Artificial Intelligence Stats & Facts for 2024

BlogsMarTechArtificial Intelligence Stats & Facts for 2024

Artificial intelligence (AI) is growing every day at a raging pace.

The technology has already acquired immense success in the past year, 2023, and will continue through 2024. It has revolutionized every sector by streamlining work procedures in the healthcare industry, curtailing overhead costs in manufacturing, and reducing man-hours in administrative tasks in the education sector.

Now, in 2024, it looks like a new AI startup is emerging every day that is bent on changing the way we interact and work.

Some important AI facts from 2024, as per Adobe

  • According to Adobe, only 15% of enterprises were using AI, but 31% more were expected to add until the end of the year.
  • Investment by venture capitalists into AI startups soared sixfold since 2000, as per Adobe.
  • 47% of digital organizations or those incorporating digital practises, say they have AI strategy.

Some Artificial Intelligence Stats and Facts for 2024 & Beyond

  • By 2025, the global AI market is expected to reach approximately $60 billion; in 2016 it was $1.4 billion.
  • Global GDP is ought to grow by $15.7 trillion by 2030 thanks to AI.
  • AI will boost business productivity by 40%.
  • Google analysts believe that, by 2020, robots will be smart enough to mimic complex human behaviors like jokes and flirting.
  • Cyborg technology will help us overcome physical and cognitive impairments.
  • Statista said the global AI market size was around $208 billion. By 2030, the market size is anticipated to reach $2 trillion.

Industries that are set to be impacted the most by AI in 2024

Healthcare Industry

In the healthcare industry, AI can provide astounding help for analyzing complex medical data in regards to CT scans, X-rays along with other screenings and tests.

Patient’s data and external knowledge sources such as clinical research can be used to construct a personalized treatment path for everyone.

AI can be used to provide medical advice to patients in real-time. Also, it can provide on-site clinical decision support.

  1. The Babylon AI doctor app checks the patient’s symptoms against a database and offers relevant treatment. The app also consults with patients using speech recognition.
  2. Microsoft’s Hanover project uses natural language and machine learning processes to make predictions. It’s about the most effective drug treatment option for each individual cancer patient.

Retail/E-tail Sector

AI is seemingly most widely-known for its application in the retail/e-tail industry.

Conversation intelligence software helps companies interact with customers and follow up on leads by analyzing and segmenting sales calls using speech recognition and NLP.

Retail companies run a 24/7 customer service to answer some basic questions without any human involvement, with the help of chatbots and virtual customer assistants.

Finance and Banking Industry

The finance and banking industry is facing increasingly complex identity thefts and fraud cases, as online transactions grow more popular with time.

AI can take financial cybersecurity to the next level by using deep learning technologies in systems. These systems can analyze patterns, spot suspicious behavior, and probably stop potential fraud.

Technology-based Companies

Technology oriented companies not only build AI solutions but also utilize them. Furthermore, tech giants such as Google, IBM, and Apple have a habit of acquiring smaller AI companies/startups to gain a competitive advantage.

Apart from chatbot platforms mostly used by SMEs, big players have also built their own intelligent voice assistants, such as Google Home, Microsoft Cortana, and Apple Siri.

Neural networks are used to analyze human language and return appropriate answers.

The Fourth Industrial Revolution is underway. AI, MI, data analytics, automation, and deep learning systems are revolutionizing every industry and creating prodigious opportunities for businesses.

Companies that are making use of these new technologies can boost their bottom line and can even become leaders in their respective sectors.

Recommended for you:

Artificial Intelligence Predictions Everyone Should Know in 2019

What is the Future of Artificial Intelligence in Business?

Related Blogs