AI is taking the world by storm. This new-age technology has grossed $86.9 billion in revenue and its market size is believed to reach $407 billion by 2027. Each day, there is an update about another AI breakthrough and how it is going to change our lives. From 2023 to 2030 the global Artificial Intelligence market is estimated to grow 20X by 38.1% annually.
AI stats like these ensure this is the next big disruption in the technology space. Be it personal or professional use, AI is here to own the future. With so much going about in the AI realm, we have consolidated important AI statistics to give you a clearer picture of how AI is transforming the world, one day at a time!
In this blog, we will take you through AI Stats 2024 and beyond to help you realize the impact of this technological advancement on the economy, job market, and daily life.
AI Statistics 2023 -2024: Growth Statistics
AI has seen tremendous growth since its inception, especially in the last couple of years. According to the latest report by Grand View Research on AI statistics, the global AI market is expected to earn a revenue of 1.811 billion by 2030 at a CAGR of 21.6%.
The popularity of AI is increasing rapidly as it is not only saving time but also boosting efficiency in every aspect of life. From individual use to business implementation, AI is enabling people and organizations to unlock new potential and growth avenues.
Artificial Intelligence Growth Chart
There has been a lot of development in the AI realm in the past few decades. The advances in this space result from years of training an AI model and the tremendous use of computational power that has made AI the Fourth Industrial Revolution. From training AI models to successful implementation, it is due to these developments that have turned science fiction into reality. Here is a glimpse of AI’s growth in the past few years:
|AI market size growth||120% every year, 20X by 2030|
|Global AI market worth||$328.34 billion|
|Impact on GDP||21% net increase in the U.S. GDP by 2030|
|Global AI market growth||Compound annual growth rate of 40% between 2022 and 2023|
|Business Adoption||270% increase between 2015-201937% planning to implement AI in the future|
AI Statistics 2023 -2024: How fast is the AI space growing?
AI is the light that is transforming everything it touches. It enables humans to work better with the information at their disposal and extract valuable insights to make informed decisions. Looking at the AI stats 2024 mentioned above, it is clear that AI is going to benefit mankind tremendously in every walk of life if used wisely.
The benefits of AI are not limited to just one but span across industries from education to business and manufacturing. With its plethora of capabilities, it is contributing significantly to the economy, society, and governance. For instance, AI is expected to increase the U.S. GDP by 21% by 2030. Furthermore, according to the latest AI index reports, there has been a major growth in AI jobs, degrees, and courses owing to the rapid incorporation of AI in different industries. Besides these significant contributions, AI also benefits the marketing, customer services, and sales sectors. As more and more industries are embracing AI-based models in their business, the demand for a skilled workforce has also increased.
If we look at the progress of AI in different countries, the United States possesses the strongest ability to run research programs and developments among the top 20 AI nations in the world in 2023. Also, 25% of companies are already leveraging AI and 43% are exploring options for integrating it into their business models.
On the other hand, China secures the top position when it comes to AI adoption as nearly 58% of Chinese companies have already deployed AI and 30% are in the process of integrating it into their businesses.
While the US and China are at the top of the AI leaderboard, Singapore holds the first position when it comes to AI readiness. Next in the line are Canada, Australia, and New Zealand along with other European and Asian countries.
Along with the US, China, Japan, the UK, and Germany own the greatest AI research known to mankind today and still going strong on the research front. These countries have invested millions of dollars in the research and development of AI technologies to introduce more mind-blowing inventions to the world.
GDP is the most important factor for assessing a country’s economy and AI is contributing significantly in improving this number. For instance, by 2030, 26.1% of China’s GDP will be AI-driven, North America is estimated to contribute 14.5% of global GDP to come from AI, and Europe’s 10.9% of GDP will be derived from AI.
AI Statistics 2023 -2024: How many people use Artificial Intelligence?
AI is used by many companies and individuals today and its usage is only expected to increase in the future. From voice assistants to ChatGPT, there are many AI-powered platforms that people use every day.
97% of mobile users today are using such AI platforms and 4 billion of the devices we use are already working on AI-powered voice assistance as per a report by Tech Jury. It has become so popular that 36.6% of the US population, which is nearly 120 million people, use voice assistants like Siri, Alexa, and Cortana.
Another AI breakthrough that gained massive popularity in a short period is ChatGPT. This AI-powered application gained a whopping 1 million users in just five days after the official launch and has over 180.5 million users across the globe today. Just two months after its launch, ChatGPT became the fastest-growing AI-based consumer application in tech history. This platform has immensely benefited industries like Marketing, Advertising, and business communications to save time and effort and boost productivity in various business areas.
How many AIs are there in the world?
Currently, there are 6 types of AIs known to mankind and each of these has unique abilities and functionalities that enable humans to unlock a new potential.
Popular Types of AI
Artificial Narrow Intelligence is designed to execute specific actions and is not programmed to learn independently. This type of AI is currently being used by Facebook in the news feed, Apple’s voice assistant Siri and Amazon suggested purchases.
Artificial General Intelligence is programmed to learn, think, and perform like humans based on the information fed to it. AGI is still in the nascent phases and there is a lot of development to happen on this front in the coming years.
Artificial Superintelligence is designed to perform actions better than human capabilities. 10% of AI researchers believe that ASI has great potential to outshine human intelligence and contribute greatly to development in every field if used cautiously.
Other Types of AI in Use
Reactive Machines are the simplest AI models that cannot be trained from past experiences to make informed decisions for the future. However, they react to real-time scenarios as they are pre-programmed. The perfect example of reactive machines are voice assistants like Alexa and Siri.
Millions of people around the globe are using Alexa and Siri. As per a report by Statista, Siri (77.6 million users) and Google Assistant (81.5 million users) enjoy nearly the same popularity as each other. On the other hand, Alexa and Microsoft Cortana are used by 25% and 19% of people in the world.
Limited memory AI can be trained on experience and can help make informed decisions based on the information stored in the system. This type of AI finds its application in the automotive industry such as self-driving cars and risk analysis businesses to detect fraudulent activities.
As the popularity of AI grows further, it will also have a direct effect on the rise of limited memory AI-based innovations. For instance, the global self-driving cars and trucks market is expected to see a rise in demand by 2030 and the market is expected to grow at a CAGR of 25% between 2023-2030. It is also projected that 15% of global vehicle sales will come from self-driving cars by 2035.
Theory of Mind AI can comprehend human emotions, intentions, and beliefs and predict other behaviors based on them. As per the research done by Stanford University’s Psychologist, Michal Kosinski, ChatGPT passed the Theory of Mind test at the level of a 9-year-old child. Another research by Maarten Sap from Carnegie Mellon University says that ChatGPT and ChatGPT-4 passed the Theory of Mind tests only 70% of the time.
AI Adoption By Industries: AI Statistics 2023 -2024
AI is transforming all science-fiction concepts into reality, one at a time. It is enabling every industry to reduce costs, boost productivity, and improve efficiency in one way or the other. Here are some Artificial Intelligence Statistics about AI adoption by various industries in the world.
AI Stats 2024 depicting adoption by industry
|Industry||AI Adoption Rates|
Sources: 1. Visualcapitalist
AI is also revolutionizing the healthcare industry, and the global AI market in this industry is expected to grow at a CAGR of nearly 40% between 2022 and 2030. It is enabling medical professionals with drug discovery, customized medicines, and medical imaging to name a few. Additionally, the healthcare industry has also embraced this technology with open arms which resulted in a market growth of 41.4% from 2018 to 2023.
AI is also aiding retail and e-commerce to detect fraud, offer product recommendations to improve sales, and with chatbots to improve business-customer relationships. As per a recent study, 80% of retail professionals are planning to leverage and implement AI automation by 2025.
Furthermore, the automation industry is also increasingly adopting AI in its business processes. Another noteworthy example of AI adoption in the automation industry is self-driving cars and trucks. Who would have thought a few years back that self-driving cars would become a reality? But thanks to this technological advancement, AI-powered self-driving cars generate more than $170 billion in annual revenue worldwide.
Besides healthcare, retail & ecommerce, and the automation industry, AI is being used in the manufacturing industry for quality control, predictive maintenance, and supply chain optimization. Research shows that the manufacturing sector will be highly benefited financially from AI as it is expected to witness a gain of $3.8 trillion.
In logistics, AI is simplifying route optimization, inventory management, and demand forecasting. It is also transforming the telecom industry as it is being used for customer service, predictive maintenance, and network optimization thereby introducing communication.
Besides everything, another space where AI’s growth is truly visible is social media platforms. These platforms are home to a tech-savvy generation who is always eager to try out any new invention in the technology space. Due to this, AI in the social media market is believed to reach $12 billion by 2031 at a CAGR of 28.7% from 2022 to 2031.
Realizing the potential of AI in the future, many business enthusiasts in the past few years have come up with AI-based business models which have resulted in a 14 times increase in the number of AI startups since 2000.
How many companies use Artificial Intelligence?
Though many fear that AI is going to completely replace humans, the truth is AI is here to boost efficiency by taking charge of the mundane work that takes the most time. This technological advancement has therefore helped humans to focus on more important tasks that contribute to business success and thereby economic growth.
About AI’s impact on businesses today, nearly 77% of companies are interested in exploring, adopting, or leveraging AI. If we look at a global scenario, over 35% of companies are already embracing AI and 43% are finding ways to incorporate AI into their business processes.
Furthermore, 9 out of 10 organizations are in favor of using AI to gain a competitive edge over other players in the market. While it was a premium technology a few years back that wasn’t accessible to many, today companies of all sizes are extensively leveraging it and 63% of them plan to increase or maintain their investments in AI and machine learning in the coming years.
Though many fear that they will lose their jobs owing to the rapid AI transformation across industries, this is not the complete truth. According to a report by the World Economic Forum, AI will be replacing human in by eliminating 85 million jobs but it will also generate 97 million new opportunities by 2025
AI Marketing Statistics 2023 -2024
The roots of AI are widely spread across industry worldwide and the marketing industry is no different. AI in marketing is expected to earn $107 billion in the global market for AI in marketing by 2028 and $1.25 billion in the global chatbot market by 2025. Currently, 61.4% of marketers are reaping the benefits of AI in different marketing aspects such as content production (44.4%), and content marketing (72.2%) and a significant number of them are planning to implement it in the near future.
AI has been used in numerous marketing activities such as content creation, gathering valuable insights from ad and marketing campaigns, improving customer relations, and offering customized marketing solutions. 90% of marketers across the globe have first-hand experience using AI tools and have seen positive results in terms of automating customer interactions. Additionally, AI has helped 88% of marketers in personalizing customer journeys across various channels.
Furthermore, looking at the impressive growth AI has shown in the past few years in the marketing space, marketers are investing in AI to gain more profit and a competitive edge over their competitors. Around 19.2% of marketers have shown trust in AI-driven marketing campaigns and have exhausted more than 40% of the budget on them. On the other hand, 40% of them who are still unsure about AI’s potential have invested only 10% of their budgets on campaigns backed by AI.
Many industry experts believe that AI in marketing offers numerous perks that can elevate their business performance. Hence 80% of them have incorporated AI technology in their online marketing campaigns.
Though the advent of AI in marketing has been beneficial for businesses, it has been a bittersweet experience for many. With AI’s capabilities to do mundane work with utmost perfection and quickly, 71.2% of marketers believe that AI can work better than humans. More than 50% of marketers believe that AI will add greatly to their marketing efforts as it helps them reduce costs and get more work done.
86% of business leaders believe that AI and business together is the foundational strategy going ahead. Additionally, a significant portion of the world’s population uses smartphones and leverages features like voice search as a daily activity. Hence, now is the perfect time for businesses and individuals alike to embrace AI.
Based on all the AI statistics, it is safe to say that the future is AI, and missing out on this today means setting yourself up for failure. Though a lot is going on in this space, it is better to focus on the positives than the negatives. As long as it is in control of us humans, the possibilities of achieving the unfathomable are endless.