Artificial intelligence is now being used by a wide range of organizations all over the world, from large corporations and governments to small online businesses.
What exactly does artificial intelligence do for businesses? What do typical users have to say about the technology? And how can you put that information to use to drive sales?
In this article, we will delve into the most essential data on artificial intelligence that you need to know in 2022. We will cover everything from the use of AI in enterprises to the benefits that it delivers.
- AI is used by 37% of companies and organizations.
- Companies that have already adopted AI will be ten times more effective than those that have not, and they will hold twice as much of the market share by the year 2025.
- 91% of ten of the most successful companies are making investments in AI
- 53% of businesses implement AI by purchasing ready-made commercial AI software
- 28% of businesses made their own AI software or had their own employees make changes to commercial software
- By 2025, employment losses due to AI will total 85 million, while job gains will total 97 million.
- Four out of ten customers think businesses will be more cautious with customer data when using AI.
- 44% of businesses that use AI say that it has led to lower costs in areas where it is used.
- The likelihood of having an AI strategy is highest among the biggest businesses, yet only half do.
- Enterprises will be forced to employ AI, according to 63% of businesses.
- 54% of CEOs claim that implementing AI technology in their companies has already enhanced productivity.
- Corporate executives who have an innovation strategy use AI to find opportunities in data that might otherwise go unnoticed, according to 61% of them.
Market Size of AI in Business
The size of the worldwide AI market is anticipated to increase at a CAGR of 20.1% from USD 387.45 billion in 2022 to USD 1394.30 billion in 2029 (Fortune Business Insights)
The value of the worldwide artificial intelligence market is anticipated to increase at a compound annual growth rate (CAGR) of 20.1% between the years 2022 and 2029, going from USD 387.45 billion in 2022 to USD 1394.30 billion in 2029. Growing investment in AI technology by organizations of all sizes across sectors is expected to acquire momentum in the coming few years.Impact of AI on Business
When adopting artificial intelligence (AI) into its company strategy, 20% of the worldwide business leaders, analysts, and managers questioned said that their firm significantly changed many of its business processes (Statista)
Approximately twenty percent (20%) of global corporate leaders, analysts, and managers who were surveyed stated that their company had made vast changes to several of its business processes as a result of implementing artificial intelligence (AI) into its business strategy. This projection is based on responses received in 2020. When AI was applied, just a handful of the respondents indicated that there were no modifications to any business processes.
According to 54% of business and HR executives polled globally, artificial intelligence (AI) will have an influence on the type of work in their firm over the next three years, even if the number of employees remains constant (Statista)
According to 2020 research, despite the number of jobs will stay the same, 54% of business and HR professionals polled globally said they anticipate artificial intelligence (AI) to have an influence on the kind of work in their company during the next three years. In their businesses, almost 25% of respondents said they anticipate AI to result in a net loss of employment during the next three years.Adoption of AI in Business
53% of businesses implemented AI by purchasing ready-to-use commercial AI software
38% of companies use AI technologies developed by external providers. 28% of businesses made their own AI software or had their own employees make changes to commercial software. 22% of enterprises use AI-modified open-source software or systems modified by their employees.
Consumers as well as enterprises are benefiting from artificial intelligence, particularly in the fields of business and e-commerce.
51% of eCommerce businesses have started using AI to improve sales, marketing, and customer service.
Between 2020 and 2024, 50% of supply chain firms will invest in software that supports AI and advanced analytics capabilities (Gartner)
AI reduces and, in some cases, completely eliminates overstocking and the danger of running out of popular goods, assisting business leaders in building more effective, affordable supply chains.
The research and consulting company Gartner in the field of information technology anticipated that between the years 2020 and 2024, fifty percent of supply chain firms would invest in apps that enable artificial intelligence and advanced analytics capabilities.
Within the information and communication sectors, the percentage of businesses making use of AI was found to be the greatest (Eurostat)
Most businesses’ usage of AI was found in the information and communication sectors, where machine learning for data analysis (15%) and text mining (12%) were the most popular applications of the field.
79% of respondents said that adding AI to marketing and sales has increased company revenue (McKinsey)
According to McKinsey’s research on the status of artificial intelligence, 79% of respondents said that using AI in marketing and sales had increased corporate revenue. AI-based marketing strategies help businesses make at least 20% more money. The amount of money they make depends on how they use AI.
The ratio of humans to robots in sales is now being reevaluated by seasoned salespeople and sales organizations. Sales are already being impacted by automation AI and will continue to be.
Businesses that use AI in sales may improve leads by more than 50%, cut call times by 60–70%, and lower costs by 40–60% (Harvard Business Review)
Harvard Business Review research found that businesses utilizing AI for sales may improve leads by more than 50%, cut call times by 60% to 70%, and decrease costs by 40% to 60%. These figures make it quite evident that business owners looking to increase their bottom line should investigate artificial intelligence.
Payroll’s potential future will change as a result of AI. True AI systems can evaluate data and find strategic solutions to problems, in contrast to automation, which is focused on cause-and-effect (Levity)
Payroll’s potential future will change as a result of AI. Authentic AI systems can evaluate data, learn from mistakes, and find strategic solutions to problems, in contrast to automation, which is focused on cause-and-effect.
By 2026, it is expected that the cloud-based payroll software market will have grown to $13.37 billion from its 2018 valuation of $7.88 billion. Executives at companies are becoming more ready to make investments in cutting-edge payroll systems enabled by AI.Benefits of AI in Business
There are many advantages to be gained, as shown by the increasing usage of artificial intelligence by businesses.
One of these advantages is increased productivity, since staff may invest more time in analysis by delegating laborious, repetitive, and routine jobs to AI.
According to 61% of workers, AI increases their productivity at work (SnapLogic)
According to statistics, 61 percent of employees claim that increasing their use of AI at work has increased productivity.
In fact, more than two-thirds (68%) of workers want to see more AI-based technology used at work because they are so happy with how AI has aided them in their job.
Since using AI, 44% of organizations have achieved cost savings (McKinsey).
The importance of AI in businesses cannot be challenged, as can be shown from the aforementioned data on artificial intelligence. Apart from increased sales and customer service, there is also a financial incentive for businesses to implement AI.
The most recent data on artificial intelligence shows that 44 percent of businesses adopting the technology claim lower company expenses in areas where AI is being used (McKinsey, 2019). The cost advantages of AI are obvious when combined with the revenue increase seen by many of these firms.
The marketing and sales divisions had the greatest gains in income. Four out of ten of them claim that the implementation of AI has increased income by up to 5%.Future of Artificial Intelligence in Business
However, as we are going to see, the expanding use of artificial intelligence is even more popular among prominent corporations throughout the world, particularly in the fields of healthcare and life sciences. This is something that has been happening for quite some time.
Companies that have adopted AI will be 10 times more effective and hold twice as much of the market by 2025 than those that haven’t (Genpact)
Companies need to be aware that AI is getting close to a turning point. Slow change will soon speed up and become amazing. By 2025, businesses that have used artificial intelligence will be ten times more productive and have twice as much of the market as those that haven’t.
More than nine out of ten of the most successful companies are now making investments in artificial intelligence (NewVantage).
According to data on artificial intelligence from a recent study, more than nine out of ten i.e., 91% of the top corporations polled said they continue to invest in AI.
The majority of the businesses questioned are in the financial services industry, although other notable organizations like Facebook, McDonald’s, Facebook, and Pfizer are also involved.
Not only corporations are spending heavily on AI, but almost 91.7 percent of them, according to the poll findings, are also expanding their investment.
Having said that, not all of these companies have fully embraced data-driven decision-making. In reality, only 39.7% of them claim to be utilizing data as an asset, and just one in five that is 19.3% think their organization has a data culture.
Business activities including artificial intelligence (AI) are anticipated to spend a total of $4 billion USD. However, it’s anticipated that corporate activities including AI, will take off by 2023 (Statista)
According to estimates, investment in robotic process automation (RPA) and artificial intelligence (AI) in corporate operations would total 5.4 and 4 billion dollars in 2021, respectively. RPA and AI business processes, however, are anticipated to take off by 2023.Conclusion
So these are the top AI in business statistics. As we’ve covered in this article, artificial intelligence (AI) and machine learning have transformed businesses and will do so for many years to come.
The use of AI in commercial contexts reduces time spent on repetitive processes, increases staff productivity, and optimizes the entire customer experience across IT operations and sales. We are certain that businesses at the forefront of AI will benefit financially and outperform rivals in the future.
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- Global spending on automation and AI business operations 2016-2023. (2020, January 23). Statista. https://www.statista.com/statistics/740436/worldwide-robotic-process-automation-artificial-intelligence-spending-by-segment/
- Global change in business processes from AI 2020. (2020, October 20). Statista. https://www.statista.com/statistics/747790/worldwide-level-of-ai-adoption-business/
- Expected impact of artificial intelligence (AI) on the number of jobs in their organization in the next three years according to business and HR leaders worldwide as of 2020. (2020, May 14). Statista. https://www.statista.com/statistics/1119824/global-business-and-hr-leaders-on-ai-impact-to-job-numbers/
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* This article was originally published here