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1. Artificial Intelligence: Growing Use

While AI has not yet become the norm for organizations, statistics indicate that an increasing number are beginning to use it in their business operations.

By 2022, More than one third ofspan size=”font weight: 400 ;”>, (or 35% to be precise) of companies will have used artificial intelligence in some way in their business. This was a four-point increase from 2021.

Not only that. 42% of respondents said they are researching AI and its advantages and considering incorporating it into their business process. It’s not surprising that more than half of the organizations who already use AI report benefits.

Artificial intelligence is clearly gaining in importance as organizations begin to pay greater attention to it. Chief intelligence officers and IT executives around the world have named it as the most disruptive technology, surpassing analytics and data.

2. Artificial Intelligence Development

The market for artificial intelligence is expected to grow dramatically with the increasing implementation of AI in organizations.

According to the latest data, artificial intelligence’s market value was $87.04 billion dollars in 2021 (Precedence research, 2023). The projected growth of this figure to $164.99 Billion in 2023 is almost double. By 2030, it is expected that the global AI market will be worth more than $1.5 trillion. This represents a Compound Annual Growth (CAGR) rate of 38.1 percent between 2022 and 2030.

Analysts believe that the rise in internet penetration and digital technology has been the primary driving force behind this impressive growth of artificial intelligence. The demand for AI technology will continue to grow in the future. This demand will likely come from sectors such as automotive, healthcare and banking, retail and logistics, food and beverage, and manufacturing.

3. AI in Business

These two statistics on artificial intelligence are evidence of its wide adoption by business. As we will see, artificial intelligence is being used by more and more companies worldwide and especially in the healthcare and life science sectors.

Recent artificial intelligence statistics show that more then nine out of ten (91%) top companies surveyed have an ongoing investment in AI. (NewVantage 2022).

The majority of companies in the survey are from the financial sector. However, other companies such as McDonalds and Facebook, and healthcare firms like Pfizer or CVS Health also participated.

The survey shows that not only do many companies invest in artificial intelligence but also, nearly all (91,7 percent) of them are increasing their investments.

Despite this, not all businesses are at the same level of data-drivenness. Only 39.7 per cent of these businesses claim that they are using data to their advantage, and only one in five (19.3%) say that there is a data-driven culture at the company.

4. AI for Business Productivity

Artificial intelligence is being used more and more by businesses, which shows the many benefits that can be gained.

Improved productivity is one of the benefits AI can provide.

According to SnapLogic’s 2021, 61 percent workers claim that AI adoption in the workplace has resulted in an increase of productivity.

Two heads are better that one, as the saying goes. AI can also be used to improve collaboration at work. AI, according to more than a third of employees, has improved collaboration between teams.

Employees are so happy with the AI technology that they have used to assist them in their jobs, more than two thirds (68%) of them would like more AI-based technologies introduced at work.

5. Customers willing to use AI to improve their experiences

Artificial intelligence isn’t only used by businesses. The technology is becoming more mainstream and consumers are accepting it.

According to the latest artificial intelligence statistics, 62 percent (Salesforce 2019) of consumers are willing to use AI in order to enhance their experience. This was an increase from 59 per cent in 2018.

However, businesses will have to communicate how they use AI in their organization. Many consumers are still wary about how businesses use AI despite the increasing acceptance of the technology.

Over half of consumers (54%) say that they trust businesses to use AI data in a manner that is beneficial for the consumer, but only 39% say the companies are sufficiently transparent about how they use AI.

6. AI and Customer Service

AI has become a part of all aspects of business and customer service is not an exception.

Gartner (2019) has released the latest statistics that show 15 percent of all customer service interactions in 2021 will be powered entirely by AI. This is a 400% increase since 2017.

Bots and virtual assistants are currently used in customer service. Chatbots powered by AI are used by nearly one-quarter (23%) of customer service organizations.

They allow for greater capacity in handling queries, more efficient interactions due to faster chat speeds and real-time interaction, as well as more control of the data collected by consumers.

As consumers demand better service, these benefits become increasingly important for companies. 71 percent expect to be in a position to communicate with companies in real-time.

7. Artificial Intelligence Statistics for Sales

Apart from customer service, many companies have implemented artificial intelligence into their daily work.

In 2018, 21 per cent of sales teams used artificial intelligence (Salesforce 2019). In two years, this figure will increase by 155 per cent. By 2020, it was expected that 54 percent would be using this technology.

AI adoption is faster than any other sales technology. Comparatively, marketing automation will increase by 104 per cent, and partner relationship management systems by 95 per cent.

They are likely to be integrated into processes like automation and quote-configuration tools. They will allow salespeople to understand their customers’ needs better. They can now focus on becoming better advisors for their clients.

Most sales teams expect that AI capabilities will continue to improve in the next five-year period, allowing for more accurate data. Seven out of 10 high-performing salesmen anticipate better intelligence forecasting. 66 percent also expect improved lead prioritization and opportunity insights.

8. AI Cost Benefits for Businesses

The statistics above on artificial intelligence show that AI is a key component in business. Aside from the benefits of AI for customer service and sales, companies also have a financial incentive to adopt AI.

According to IBM’s latest statistics on artificial intelligence, 54 percent (IBM, 2022) of companies using AI have reported cost savings and efficiency gains. It is the biggest benefit that AI can bring to businesses. Two in five businesses (42%) that use AI or are interested in adopting it say they are doing so to cut costs.

Aside from monetary incentives, AI can also improve IT or network performance. 53 percent of companies list this as an advantage of using the technology. AI can also improve customer experience, give employees more time to work on more valuable tasks and help scale new services faster.

9. AI-Powered Voice Assistant Usage Growth

Data shows that voice-assisted technology is one of the most popular ways to use artificial intelligence. This trend will continue in the future.

Statista, 2019) estimates that the number of AI voice assistants will reach 8 billion in 2023. This number is higher than the population of the world, indicating that voice assistant users are likely to have more than one device.

The number of digital voice assistants in the world has increased by 4.75 billion since 2019. This is a 146 percent rise in only four years.

There are an estimated 110 million virtual assistant users in the United States, and devices such as smartphones and smart speakers have proven to be very popular.

Online shopping is a common use of AI-powered voice assistants. As of now, 43 percent in the US who own voice-assisted gadgets between 45 and 60 years old use them to buy items online.

10. Trust is critical for AI deployment

Trust is important not only for the consumers whose information is collected and analyzed, but also for organizations who say that they need to be able trust recommendations from artificial intelligence.

IBM, 2019): More than three-quarters of companies (78%) say it’s important for AI results to be “fair, secure, and reliable”. More than three-quarters (78 percent) of companies place importance on the algorithm, that is, understanding how it arrived at its conclusions and being able to explain them.

It is not surprising that AI data affects decisions. This can affect business strategies such as sales and marketing, hiring and human resources, and more important strategies like company expansion.

For AI data to be reliable, companies need to implement a system which includes checks for impartiality, transparency and responsibility. They should also have the appropriate security measures, track the reliability constantly and protect customer data.

Conclusion

These ten facts about artificial intelligence should help you better understand where businesses are going with the latest data-driven technologies.

While the benefits of AI for businesses are indisputable, there are a number of issues to be considered when implementing it.

You can now use these statistics for your ecommerce store, whether it’s to improve sales, customer service or marketing.

Summary: Artificial Intelligence Statistics

Here is a summary of Artificial Intelligence Statistics you should know by 2023.

By 2022, AI will be used by 35% of companies worldwide. This is a four-point increase from 2021.
By 2030, the global artificial intelligence market will reach $1.59 trillion.
91 percent have made ongoing investments in artificial Intelligence.
61 percent of workers say AI improves their productivity.
Sixty-two percent of consumers would be willing to give their data to AI in order to improve their experiences with businesses.
By 2021, 15 percent of customer service interactions worldwide are expected to be powered by AI.
Nearly a quarter of sales teams use artificial intelligence to help them in their daily work.
As a result, 54 percent of companies have reported cost-savings and increased efficiency.
By 2023, the number of AI voice assistants will increase by 146 percent from 2019, when there were 3.25 billion.
Three-quarters of businesses believe it’s important to be able trust AI analysis, results and recommendations.

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Author: Ying Lin

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