No one can deny the effect of artificial intelligence in our daily life. AI has entered our life and found its way into many areas – including cell phones, cars, smart homes, cybersecurity and other sites. It is one of the most technological revolutions happening in the 21st century.
AI was able to occupy this place as a result of the technological development which happened every day. However, there is another critical reason that affected for using AI and its growth; it is the COVID-19 pandemic.
The scientists developed and customised that technology to adapt to the pandemic. They depended on AI robots in the medical field. That example is one of many for using AI.
So, let’s shed light on more examples of AI use and learn more about AI statistics in business. This article is for you if you are an entrepreneur or want to know more about AI technology.
What is the Artificial Intelligence?
We hear a lot about the term “Artificial Intelligence” lately, but have you ever thought about what this term means? Let me tell you that artificial intelligence emulates human intelligence in performing various tasks and functions.
It depends on analytics, statistics, and many mathematical operations. Computers control artificial intelligence tasks. This software technology entered many business areas and helped many people in different fields.
Why is AI important?
With the massive acceleration in our daily life and the consequent technological development, the importance of artificial intelligence is also increasing. It is a practical technical tool to help humans carry out complex tasks requiring much effort. Thus, completing one of these tasks saves time and effort.
Not only that, artificial intelligence as it relies on many analytical and statistical processes. It saves humans the burden of making quick decisions in difficult situations. It can also predict customers’ purchasing choices and behaviour. It can also analyse the data and extract what is necessary from it. In short, the importance of artificial intelligence is accelerating daily, and the need for it and dependence on it are also increasing.
- It increases the efficiency of the human capabilities of the software.
- By using AI, general analytical and complicated tasks can be performed more effectively.
- Create new opportunities in most business areas and consumer applications by automating those human abilities.
- AI will enable new significant products, services, and capabilities.
- AI has numerous usages today, enabling companies’ growth and cost savings in some existing sectors.
- Applications will be most numerous in sectors where a vast proportion of time is spent collecting statistics and synthesis of data: financial services, retail and trade, customer services, manufacturing and healthcare.
- Applications of AI vision will be critical in the transport sector.
- AI can be applied to multiple processes in the human resources sector.
Top AI Statistics
- The AI market will be worth more than $136 billion in 2022.
- The prediction is that global AI growth will be up to USD 309.6 billion by 2026.
- Around 80% of devices have some form of artificial intelligence daily.
- The prediction of the AI market by 2030 is to touch $166 billion.
- The movement of emerging investments in AI was slow in 2022. However, compared with 2021, we found that companies searching for future funding are expected to grow 36% less.
- AI and its evolution are safety worries and should necessitate more focus on safety for 69% of machine learning researchers.
- 25% of companies will use Chatbots in their work cycle operations by 2027 as it will be the main customer communication channel.
- The constant growth prediction for the Chatbots market is USD 3335.3 million by 2028.
Using the AI in Business
It is not a secret that artificial intelligence revolutionised large sectors of business. However, there are two things when talking about AI in the industry. The first is making human abilities more effective and saving time. It keeps their efforts and increases the efficiency of accomplishing the tasks.
The second is how the AI work with excellent results. The mechanism of work of AI depends on data analysis, statistics, and pattern discovery. AI technology is more than the ability to think superiorly and examinations data than a particular form or function. It works in a complex way among billions of information. Of course, the results are impressive.
Although AI presents high-performance human-like robots, it does not aim to replace humans. Instead, it seeks to enhance human capabilities and contributions greatly.
Some CEOs note that AI is a main thing in their offices. It’s becoming indispensable, from predicting customer behaviour to reducing data entry. As a result, AI helps you to make decisions faster and more accurately than before. There is a diversity of applications and uses of artificial intelligence in the operations and transactions of different fields of work. Here are some of them.
AI Applications in Business
We all realize that technology has been a part of our lives. We depend on it to perform our daily tasks. Moreover, it approves a high success in the results of the operations performance. As a result of technology’s success, artificial intelligence continues to revolutionize the technology fields. Its applications and tools have proven high performance and effectiveness.
It’s fair to say that artificial intelligence has made our lives more accessible than before. Moreover, it has been able to help us in several fields. For example, business is a field in which artificial intelligence is widely used. Successful global companies have turned to AI, automation systems, and data analysis to reduce dependence on labour and save expenses.
These AI systems enable them to gain insights into their business and build plans on sound foundations. That will make them more efficient and suitable for the market.
AI in Hiring and Recruitment
There are many job applicants. For example, several candidates apply daily for one position in the company. As a result, checking each candidate’s CV becomes difficult and stressful for the company’s HR team.
Companies use artificial intelligence and automation systems to filter candidate resumes and test the suitable candidate more easily. Then shortlist candidates who closely match their requirements. This filtering is done by analyzing the different characteristics of each candidate in terms of skills, level of education, and other elements.
It also recommends other jobs to candidates if they are qualified. This way, candidates will be selected impartially, saving time and effort for the HR team.
AI in Customer Services
Another area in which the use of artificial intelligence has expanded is in the field of customer service. Again, AI has made a difference, and technology is now being used to augment and replace human factors. The advantage of this is to reduce the cost and provide good service to the customer.
Companies enjoy the advantages of artificial intelligence through its tools—for example, live chat software. In addition, despite its limitations, AI can now process customer requests that humans previously handled. As a result, AI entered many customer service processes, including receiving and routing calls and answering messages.
AI in Social Media
No one can deny that social media has become one of the essential tools for brands to market their business because it provides a wide variety of customers.
So, companies can quickly gain a customer base by using social media professionally. Since there are so many users on so many social media platforms, companies need help in getting customer feedback manually. As a result, brands can know their market position and gain insight into their customer base. That insight will help the brand to make a marketing plan and gain many potential users and customers.
Artificial Intelligence and Statistics
Artificial intelligence would be similar to a new version of the business world. It’s already changed our vision of how we sell our products and services. It also helps us in dealing with decision-making in such complicated situations.
Many companies have already turned to AI, adapted, and also made great gains. One of the essential areas that help those companies in their tasks is statistics.
Where artificial intelligence helps them explore statistics and analyse data, it is the most important factor based on which they develop plans for a specific product or the interests or choices of customers. You can find some statistics about AI below:
- The percentage of companies that used artificial intelligence in their products or operations was 23%.
- Top companies are more likely to have an AI strategy; just half have one.
- 47% of organisations with digital maturity say they have a specific AI strategy.
- 63% of companies say they may use AI to reduce costs.
- 54% of CEOs believe the AI solutions positively affected on their work productivity
- 61% of entrepreneurs with a creativity strategy said they use AI to identify opportunities in data that might otherwise be missed.
How are statistics used in AI?
The field of artificial intelligence deals with predictions and finding patterns in data structures to make those predictions, which helps the machine carry out various analyses and statistical operations without human interference.
Statistics is used to get information about data to make decisions. Furthermore, it makes the different data sets relate to each other and themselves. Thus, statistics play an essential role in AI, and anyone working in AI is well-versed in probability and statistics.
The Artificial Intelligence’s Growth
Companies’ dependence on data and statistics has become unprecedented.
There is an increase in the data generated and used between 2010 and 2020; it reached 5000%. Companies can now access user data and facilitate good business decisions through new technology.
Multiple companies have entered AI into their production processes in the past few years. It is used in data analysis and statistics. Here are some statistics:
- 93.5 billion; was the AI market value in 2021.
- It is predictable to reach a 38.1% CAGR by 2030.
- The predictable annual growth rate for the global AI market is 40.2% between 2021 and 2028.
- The number of respondents who embrace AI increased from 50% in 2020 to 56% in 2021.
- 84% of CEOs think using AI is helping in their growth goals.
These stats show: that AI is no longer a secondary assistive technology but a primary strategy to rely on it. Many organisations and companies depend on it to increase and accelerate their production pace or save employees’ energy for higher-value tasks.
AI Statistics – Business
- 35% of companies say the application of AI in their operations means a 4% increase compared to 2021.
- 12% of companies have achieved maturity in the field of artificial intelligence, and this has allowed them significant growth and business transformation.
- In general, just 1% of AI adaptors declare that the return on AI projects did not meet their expectations.
- It is predicted to spend over 30% of technology budgets on AI development from 49% of companies in 2024.
Top Statistics Driving AI Adoption
- 43% of AI is becoming more accessible.
- There are many reasons to automate processes to look for savings, 42% of which are economical.
- 37% increase in the inclusion of AI in ready-made business applications.
- 31% still need to be able to compete in the market.
- 31% of new challenges and requirements due to the COVID pandemic.
- 25% consumer request.
Artificial Intelligence Statistics – Investments
Companies involved in AI operations are expected to handle the following processes:
- 44% research and development.
- 42% integrate AI into in-progress business processes and applications.
- 39% labour force growth and building efficiencies.
- Created 32% ownership offers.
- Improve 28% of ready-made applications and solutions.
AI Statistics Across Industries
- Transportation is expected to reach 109% of AI-driven cars and vehicle adoption by 2025.
- Agriculture: Artificial intelligence’s application is predicted to touch more than USD 5 billion by 2026.
- Education: AI will support 47% of learning management systems until 2025.
AI in Business Statistics
Many companies have introduced automation systems and AI technology based on AI market research. The use of AI in business applications includes marketing, customer service, and sales, which leads to the provision of energy and human effort for the required operations.
- 52% of executives declare AI tools have increased productivity.
- 48% of respondents believe they can deal with data quality issues using AI tools.
- 50% of businesses say using artificial intelligence helped them to save costs.
- 53% of companies use artificial intelligence technology to produce their products and services.
- 54% of business CEOs agree that AI is important in improving decision-making.
- The adoption of AI helped to create better customer experiences; that’s the opinion of 67% of US-based companies.
- 86% of executives believed AI would be a ‘main technology’ in their companies in 2021.
- 39% of large organisations targeted investing in AI technology tools in 2020.
AI’s Influence on Employment Statistics
AI technology platforms and tools are making steady steps in making operations and business processing cycles free of human intervention. As a result, automation is becoming the new standard in several business operations. As a result, developers are trying to expand AI automation abilities.
However, with the huge benefits from that massive technological development of artificial intelligence comes the fear of potential job loss. We find that this fear is justified. There needs to be a better understanding of how or the extent of the development of this artificial intelligence and the range of its impact in the future on many jobs that humans perform.
When other technologies appeared, humans feared they would replace him, but that did not happen. In the end, it was made by humans and came to help him and facilitate his tasks, not to replace him.
- AI will provide 97 million international job opportunities in 2025.
- Artificial intelligence will replace 85 million jobs worldwide by 2025
- 50% of employees worldwide need retraining by 2030.
- The AI technologies like machine learning and automation may replace 16% of US jobs by 2025.
- Around 20 million factory jobs can be replaced by robots in 2030.
- 36 million Americans whose jobs have been highly exposed to automation; robots can do their job tasks with a percentage of 70% by 2030.
AI and Coronavirus Pandemic
The coronavirus pandemic has affected business operations globally. Large sectors of markets and companies were affected. As a result, companies have turned to artificial intelligence and machine learning technology.
They try to fill gaps left by a reduced workforce and improve remote work operations. As a result, we saw unprecedented technology and remote work during and after the pandemic. Companies relied on AI technologies and tools, and that helped them in their work performance overall. However, there are also cases where AI systems have yet to be able to give their best.
- 61% of the investments of high-performing companies in AI technology have increased.
- The healthcare sector has dramatically increased its investment in AI technology amid the pandemic.
- Companies that have adopted AI models since the pandemic has performed wrong in some business sectors.
The Usage of AI in the World
AI is used worldwide every day. 77% of people use AI-enabled devices or services, although many are unaware they do. Only 33% of people realise they use AI. You can find AI tools or applications everywhere, whether a smartphone personal assistant, chatbot or a car with lane assist.
What country Uses the most AI?
The country that uses artificial intelligence the most is; Singapore. It is ranked number 1 as far as AI is being prepared, which means it has the structures to execute AI across the country as it is developed. The countries after that are the UK, Germany, and the US.
However, US and China are taking the lead in AI. They are expected to be responsible for around 70% of the AI business economic growth in 2023.
Five Myths About AI
Although many companies have already started using AI, there are some rumours about what AI can and cannot do. Here are some of those myths.
Myth 1: Organizations AI requires a do-it-yourself approach.
Fact: Most companies are adopting AI, amalgamating on-premises and off-the-shelf solutions.
Myth 2: You will get exceptional results instantly with artificial intelligence.
Fact: The way to AI success requires time, careful planning, and a clear idea of the results you want to reach. Develop a clear action strategy to reach your goal.
Myth 3: AI organisations do not need humans to run them.
Fact: Artificial intelligence is more than just bots
Artificial intelligence saves human time and effort, helps humans analyse data and statistics, and thus enables humans to make sound and accurate decisions at work.
Myth 4: More data is better for AI.
Fact: Your data must be correct and updated to get good business insights from AI.
Myth 5: Enterprise AI needs information, data and models to be successful.
Fact: Data and algorithms are just the beginning. The AI system adoption must evolve and change to meet the changing business needs. Most enterprise AI data scientists have manual solutions. These solutions require to be more scalable to implement artificial intelligence projects successfully.
Artificial intelligence is more common than some people think. Even many use its services and tools without realising that. It’s various AI tools, from the voice assistant on smartphones to the chatbot that talks to you when requesting a service or product from a website and other models of using artificial intelligence. We conclude that; the development of artificial intelligence technology predicted a lot, especially in business, and relying on it in statistics and data analysis for companies has become it can not be replaced. The future is for technology now!