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Artificial intelligence (AI) is continuing to take businesses by surprise with its capabilities and potential. From cost savings to new growth opportunities, AI opens doors for companies and consumers on a global scale.
Dive into the top AI statistics that show why AI is one of the fastest-growing markets of 2023 and how businesses are using this cutting-edge technology to beat the competition and grow their profits.
How many people use AI, and how do most people and businesses use this developing technology? Let’s take a look at the statistics which reveal just how extensive AI is in 2023.
Who uses AI the most?
About 33% of consumers can think of AI technology they use daily, compared to 60% of business buyers.
Business buyers also see AI as more significant, as 65% believe it’s the most prominent tech advancement of their lifetimes, while only 42% of consumers feel the same way.
AI comes in many forms, one popular tech being voice assistants. Voice technology supports chatbots, Siri, Alexa, and business voice assistants.
Voice assistants help businesses reach more customers, as 29% of consumers own a home smart speaker. Additionally, 38% of workers say they already use voice assistants at work.
A quarter of businesses use AI to fill talent gaps. About 20% use AI because of pressures like customer expectations or competition.
Software holds the most significant percentage of the AI market share, including platforms that collect and process data. Hardware has the second-largest market share percentage, and services carry the third-largest market share.
AI steadily grows as more businesses realize its benefits and the technology becomes more accessible. Below is more on the projected growth of AI and the top contributing factors.
The global AI market is expected to reach $ 1,591.03 billion by 2030 and have a CAGR of 38.1%.
In 2022, 35% of companies adopted AI, four points higher than the previous year. More companies are adopting AI as it becomes easier to add to business processes, and businesses can perform more tasks.
AI adoption continues to grow as it becomes accessible. Additionally, companies use AI to reduce costs and competitive pressures.
UK AI adoption is not as high as in other regions, but the country is seeing a steady increase in adoption. Below are the top UK AI usage statistics for 2023.
While AI adoption is in the minority, 432,000 businesses use at least one AI technology. Larger businesses are more likely to adopt AI as 68% of large companies use at least one AI technology compared to 15% of small businesses.
Around 2% of UK businesses are piloting AI technology in the business—an additional 10% plan to adopt AI in the future.
According to the Capital Economics report of UK businesses, 30% of IT and legal firms, 17% of manufacturing companies, and 12% of retail and hospitality companies adopted AI.
Of those businesses that use AI in the UK, about 40% purchase external AI solutions, and another 40% develop AI technology in-house. The remaining 20% outsource their AI. Medium companies are most likely to create their AI solutions in-house.
How is the AI industry impacting global markets? Compare the adoption rates and impact of AI worldwide by reviewing the statistics below.
About 58% of Chinese companies deployed AI, and another 30% are exploring AI adoption. India has the second-highest AI adoption percentage. The global average is 34% of companies deploying AI and 42% exploring AI adoption.
North America held the largest AI market share in 2021. Some of the most influential businesses include:
At the rate AI is increasing, WeForum predicts 100 million AI workers globally will be in the industry. The survey also indicates that businesses globally need 97 million people to meet their growing needs.
AI promises a bright future for the marketing industry with its streamlined work processes, improved customer service, and unbeatable data processing. Below are statistics showing how AI is impacting the marketing industry.
The top activities marketers trust AI for include:
Email marketing is already a powerful tool. When marketers add in AI for writing, customizing, and sending emails, they see several benefits, including:
How are businesses using AI? Explore how companies and AI work together to increase profits and boost growth.
Another 42% of companies are considering adding AI in the future.
Investing in data and AI comes with valuable rewards, according to 92.1% of businesses in 2022. This number has grown exponentially from 2020 when 70.3% saw measurable results from data and AI. And again, in 2017, only 48.4% of businesses saw quantifiable results.
AI is impacting how businesses offer customer service. Because of all the new opportunities AI created, customers now have higher expectations. According to 67% of customers, how companies incorporate and use AI and other new technology reflects how that company operates as a whole.
While 75% of customers expect businesses to incorporate new technology, nearly the same percentage also expects companies to update how they use their current technology.
Some of the highest-value benefits of AI in business include the following:
What type of new technology do customers want businesses to use?
An increasing number of customers are open to AI because of its potential to customize and streamline experiences. Additionally, 77% of business buyers are open to AI, showing greater acceptance among business buyers than consumers.
Even though customers are open to AI, they don’t trust most companies using AI. For example, about 48% of consumers trust companies to use AI beneficially, compared to 70% of business buyers.
What’s influencing this distrust?
Only 32% of consumers believe companies are transparent about their AI use, while 58% of business buyers feel businesses are transparent. So transparency about AI and how it’s collecting data and tracking customers to improve their experience is crucial to building that vital trust with customers.
AI’s adoption has come at an ideal time as more consumers are moving online to shop. As a result, AI has improved the retail industry, connecting ecommerce and in-person experiences. It also helps retail with real-time pricing and customer research.
The retail and customer products sector will significantly increase AI adoption over the next few years. A primary use of AI in retail is for customer intelligence. Already, 40% of retailers use AI, expected to grow to 80% by 2025.
AI promises to be a profitable technology, with all industries seeing a potential profit increase by 2035. Retail’s projected profit increase is 59%. Retail can increase their profits through AI by streamlining inventory and warehouse management.
Companies using AI have seen higher employee retention rates and job satisfaction. Dive into the statistics that show the many benefits of AI in the workplace.
About 68% of employees want their employers to use more AI technology. Already, 56% of employees use AI daily. According to 81% of workers, one of the main reasons is improved work performance.
About 89% of employees say AI would improve at least half their workload. Other reasons include better decision-making and creativity.
About 43% of employees would use AI to understand data and trends to improve decision-making. Another 41% use it to transfer and share data.
According to 51% of employees, AI helps workers achieve a healthier work-life balance. Because workers can complete tasks faster, they can accomplish daily tasks in less time, allowing more time to spend with friends and family.
Machine learning is a specific application of AI. It’s the use of data to identify patterns, replicate those patterns, find answers, and compile summaries of findings. So, while AI mimics human behaviours and intelligence, machine learning aims to learn from data and provide results without any attempt to replicate human behaviour.
Here’s a look at this specific and vital branch of AI.
Several leading companies used machine learning to analyze data. Here are some of their results:
Machine learning is continuing to rise in popularity among businesses using AI. It’s expected to reach a 42.08% CAGR by 2024.
Reliable machine learning AI depends on quality data. More data sources give machine learning more information to work with when making decisions or creating patterns to follow.
Here are the most common number of data sources companies use to train and inform their machine learning technology:
With the rising use of AI and data, companies are increasing their exploration of AI ethics and data governance. However, while only 44.2% of companies have well-established policies, 21.6% believe there are enough policies to address vital issues.
According to statistics, the future of business is AI. However, along with its potential comes challenges. Businesses that want to enjoy the success of AI should also find ways to combat new security risks and privacy breach potential. When companies overcome these challenges, they’ll enjoy renewed customer trust, higher productivity, and greater profits.
