Artificial Intelligence is one of the most popular and fastest-growing data-driven technologies used around the globe.
Artificial intelligence is used by many entities worldwide, from governments to large companies and online businesses.
What is the role of AI for businesses? What do consumers think of the technology? How can it be used to boost sales?
This article will cover the ten most important statistics about artificial intelligence that you should know by 2023. We will also discuss the benefits of AI for businesses.
Artificial Intelligence: Growing Use
Statistics show that more and more businesses are incorporating AI into their operations, even though it has yet to be the norm.
In 2022 over one-third, or 35% of companies, reported using artificial intelligence in some way in their business (IBM, 2012). 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 is not surprising that more than half of the organizations who already use AI report benefits.
Artificial intelligence is gaining importance as organizations pay greater attention to it. Chief intelligence officers and IT executives worldwide have named it the most disruptive technology, surpassing analytics and data.
Artificial Intelligence Development
It should not be surprising that the AI market size will increase significantly with the increasing implementation of AI in organizations.
According to the latest data, the artificial intelligence market will be worth $87.04 billion by 2021 (Precedence Research, 2023). The projected value of this market is $164.99 billion by 2023. By 2030, it is estimated 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 a major 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 primarily from automotive, healthcare and banking, manufacturing, retail, logistics, and food and beverages.
AI in Business
These two statistics on artificial intelligence are evidence of its wide adoption by businesses. 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 over nine of ten top businesses (91%) surveyed have an ongoing investment (NewVantage, 2022).
The majority of companies in the survey are from the financial sector. However, other companies such as Mcdonald’s and Facebook and healthcare firms like Pfizer or CVS Health also participated.
The survey shows that many companies invest in artificial intelligence, and nearly all (91,7 percent) are increasing their investments.
Despite this, not all businesses are at the same level of data-drivenness. Only 39.7 percent of these businesses claim they use data to their advantage, and only one in five (19.3%) say that the company has a data-driven culture.
AI for Business Productivity
Artificial intelligence is being used increasingly by businesses, which shows the many benefits that can be gained.
Increased productivity is one of these benefits. Routine, repetitive, and tedious tasks can be delegated to AI, which allows employees to focus more on analysis.
Statistics show that 61% of workers claim that AI adoption in the workplace has boosted productivity (SnapLogic, 2021).
Two heads are better than one, as the saying goes. AI can also be used to improve collaboration at work. More than a third of employees believe AI has improved team collaboration.
Employees are so happy with the AI technology they have used to assist them in their jobs that more than two-thirds (68%) would like more AI-based technologies introduced.
Customers willing to use AI to improve their experiences
Artificial intelligence is not only used by businesses. The technology is becoming more mainstream, and consumers are accepting it.
According to the latest statistics on artificial intelligence, in 2019, 62 percent of consumers were willing to use AI to improve their experience (Salesforce, 2019). This is an increase from 59 percent in 2018.
However, businesses must communicate how they use AI in their organization. Many consumers still need to be wary about how businesses use AI, despite the increasing technology acceptance.
Over half of consumers (54%) say that they trust businesses to use AI data in a manner that benefits them, and only about a third (39%) say they are satisfied with the transparency companies show regarding their AI usage.
AI and Customer Service
AI has become a part of every aspect of business. Customer service is no different.
In 2021, Gartner estimated that AI would power up to 15% of all customer service interactions. This is a 400% increase since 2017.
Bots and virtual assistants are currently being used in customer service. Nearly 23 percent of customer service companies use AI-powered bots.
They allow a greater capacity to handle questions, more efficient interactivity due to faster chat speeds in real-time, and more control of the data collected by consumers.
As consumers demand better service, these benefits become increasingly important for companies. Seventy-one percent expect to be in a position to communicate with companies in real-time.
Artificial Intelligence Statistics for Sales
Sales departments in many companies have implemented artificial intelligence in their daily work, even though they are primarily focused on customer service.
In 2018, 21% of the sales teams used artificial intelligence (Salesforce, 2019). In two years, this figure will increase by 155 percent. By 2020, it was expected that 54 percent would be using this technology.
AI adoption is faster than any other sales technology. Marketing Automation will increase by 104 percent and partner relationship management systems by 95 percent.
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 AI capabilities to improve in the next five years, allowing for more accurate data. Seven out of 10 high-performing sales associates anticipate better intelligence forecasting. Sixty-six percent also expect improved lead prioritization and opportunity insights.