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August 12, 2022
Artificial intelligence continues to reshape various facets of work. Learn how the technology is proving its effectiveness through latest statistics.
Artificial Intelligence (AI) has been a major topic in the tech world for several years. One of the most obvious reasons is that it is the next big thing. Several tech giants have heavily invested in the technology. Now, as the stakes are already high, it brings us to the question of how efficient AI is in reality. This article looks at various statistics that help prove the efficiency of AI in the business world.
Artificial Intelligence (AI) seems to be everywhere these days. From the self-driving cars that have begun making headlines, to the voice assistants like Alexa and Siri that are becoming more popular every day, to automated customer service agents that can help you navigate your way through a call center without ever having to talk to a real person—the list goes on and on.
Here’s how AI technologies are impacting the business world.
1. According to Accenture’s study related to the impact of AI in 12 developed countries, the growth of the economy can double by 2035. Similarly, workers can experience a 40% improved productivity by utilizing their time efficiently.
2. Around 86% of businesses have agreed that AI has become a mainstream technology in their company.
3. According to Business Wire, 91.5% of businesses invest in AI-related technologies regularly.
4. The global market size of artificial intelligence will break the $500 billion mark in 2023.
Here are the latest numbers that show the impact of AI across industries.
According to MIT Sloan Management Review, businesses with an employee count of over 100,000 are more likely to have an AI strategy. Almost three-fourths of the respondents in the study felt that AI will help their company gain a competitive advantage. They further believe it will help them expand their operations by presenting new opportunities.
According to CB Insights, start-ups that deal with AI have steadily managed to attract better investments between 2017 and 2019. The figure was $16.8 billion in 2017 and $22.1 billion in 2018. The year 2019 saw that number increase to $26.6 billion. The report for 2019 got complied in January 2020.
2019 also saw a growth in the number of AI businesses whose value was over $1 billion. According to CB Insights, there were ten new unicorns from the UK, USA, and China. Some companies invested in designing autonomous goods for delivering goods.
Healthcare was one of the most important domains that attracted major investments among AI companies. Investors poured in around $4 billion in 2019 in healthcare businesses. Finance ($2.2 billion) and retail ($1.5 billion) followed suit.
Here’s how AI is impacting the voice search segment.
According to IDAP, 97% of mobile users already use AI-enabled voice assistants. The same study further points out that only 4% of Android users and 2% of iOS users have never explored voice assistants. The usage of voice assistants is the highest in cars with a 51% share. Public usage (6%) and work (1.3%) follow it.
20% of all the search queries on the internet happen through voice-based search. Similarly, 58% of consumers use the voice search function when they need to find information about local businesses.
40% of people use voice search assistants on a daily basis. The statistic goes to show the increased penetration of voice assistants in the life of people. With increasing awareness and convenience on offer, the numbers will only increase in the coming years.
Let’s look at how AI is impacting the job market.
The number of industrial robot jobs is growing at a rate of 14% each year. The statistic points to a scenario where most time-consuming manual jobs will become redundant. Automation will help businesses save millions of manhours and improve the quality of the output due to the elimination of human errors.
According to McKinsey, as many as 375 million workers will have to switch their careers. As robotics could end up replacing 800 million jobs, there will be no choice left for people. Almost 30% of occupations will become extinct due to the growth of AI.
According to Forrester, artificial intelligence, machine learning, automation, and robotics will make almost 16% of jobs in the US redundant. The forecast is a period as early as 2025. The jobs include administration support and other regular desk jobs that have ample scope for automation.
Here’s how AI will impact various industries in the future.
The global AI asset management market size is likely to grow at a CAGR of 37.1% between 2020 and 2027. It was valued at USD 990.4 million in 2019. The growth showcases the potential of AI in a field as diverse as asset management.
There were around 35 million autonomous vehicles in 2020, which was 10% more than the previous year. Around 55% of small businesses feel they will have an autonomous vehicle fleet in the coming two decades. Autonomous vehicles are growing rapidly and will become mainstream soon.
According to a McKinsey report, AI can help businesses forecast demand much better, which will help avoid overstocking and wastage of resources. AI-enabled forecasting can reduce forecasting errors by 30-50%. A reduction in these errors will prevent losses and improve profit margins.
Here’s how various studies have predicted the growth of AI in the coming years.
18. According to Markets and Markets, the AI industry will touch the market size of $190 billion by 2025.
19. The global AI market is growing at a CAGR of 40%. This growth will likely continue at a brisk pace and is unexpected to slow down anytime soon.
20. The period between 2015 and 2019 saw a 270% growth in businesses that started using AI services.
21. AI technology will increase the revenue by around $15 trillion in the coming decade.
22. AI market size will likely grow by 38% in the year 2023.
23. As per PWC, the AI market will be providing a potential global economy of $15.7 trillion by 2030.
Here are the various ways artificial intelligence will help you grow your business.
Many businesses today still rely on humans to perform tasks like data entry or customer service. These processes can get automated through the use of AI, which you can train to perform specific actions or programs to learn from data.
For example, you can train an AI bot to monitor social media channels and respond immediately when a customer posts a question or concern on Twitter or Facebook. This would allow employees to focus on more complex tasks that require human judgment and expertise.
By leveraging the power of machine learning and the vast amounts of data available, businesses can develop a better understanding of what's working and what isn't. With this knowledge, they can make adjustments to improve their performance. For example, if a product is not selling well or a marketing campaign wasn't effective, AI can recommend that the business make changes to its offering or marketing strategy.
The most obvious benefit is that AI frees humans from performing tedious processes, like collecting, managing, and analyzing data or making decisions based on those data points. This makes it easier for workers to focus on tasks that require creativity and ingenuity, leading to better results for the company overall.
If a customer has an issue with their order, you can use AI to analyze all previous complaints and find out what went wrong, which will help you improve your service. This application is helpful for companies that have been around for a long time and have an extensive history of complaints.
One of the main reasons businesses have started taking an interest in AI is because it can help improve productivity levels by automating tasks or processes that would otherwise require human input.
Using AI, businesses can reduce costs associated with human labor and focus on more specialized tasks that require human intelligence. This allows them to increase the quality of their products or services while also increasing their profits.
Businesses use AI to enhance their customer service as it helps them automate repetitive tasks and provide answers to questions faster than a human. You can also use this technology in marketing campaigns, where it can identify buyers who are most likely to purchase a product or service based on their past actions.
In addition, you can use AI for automated communication with customers. It will improve their experience significantly and ensure they remain loyal to your brand.
AI is an exciting technology that can bring numerous advantages to your business. It has the opportunity to make the lives of your employees easier and more efficient, allowing them to focus on tasks that require more attention. However, AI is not a cure-all solution for every business, and should only be implemented after a proper analysis of its viability and effectiveness for an individual company's goals.
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