The past couple of years saw a boom in businesses and organizations adopting artificial intelligence products. Solutions like virtual assistants, text-to-speech search engines, and customer service chatbots have become a staple of modern e-commerce, healthcare, financial, and retail sectors.
Last year, the total spending on AI systems reached an estimated $97,9 billion, almost doubling the numbers of 2019 ($37,5 billion). All signs indicate this trend will continue, with more organizations investing in cutting-edge products. In this article, we’ve gathered the latest forecasts and AI statistics for 2024 that businesses should explore to stay ahead.
Latest Data On The General Adoption Of AI
American and international companies rush to get their hands on AI solutions to meet the growing customer base that prefers these tools to regular sources of communication. The industries with the highest AI adoption rates are financial, healthcare, manufacturing, and retail. According to the recent statistics provided by UpCity, 50% of mobile users in the US use voice to search for things instead of using text input.
Additionally, businesses are looking into AI solutions for growing labor shortages. The latest IBM report shows that 22% explore this technology to address these concerns. In addition to dealing with staff issues, AI-powered products help companies optimize business operations and automate processes that previously required human involvement.
Another 33% of enterprises look into AI products to automate IT processes. These include threat detection, data management, and solving customer issues. Solutions based on artificial intelligence help professionals run regular maintenance procedures and provide around-the-clock system monitoring.
Surprisingly, the US isn’t the country with the top AI statistics when it comes to adoption rates. China has the leading position, with 58% of its companies working with AI solutions and another 30% considering integration. When it comes to America, only 25% actively use advanced products, with 43% only exploring the capabilities of artificial intelligence.
AI Business Trends in 2024
While AI products such as chatbots and virtual assistants already play a major role in AI statistics for 2024, there are several types of solutions and tools that have the power to make businesses even more productive and adaptable.
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- API-driven AI solutions. The spread of application programming interfaces will make it easier for businesses to use AI-based products. APIs will provide companies with an affordable way to conduct inventory management, offer product recommendations, and conduct behavior analysis.
- Customizable enterprise AI products. In 2024, companies will invest more in getting custom-built products using artificial intelligence. This approach allows organizations to make solutions more personalized and efficient. AI tools will be as accurate or as emphatic as the companies need.
- Multimodal generative AI. Businesses will get better results with models that use all input types (text, image, and audio), unlike their predecessors that lacked multimodality. For example, analytical tools for video interviews better pick up on facial expressions and voice cues to better understand clients' and job applicants' emotional states and composure.
- Open-source AI models. Companies worldwide are going to save funds on AI development thanks to the wider availability of free AI models. These components reduce the resources and time required to make various artificial intelligence products.
Global AI Statistics 2024
While the market for AI solutions has grown in 2023, its forecast for 2027 looks even more promising. The latest report by Marketsandmarkets claims that the market size will increase to $407 billion in three years. In comparison, it was estimated at $86.9 billion back in 2022. Additionally, AI is expected to grow by 37,3% annually between 2023 and 2030.
While companies continue to invest in AI-based products, these solutions will significantly impact the US economy. It’s estimated that by 2030, AI will improve the country’s GDP by 21%, according to research conducted by Statista. AI products will contribute $15,7 billion to the global economy during the same period.
It’s hard to tell what the global AI statistics in 2024 will have for the job market. But, by 2025, it’s estimated that the technology will eliminate 85 million jobs while making 97 million new ones. According to research published by McKinsey, AI-related progress can affect almost 15% of the global workforce by 2030.
If AI adoption continues, by 2030, 30% of work hours in the US will be automated through AI.
The impact of AI on the job market can already be seen today. In 2022, 39% of businesses hired software engineers, and 35% hired data engineers for AI-related positions.
AI Business Use Statistics
While it’s too early to predict how businesses will use intelligent products in the future, some of the top AI statistics show the most promising use cases. According to a Forbes report published in April 2023, companies in different industries utilize the capabilities of this technology in several ways:
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Of course, it’s too early to talk about the AI statistics for 2024, as we are still barely out of January. Instead, let’s take a closer look at the industries with the highest adoption rates and what use they’ve found for artificial intelligence solutions.
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Industry: Financial
Largest AI applications: The financial sector heavily invests in AI solutions to handle various mundane tasks. These products help organizations with fraud detection, document processing, and offering the best options to clients. Financial organizations also use chatbots to streamline customer relations.
Results: By 2030, AI products will help save financial institutions up to $31 billion on underwriting and collection system costs.
Industry: Healthcare
Largest AI applications: Organizations in this sector utilize AI for data gathering and pattern identification. These operations help them make more accurate diagnoses and medical treatments. The healthcare sector also uses AI in drug discovery, surgeries, and medical image analysis.
Results: AI solutions can reduce the annual spending on healthcare by up to 10% or $360 billion during the same period.
Industry: Manufacturing
Largest AI applications:Largest AI applications:Largest AI applications:Largest AI applications: Manufacturing businesses utilize AI technology to improve workforce planning and product design. Solutions using machine learning and neural networks help maintain industrial equipment, while AI-based robots have become integral to the assembly lines.
Results: This technology can reduce the costs of turning raw materials into finished products by up to 20% for manufacturers.
Industry: Retail
Largest AI applications: Retail companies often use AI in recommendation systems to suggest products customers will most likely buy. Businesses in this industry also heavily invest in client-support chatbots and assistants.
Results: Companies can save up to $35,000 per business thanks to artificial intelligence products.
Industry: Automotive
Largest AI applications: Automobile producers worldwide work with AI to improve the performance of their vehicles and bring the world closer to self-driving cars. This technology helps automotive products predict traffic, improve navigation, and avoid obstacles and collisions.
Results: AI-based quality control tools can reduce waste by as much as 50%, leading to significant savings for automotive companies.
Industry: Education
Largest AI applications: Educational institutions show great interest in using artificial intelligence tools. These solutions help providers make learning more personalized, leading to intelligent tutoring and automated grading. AI handles most administrative tasks and adjusts the process for all involved parties.
Results: According to Knewton, tailored learning programs can improve test scores by 62%, based on a study of 10,000 college respondents.
Industry: Logistics
Largest AI applications: In the field of logistics, artificial intelligence helps streamline supply chain operations. Many warehouses use this technology to sort and package products. Other applications include finding the best transportation routes and helping with inventory management.
Results: The latest research demonstrates that using AI in this industry can reduce operation costs by up to 50%.
The Future Of AI
The next five years will see a global shift to more solid AI-use strategies for companies. Businesses must prepare for an altered landscape where artificial intelligence products play a more significant role. Here are several statistics that show the world beyond global AI statistics in 2024 and what they hold for the future.
- AI adoption will lead to job growth in over half of surveyed companies. Instead of driving jobs down, AI will make more of them in over 50% of respondent businesses. This shows the leading role of this technology as a factor in economic development.
- Over 50% of surveyed companies plan to invest in training departments to help employees get acquainted with AI tools. Businesses understand that having a workforce that knows how to handle AI-based solutions makes them more compatible. Additionally, employees with the right skills have a better chance of finding new jobs.
- The AI industry is forecast to reach $190 billion by 2030. This forecast means businesses of all sectors and sizes must devise integration strategies for this technology. Like companies, employees should keep up with this trend and learn to use AI tools.
The data and statistics offered by different researchers show just how big the field of AI will grow and its impact on the global economy. Start today if you wish to stay ahead of the competition and introduce artificial intelligence solutions into your organization. Even if you don’t have an idea for a project, talk to our consultants about how you wish to improve the business with AI solutions.
