List of AI Facts That Every Data Science Aspirant Should Know
You must have been wondering how businesses were not gaining much traction from customers a few years back, and today, every company you see is reaching new heights and milestones. It's artificial intelligence (AI). AI has not just helped businesses but has improved customer satisfaction.
So you must have been reading about AI and other technologies, but let me share some facts about AI and its future.
Did you know that AI had its presence in ancient Greece?
Ancient Greece has a myth in a story where automatons (machine/robots) were created by the Greek god Hephaestus, Talos, a colossal bronze man guarding the island of Crete.
Super-fast forwarding at present, after two-and-a-half millennials, AI is here and transforming how we do business and lead our lives with daily routine activities. By the end of this decade, we guess we will see AI assist humans in our everyday aspects of life.
A list of fascinating facts will tell you that AI is not only the future but also defining the present.
Key Statistics of AI
- The artificial intelligence global market is expected to skyrocket from 58.3 billion in 2021 to a staggering 309.6 billion by 2026, with a CAGR of 39.7% .
- AI is expected to contribute 15.7$ trillion to the global economy by 2023.
- The GDP of China is estimated to see a hike of 26% with the integration of AI.
- Companies that have combined their workforce and processes with AI will increase their cash flow by 120% by 2030.
- Artificial intelligence will create 8.9 million job opportunities in the US by 2025.
- 40% of business proprietors say that the cost of technology and AI expertise is the main drawback of the limitation of AI.
- AI-enhanced voice assistants will be utilized by 8 billion users by 2023.
- 66,000 is the highest number of Alexa's inventory skills accessible in the US.
- The global GDP has to thank AI for an estimated growth of 15.7$ trillion by 2030.
- The investment in AI has multiplied by 6x since 2000.
- Around 77% of today's devices feature one or the other form of AI.
Source: Bloomberg
AI Stats by Industry
1. AI and Retail
- Amazon reduced the "click to ship" duration to 15 minutes by machine learning, initiating a 225% decrease.
- The complete expense of AI in the retail sector will be valued at 7.3$ billion by the end of 2022.
- As per the ACFE (Association of Certified Fraud Examiners), 13% of organizations have added artificial intelligence and machine learning in their work to detect and avoid fraud in retail transactions.
Source Forbes
2. AI and sales
- 79% of organizations say that AI has increased business revenue.
- Companies have gained a minimum of 20% in earnings even before interest and taxes or EBIT because of strategies created based on AI.
- Companies that use AI for sales have witnessed a 50% increase in sales leads and a 60-70% reduction in call times.
Sources: analyzingalpha
3. AI and Marketing
- 40% of SMBs do not have AI technology for digital transformation.
- 28% of the top-performing organizations have leveraged AI for their[ marketing.
- 64% of the big companies have integrated AI for automating a specified marketing task or activity.
- 29% of huge organizations have AI and bots to drive marketing campaigns and increase customer experience.
- 64% of marketers believe that B2B AI has added value to their sales and marketing strategy.
- 12% of SMEs and SMBs have implied AI in their marketing strategy for better customer satisfaction.
- 40% of the marketing and sales leaders believe that Virtual reality(VR) will be one big tool to increase customer experience.
Sources: Financesonline
4. AI and customer service
- 73% of global businesses have yet to adopt AI for customer service.
- AI operates 15% of today's international customer service.
Sources: oberlo.in
AI Stats by Application
1. Voice search
- 40% of adults use voice assistants for searches every day.
- 50% of all the searches are the result of voice searches.
- 43% of users choose digital voice assistants because it is easy and fast to search on the internet.
- 54% of adult Americans use voice commands on a device.
- US households now have 157 million smart speakers, an increase of 135%.
- 72% of business leaders leverage digital assistants to simplify businesses.
- 36% of the respondents said they had used Siri and Google Assistant.
- 25% of the respondents use Alexa.
- 19% of the respondents use Cortana as a digital assistant.
Sources: Voicebot.ai
Image data source: cdn.buttercms.com
2. Chatbots AI Stats by Application
- 95% of customer interactions will be communicated via AI by 2025. (email, chatting, and even live telephone calls).
- 85% of customer relationships and business enterprises can manage operations without human involvement.
- 38% of consumers like to use chatbots.
- The global chatbot market will rise from 10.5 billion by 2026 with a CAGR of 23.5%.
Sources: MarketsandMarkets
3. NLP (Natural language processing)
- From 2017-2025, the NLPmarket is estimated to grow by 14x.
- Currently, there are 1100 NLP companies worldwide, and the market is expected to grow by $40 billion in 2025.
- Today NLP is one of the three in-demand skills needed in the tech market.
- The AI smart speaker with a voice assistant developed on NLP will be worth 19$ billion by 2027.
Sources: beniznga
Image data source: cdn.buttercms.com
4. Self-driving cars
- Twenty-five countries are presently working on designs for autonomous vehicles.
- 36% is the annual growth rate, and the self-driving car market will reach 713$ billion in global revenue.
- 67% of Americans believe self-driving cars are safe.
- 30% of the drivers say cruise control makes driving safe on the road.
- Volkswagen invested 2.6$ billion in self-driving car developer Argo.
Source: globalnewswire
Artificial intelligence and Employment Stats
- Intelligent robots are said to replace 30% of the human workforce by 2030.
- In the past two decades, the number has increased by 2x as there are 2.25 million robots all over the world.
- 52% of the experts believe automation can innovate more jobs by 2025.
- AI will create 97million global jobs by 2025.
- By 2030 50% of global employees have to be reskilled.
- 7% of US jobs will be replaced by machine learning, AI, robotics, and automation by 2025.
- Thirty-six million Americans with the most exposure will have 70% of their tasks automated by robots by 2030.f
- China is said to add 14 million robots to work by 2030.
- 61% of enterprises and organizations may employ a CAIO - Chief AI officer.
- Forrester forecasts 8.9 million cognitive jobs in the US before 2025. Cognitive jobs like motoring robot professionals, data scientists, and content curators.
Sources: Business insider
Future Stats Of AI
It is difficult to predict anything, be it a game or a technology. But most experts believe that basic jobs will become even simpler for machines to perform.
- Decision makers in organizations believe that AI will help them with a competitive advantage by 72%.
- China will hold 26.1 % of the share of the AI worldwide market by 2030. This makes it the largest in the AI market.
- Rather than processing keywords, search engines will be able to understand the meaning of search queries by 2029.
- Cloud-based AI will grow 5 folds by the end of 2023.
- By the end of 2023, 40% of I&O teams in the top-tier organization will work with AI. AI will increase IT efficiency and enhance scalability and agility.
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