Artificial Intelligence

12 Key Artificial Intelligence Facts in 2024

Published on: August 27, 2023
Last Updated: August 27, 2023

12 Key Artificial Intelligence Facts in 2024

Published on: August 27, 2023
Last Updated: August 27, 2023

Artificial intelligence is everywhere!

The automated email you sent this morning, the business plan you created in less than a minute using ChatGPT, and the robotic arm flexed by a man from the other side of the world are all creations of AI. 

Take a look at these interesting key artificial intelligence facts which will change the way you look at this novel technology. 

Artificial Intelligence Facts in 2024

Artificial Intelligence

Let’s start this artificial intelligence facts sheet with some numbers. 

The AI industry is forecasted to record a compounding annual growth rate of 38.1% from 2022 to 2023.

Its market value will hit $1.5 trillion in 2030 from $119 billion in 2022. 

1. Artificial Intelligence Global Market Size from 2021 to 2023

  • 2021 – global artificial intelligence market size was valued at $87.04 billion during the year
  • 2022 – global artificial intelligence market size was valued at $119.78 billion during the year
  • 2023 – global artificial intelligence market size is forecasted to be valued at $164.99 billion this year.

Artificial Intelligence Global Market Size from 2024 to 2030

  • 2024 – global artificial intelligence market size is forecasted to hit $227.46 billion during the year
  • 2025 – global artificial intelligence market size is forecasted to hit $313.86 billion during the year
  • 2026 – global artificial intelligence market size is forecasted to hit $433.46 billion during the year
  • 2027 – global artificial intelligence market size is forecasted to hit $599.17 billion during the year
  • 2028 – global artificial intelligence market size is forecasted to hit $828.97 billion during the year
  • 2029 – global artificial intelligence market size is forecasted to hit $1.14 trillion during the year
  • 2030 – global artificial intelligence market size is forecasted to hit $1.59 trillion during the year

2. Investment in Artificial Intelligence

Corporate investment in artificial intelligence hit $93.5 billion in 2021 at the same that that cost-saving measures across all AI disciplines have been utilized since the start of the pandemic. 

3. Artificial Intelligence Facts by Location

Some important AI facts to know about is the technology’s penetration in every geographic location. 

The North American market currently dominates its clientele, capturing 42% of the entire market share. Meanwhile, Asia Pacific is its fastest-growing market with a compounding annual growth rate of 42%. 

Saudi Arabia Grants Citizenship to a Robot

The Kingdom of Saudi Arabia has granted citizenship to a humanoid named Sophia. This sparked controversy about robots having fundamental human rights. 

4. Artificial Intelligence Facts in Business

Enough of the numbers, we jump into the facts in the business world. Which companies are utilizing AI in their business operations? Let’s find out. 

  • Alibaba’s City Brain Project

Alibaba utilizes artificial intelligence to create technology-driven smart cities.

Under its City Brain Project, the company uses AI algorithms to monitor vehicle movements in cities to prevent traffic jams. 

  • Alphabet Inc’s Google Duplex

Under its prime service Google, Alphabet Inc uses artificial intelligence in Google Duplex.

The service is an AI-powered voice interface that can execute phone calls and schedule appointments on behalf of the user through natural language processing. 

  • Amazon.com’s Amazon Go

Among the latest artificial intelligence-driven innovations in Amazon.com is Amazon Go.

AI analyzes a person’s buying and spending habits, automatically tailors a shopping list of items you need, and directly ships items to your address. 

Moreover, Amazon Go shoppers do not need to queue to check out their in-store purchases. AI tracks items you picked up and sends an invoice through the Amazon Go app. 

5. 56% of Companies Use AI

According to a 2023 study, at least 56% of companies globally have already incorporated at least one artificial intelligence function in their operations. 

Google is among the Top 2 companies distinguished for its innovations in the AI sphere along with Nvidia.

The tech giant’s CEO Sundar Pichai asserted AI will become a transformative technology to the human race, as much as the discovery of fire and electricity in the early times. 

6. Top Country for Industrial Robots

China holds the record as the top country with the largest market for industrial robots for 10 consecutive years in a row. 

In 2019, China reportedly installed a total of 149,500 robotic units but faced a slowdown in 2020 due to the unexpected industrial slump from Covid. 

7. Deep Blue is the First Robot

In 1996, the first-ever AI-powered robot was introduced. Named ‘Deep Blue,’ it is the first device to understand the rules of chess and took over a world chess champion during that same year. 

8. Kismet Recognizes Emotions

In recent years, innovators successfully created robots that can recognize pain, with ethical considerations about AI at the forefront. 

In the late 1990s, scientists created Kismet, an AI-driven robot that can recognize human emotions by analyzing voice tone and body language.

In 2020, many robots can recognize and articulate when they are in ‘pain.’ Most also have the ability to self-repair in case of damage. 

9. No-code Artificial Intelligence

One of the biggest tech trends in 2023 is the low-code or no-code AI which removes the complex coding system to start a command to a computer or device. 

The recipient can be instructed with written or voice commands that do not involve technical programming language coding. 

10. Artificial Intelligence Innovations in 3D Printing

One of the anticipated artificial intelligence innovations in the next ten years is the creation of complex geometric designs that can be 3D printed. 

This is forecasted to be beneficial not only in the creative field but also in medicine, particularly in creating personalized prosthetics and medical implants.

11. AI in the Medical Field

Here are some of the AI-powered innovations expected to drive the future of healthcare:

  • Surgeries assisted by robots
  • Virtual nursing assistants
  • Clinical trial participants’ identifier
  • Preliminary disease diagnosis
  • Automated image diagnosis

12. Artificial Intelligence During the Pandemic

Artificial Intelligence

AI identified at least 77 chemicals that could aid in stopping the spread of coronavirus.

Such a move helped doctors contain the infection and create personalized treatment plans for patients. 

Conclusion

We hope you enjoyed reading this comprehensive list of 12 key artificial intelligence facts in 2024.

There are a lot of exciting upcoming innovations in business, tech, and healthcare that will revolutionize the way we live. 

15% of the global workforce is expected to be replaced by robots in the coming years.

On the other hand, digitization will create new employment opportunities and introduce new job functions that we never heard of before. 

Always be in the lookout for new innovations and invest in upskilling!

Sources

Precedence ResearchForbesBuiltIn
ValuerTowards Data ScienceManufactur3D Magazine
MediumAnalytics StepsMobidev
SimplilearnBritannicaSITN
LivesciencePew Research

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Written by Jason Wise

Hello! I’m the editor at EarthWeb, with a particular interest in business and technology topics, including social media, privacy, and cryptocurrency. As an experienced editor and researcher, I have a passion for exploring the latest trends and innovations in these fields and sharing my insights with our readers. I also enjoy testing and reviewing products, and you’ll often find my reviews and recommendations on EarthWeb. With a focus on providing informative and engaging content, I am committed to ensuring that EarthWeb remains a leading source of news and analysis in the tech industry.