In recent years, artificial intelligence growth statistics have rapidly changed, and this is due to a number of reasons.
From individuals to corporations, artificial intelligence is quickly finding its way into our everyday lives.
When you take into account that the global AI market is worth $136 billion, you can assume it will continue to grow and expand.
Of course, artificial intelligence isn’t necessarily brand new, but its recent developments have been catching everyone’s attention.
Statistics on artificial intelligence give us plenty of insight into the growth of the industry and what we can expect from the technology moving forward.
Artificial Intelligence Growth Statistics 2023
- North America takes up 43% of the AI market share
- Around 35% of companies are using some form of AI tech
- Customer satisfaction is expected to rise by 25% for companies that use AI
- Expected industry revenue is expected to reach $1,811.75 billion by 2030
- By the year 2025, around 97 million people will be working in the AI industry
The Boom of AI Technology
Although artificial intelligence has been around for years, it has recently seen a rapid uptick in development.
It has garnered the attention of everyday people, and the technology is finding its way into what seems like every possible industry.
There are many experts who saw this coming for quite some time, but it’s reached a point where rapid growth is all we can expect.
Statistics on the AI industry are also changing at a rapid pace, and the numbers are staggering.
There are still many new eyes taking a look at what AI has to offer.
For a better look at how the industry is growing, this article will dive into a handful of interesting statistics.
1. The Size of the AI Market
From a global perspective, the AI market is worth $136.6 billion.
That may seem like a large number, but the industry is only getting started in comparison to where it’ll be in a few years.
Part of what makes AI so valuable is that it can be applied to many different aspects of our lives.
Analysts predict that by 2030, the AI market will be worth roughly $1.81 trillion.
This is a pretty big leap but entirely obtainable.
When it comes to revenue, AI is currently bringing in $50 billion worldwide annually.
When you look at revenue projections, it looks like the industry will be at a steady incline for years to come.
Data from 2021 shows that corporations and individuals are spending quite a bit of money on the technology.
In 2021 alone, around $57.6 billion was spent on AI across numerous industries.
Considering the explosive relevance of AI in the last few years, this number will drastically grow.
A research report from MIT Sloan Management surveyed many organizations to determine their level of interest in the tech.
The survey showed that 87% of organizations globally have a firm interest in using AI for their own benefit.
This number is a massive jump from the previous year, which was only 12%.
2. Adopting Artificial Intelligence
There are many interesting stats that show how AI technology has been adopted over the years. Between the years 2015 and 2019, corporate interest in using AI services grew by 270%.
This number has undoubtedly seen a drastic jump in the last year or two.
Moreover, 4 in 10 businesses have plans to invest in AI services in technology.
Interest in AI is spreading like wildfire, and the revenue from AI services will multiply by 6x by 2025. From 2020 to 2025, revenue will increase from $19.4 billion to $126 million.
From another angle, AI is quickly finding its way into the wearables market.
Wearable technology is already heavily popular.
Many people already use wearable tech on a daily basis, and by 2025, market revenue for wearables will be around $180 billion.
When you take a look at the long term, AI will generate an immense amount of revenue by 2030.
Experts believe the market could bring in $15.7 trillion in seven years’ time.
For 2023, the AI market is expected to grow by 38%.
This is a pretty large jump in a short amount of time, and it’s primarily due to the surrounding hype within the last year.
The industry is projected to expand by 26% every year until 2025, but there’s no doubt it won’t stop there.
3. How Businesses are Investing
With the buzz that’s going around AI technology, many corporations are paying close attention.
Currently, around 83% of surveyed companies aim to make AI a top priority moving forward.
At this time, some of the most common uses of artificial intelligence in the corporate world are chatbots and email automation.
However, these have been around for quite some time, and companies are looking to take the utilization of AI one step further.
Here’s a small breakdown of how companies are using AI:
- 33% have started using AI with limited use cases
- 25% have multiple processes with fully enabled AI
- 21% have proofs of concepts and are headed toward expansion
- 14% have tested concepts with minimal success
- 7% don’t use AI at all but are aiming to invest in the near future
You’ll also find that all the recent talk about AI has caused quite a bit of controversy.
The industry is moving so quickly that it has made many people and organizations nervous.
With how fast AI is changing, it can be hard to catch up to speed, especially when it comes to widespread adoption.
By 2025, it’s expected that around 80% of retail executives will adopt the use of AI for their business.
In a report from PWC, around 17 in 20 CEOs expect AI to be mainstream technology in their business processes.
Better yet, many professionals agree that AI can help with employee productivity.
To be more specific, data shows that productivity among employees will rise by 40% by the year 2035.
Varieties in Artificial Intelligence
AI is much more than just chatbots and simple automation tools.
It has proven to be capable of almost anything.
What has shocked many people is its ability to take time-consuming, complex tasks and complete them in a mere matter of minutes.
There are many different applications of AI technology, which is why corporations, as well as everyday people, are now utilizing it.
Below are a few applications and use cases for artificial intelligence.
- Virtual assistants
- Digital design
- Speech and image recognition
- Fraud detection
- Predictive maintenance
Some applications are newer than others, but when it comes to technology, there isn’t much AI won’t be able to adapt to.
The effectiveness and efficiency of AI tech is also becoming much more fluid in short order.
AI Application Statistics
Right now, talk about artificial intelligence is swarming many different industries.
Some people are overwhelmed with how fast it’s moving, but AI will speed up development for many different products and services.
It’s estimated that almost half of all businesses already use either machine learning, AI, data analysis, or a mix of the three. 48% to be exact, and adoption will continue to expand with each passing year.
Regarding the manufacturing industry, it’s estimated that it’ll gain $3.78 trillion in revenue by 2035, thanks to AI.
Other industries that are bound to benefit from artificial intelligence tech include healthcare, banking, telecom, marketing, and many more.
Popular applications of AI are vast, but one that stands out in conversation is AI-powered self-driving vehicles.
This industry currently brings in a gross annual revenue of $173 billion.
Although applications such as chatbots have been around for quite some time, their effectiveness and accuracy have improved immensely.
The banking industry is also utilizing AI tech, and it’s expected to generate around $1 billion in revenue by 2035.
Overall, you can expect AI to bring in sizeable revenue for a wide variety of industries.
New Level of Competition
AI has stirred up a storm in the corporate world, and it has created a new playing field of competition between companies.
For example, manufacturing companies are able to outperform competitors by integrating AI into their daily processes.
Around 12% are performing better with AI’s help, which can be found in other industries as well.
You’ll also find that AI has made improvements in business and customer interactions.
Data from AI Business shows that 19 in 20 customer interactions will be AI-assisted by 2025.
This helps to deliver a more streamlined customer experience.
The quality of AI in this space is heavily improving, and it’s able to handle inquiries from minor to more complex.
From a marketer’s perspective, AI is an extremely beneficial tool.
4 out of 5 marketers in a report from Demandbase estimated that AI tech would significantly change the marketing industry by 2020.
AI will help to optimize marketing tactics and reduce costs by creating AI-assisted campaigns that’ll come with a better success rate and cost efficiency.
Additional Stats on Sales, Marketing, and Customer Service
In business, generating leads has come with many methods, including lots of trial and error.
By using artificial intelligence, algorithms will be able to increase lead generation by 50%.
Not only does this bring in more leads, but it reduces the workload that goes into successfully collecting those leads.
Additional data on this includes a 60% reduction in call times and up to a 60% reduction in costs.
Sales and marketing departments focus on using AI tech 40% more than other departments when it comes to market revenue success.
They have a strong belief in the power of AI, and they already have a proven track record of it working in their favor.
Roughly 41.29% of marketers believe in using AI for email marketing as it tends to bring in much more revenue than traditional methods.
This also comes with a 13.44% improvement in click-through rates and a 7.64% uptick in open rates.
AI Statistics on Employment and Job Loss
One of the biggest fears surrounding artificial intelligence pertains to job loss across various industries.
Many people from industrial to creative industries are fearful that AI will put them out of a job.
This is true to some degree, as there are many simple to complex job tasks that can easily be automated.
For example, wholesale and retail trade make up 14.8% of the employment share in the UK. With the implementation of AI, these industries come with a 44% risk of automation.
The industries at the most risk for automation include wholesale and retail (44%), manufacturing (46%), and transportation and storage (56.4%).
These numbers come from the U.K., but many similar jobs in the U.S. are facing a similar fate.
Around 16% of all U.S. jobs are at risk of being replaced by artificial intelligence and ML technology.
It’s expected that this change is bound to happen in under a decade.
In the same vein, the widespread integration of AI will also come with many new jobs.
The United States is expected to face a net loss of 7% in jobs but also see an increase of 9% for jobs in the AI market.
This will inherently force many people to adapt, but this isn’t necessarily a new event, as many groundbreaking technologies have done this in the past.
It’ll take a while before corporations, and the general public are able to adapt to the fast integration of AI technology.
However, at its current pace, many people won’t have much time before AI starts creeping its way into their professional and personal lives.
Without much understanding, artificial intelligence can be a scary thought, but it actually comes with expansive benefits.
People will continue to dish out backlash toward the technology, but it’ll soon be another norm in our lives as any other common technology.
AI comes with numerous professional and personal benefits that can help make life a little bit easier.
Paying attention to artificial intelligence growth statistics will ensure you stay on top of any changes in the industry so you can remain prepared.