by 2023. Despite this growth, year-over-year growth of this sector is expected to decline to 33% by 2024 and 26% by 2025. Aside from industry growth, there will also be an increase in people working in the AI space, with a projected number of 97 million employed AI professionals.
The power of AI resulted in an improved organization for businesses, such as better customer quality and increased income for tech companies. Learn more about how much this industry grows with the following data below.
26. The AI market is forecasted to reach a $500 billion benchmark spending in 2023.
(IDC)
IDC forecasted an expected growth of 19.6% in the global AI market revenue in 2022 and reached a value of $432.8 billion. Companies that need to adapt to AI tools take advantage of the effects of it.
Businesses should leverage AI to enhance production, speed up automated tasks, offer personalized recommendations, and drive data-driven decisions swiftly and accurately.
27. In 2022, 76% of surveyed leaders reported expecting to increase AI investments in 2023.
(Stanford AI Index)
The promising capabilities of machine learning have led to more organizations deploying AI, increasing its market value and leading investors to fund more in this sector. According to the AI Investigative Report by Stanford in 2022, 3,538 investment events occurred, and 1.392 newly funded companies emerged, harnessing a sixfold increase since 2013.
As more startups start to develop AI technology, 76% of the industry leaders expect an increase in investments in 2023.
28. AI in the cybersecurity market will have a 23.6% CAGR by 2032.
(Bloomberg)
The advanced capabilities of AI and ML have become a valuable tool in cybersecurity. Their automated and predictive analytic capabilities draw statistical interferences and reduce threats, cementing themselves as primary tools to identify anomalies and sophisticated attacks rapidly. For this reason, companies are starting to invest more in AI in the cybersecurity industry.
According to the Global Opportunity Analysis and Industry Forecast, the industry generated over $19.2 billion in 2022, and a projection of $154.8 billion will occur by 2032. This projection will have a CAGR of 23.6% from 2023 to 2032.
29. 91.7% of Fortune 1000 companies are looking to invest more in AI.
(New Vantage Partners)
Companies are getting more economic value from AI. 91.7% of the 94 Fortune 1000 companies responded to increased AI investments and data management in 2023. 26% confirmed that their company has AI systems embedded and deployed within their organizations.
30. Among countries worldwide, the US led in AI private investments with $47.4 billion in 2022.
(Stanford AI Index)
The US leads in the total number of newly funded AI companies, 1.9 times more than the EU and the UK combined and 3.4 times more than China. A total of $47.4 billion was invested in the US, 3.5 times higher than China, which only had an investment of $13.4 billion.
Statistics on the Benefits of AI Adoption
AI can process millions of data in a matter of seconds; with this ability, business organizations can utilize this to optimize their business process, increase cybersecurity against threats, reduce production costs, and increase productivity.
The graph below shows the percentage of benefits of AI in various industries as per the Stanford survey.
- Lower costs – 37%
- Improve collaboration across business functions and organizations – 34%
- Discover valuable Insights – 34%
- Product, service, and offer optimization – 33%
- Expand services to new constituents – 33%
- Process efficiency – 33%
This section discusses the benefits of adopting AI in various industries and how it affects the market’s growth.
31. Data processing, preventive maintenance, and logistics are the top 3 sectors that will benefit from AI adoption and deployment.
(Delliote Insights, Forbes, Stanford AI Index)
AI’s remarkable skill to quickly handle complicated data and learn or improve over time has impressed many businesses. Statistical AI models and algorithms learn from gathered data and adapt to new information to make automated decisions. Companies now deploy AI in data processing, preventive maintenance, and logistics.
32. Combining big data and AI can automate 70% of data processing.
(Forbes)
Advanced AI can compute, access, analyze, and project data across the internet in seconds. AI relies on data, and using data effectively is challenging without AI. These two technologies should work together seamlessly.
The deployment of AI in data processing will displace manual labor due to its ability to complete tasks quickly. AI can automate 80% of physical work and 64% of data collection tasks. These statistics mean cost savings for companies regarding human resources and labor costs. Data processing has a vast array of uses in different industries, such as:
- Lead generation
- Email correspondence
- Data breach detection
- Data processing of stock projection
- Social media and content generation
- Computation of complex business data
- Image processing for manufacturing optimization
33. AI-powered predictive maintenance can yield a 30% drop in downtime.
(PTC, Deloitte)
Predictive maintenance is integral to any industry or business relying on equipment. Prevention is better than cure; instead of waiting for equipment to break, companies can use predictive maintenance using AI. It can analyze, compute, and project data to prevent downtime and reduce operating costs.
AI-powered predictive maintenance can yield a 30% drop in downtime and 83% faster service resolutions in the manufacturing industry.
34. AI-powered supply-chain management can cut 15% in logistics costs.
(McKinsey and Company)
Optimization of AI in logistics can reduce costs through real-time forecasts and predictive and corrective statistical approaches to planning and automation of physical flow. AI can optimize routing design, fuel efficiency calculation, and delivery time reduction.
Utilizing AI in supply-chain management can cut logistics costs by 15%, inventory levels by 35%, and service levels by 65%. These figures show a considerable AI market potential in logistics and supply-chain management.
Other benefits of AI adoption.
The graph below shows the percentage of benefits as per the Stanford survey.
- Lower costs – 37%
- Improve collaboration across business functions and organizations – 34%
- Discover valuable Insights – 34%
- Product, service, and offer optimization – 33%
- Expand services to new constituents – 33%
- Process efficiency – 33%
Statistics on the Obstacles of AI Adoption
AI’s promising ability mainly drives business organizations to invest in Artificial Intelligence. Despite its benefits, there are also downsides and barriers to why some organizations still need access to this technology.
This section sheds light on the current obstacles to AI adoption and how they affect the deployment of AI.
35. Artificial Intelligence system costs range from $6,000 to $500,000.
(ScribeHow)
Organizations must invest considerable money and time in computing power memory, building data centers, and maintaining AI systems. Currently, the cost of building an AI system ranges from $6,000 to $500,000, depending on the amount of Intelligence and project.
However, the advancement of technology such as microprocessors, supercomputers, 5G communications, and cheap and fast internet speed reduce costs in starting an Artificial ecosystem within the organization.
36. 37% of organizations emphasized the difficulty of finding AI Experts.
(PECB, IBM)
According to IBM, the need for more talent is one of the most critical barriers to AI deployment. About 37% of organizations emphasized the difficulty of finding people with the appropriate AI expertise and knowledge level. This skill set is significant for organizations that have yet to begin with AI adoption.
The need for more experts in AI is one of the critical factors why only a few organizations initiate Artificial Intelligence development within their businesses. However, those in the advanced stages of AI development find data complexity and having the right toolset the number one obstacle to developing more AI adoption.
Here are critical obstacles in scaling AI initiatives:
- Managing AI-related Risks – 50%
- Obtaining data or input to train model – 44%
- Implementing AI technology – 42%
- Proving business value – 40%
37. 76% of consumers are concerned with misinformation from AI-generated data and product descriptions.
(Forbes)
According to a Forbes survey, 54% of the respondents believed they could tell the difference between content written by a human and that generated by automated chatbots, such as Google Bard, ChatGPT, and Bing Chat.
Most consumers express concerns about AI-generated product descriptions and product reviews. Misinformation from these data can harm the consumers. With the prevalence of AI integration in businesses, consumer sentiments are valuable tools for decision-making regarding AI.
AI Predictions for the Future
Like with technological trends, experts have several predictions about AI’s growth in different sectors. These include predictive analysis to improve user behavior, language translation for better consumer connections, and transformative learning for students and teachers.
Get to know the latest AI predictions and data proving its trend.
38. There is a 50% chance of an affordable transformative AI system by 2050.
(Our World In Data)
The rapid development of AI in the past years has led more experts to project the possibility of a transformative AI system deployment within the next 50 years. The rapid growth of technology, the development of more AI-related skills training, and the increasing demand for more advanced AI solutions led to an early deployment of transformative AI systems.
39. 20% of the global workforce will be AI-driven machines in 2028.
(Gartner and ISC2)
As AI becomes more prevalent and utilized in various industries, the fear of job displacement presents a significant concern. Strategies such as re-skilling programs, job transition support, and educational initiatives play a role in addressing these concerns and helping workers adapt to the changing job landscape.
AI’s efficient capacity to complete tasks will significantly increase productivity in various sectors and drive to cut manual labor.
40. 1 in 10 cars will be automated or self-driving in 2030.
(Forbes)
By 2030, approximately 10% of vehicles will be autonomous, with the global self-driving car market projected to surge from 20.3 million units in 2021 to 62.4 million.
Tesla’s self-driving vehicles, featuring fully driving mode on their car OS, have gained popularity since Elon Musk introduced them and are now available for subscription.
Wrap-up
The AI industry’s rapid development is crucial for technological advancements and scientific discoveries. It benefits both industries and people when appropriately managed.
This development made AI’s impact on society more significant than ever, especially in a fast-paced culture. Responsible use of AI and acknowledgment of regulations and boundaries are vital qualities to improve this sector for all industries and internet users.
FAQs
Who is the No. 1 AI in the world?
There is no accurate data on the number 1 AI in the world. However, the top AI software are: Viso Suite Platform, ChatGPT, Jupyter Notebooks, Google Cloud AI Platform, and Azure Machine Learning Studio.
What are the statistics on the future of AI?
The top statistics on the future of AI are the forecast of transformative AI systems and the development of AI-driven machines to account for 20% of the global workforce and 40% of economic productivity.
How is AI changing the world?
The constant AI development has shaped the world by increasing the demand for AI solutions and professionals, advancing the AI global market value by a significant percentage each year.
What percentage of people use AI?
77% of all devices utilize AI in various forms. The prevalence of AI in most devices signifies that almost all those who use mobile phones and computers have used AI in one way or another without even realizing it.
Sources
Timeline Of The Article
-> V2 – Yearly Overhaul: 08-01-2020
-> V3 – User Suggested Edits: 15-06-2020
By Josh Wardini
Josh Wardini is our AI and automation guy. He started his internet journey in sales and marketing, ultimately becoming a thriving tech entrepreneur. founder