Top 10 AI Statistics and Trends You Need to Know in 2024

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Andrea Mercado

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Layla Varela

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David Mercado

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Currently the artificial intelligence (AI) landscape is evolving rapidly.

After OpenAI's ChatGPT became available to the public in 2022 and brought generative AI to the mainstream, other companies, including industry giants like Google, Microsoft, and Amazon, followed suit with their AI-enhanced products.

Today, understanding the current trends and statistics is essential, whether you're in the industry or simply keeping up with technology.

But will AI tools replace professionals or help them? Review these 10 AI statistics and decide for yourself.

What exactly is Artificial Intelligence (AI)?

The term "artificial intelligence" was first used in the late 1950s by researchers who wanted to create machines capable of doing tasks like humans, including thinking and solving problems.

However, to make it simple, Artificial Intelligence (AI) is any software that uses advanced techniques like "machine learning" and "deep learning" to understand data and spot patterns with these algorithms (such as suggesting movies on Netflix based on what you've watched.)

AI's progress was slow until around 2012. Nowadays, companies like Meta and Baidu are going all in on AI development by using algorithms that copy how human brains adapt to new information.

AI market statistics

The world of artificial intelligence (AI) is on a remarkable trajectory, significantly impacting productivity, employment, and investments.

AI encompasses a wide range of technologies, from ChatGPT to robotics, virtual digital assistants, and voice search and recognition, all of which have the potential to shape our future in profound ways. But how many millions is this industry worth?

1. The global AI market size was valued at $136.55 billion

Substantial investments in AI technologies are accelerating the digital transformation. According to Forbes, the global AI market was valued at $136.55 billion in 2022. However, that is just the beginning, as experts anticipate exponential growth in the coming years.

The global AI market is projected to grow remarkably, with a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. It is estimated to reach a staggering $1,811.8 billion by that year.

2. More than 57% of the most popular AI tools are from the United States

The dominance of the United States in artificial intelligence is evident, with more than 57% of the most popular AI tools hailing from the US. These tools, including well-known ones like ChatGPT, Pictory, and Genesys, have positioned the US as a frontrunner in AI development, leaving other nations racing to catch up.

Forbes has also identified the top 5 AI stocks globally, all from that country. These leading AI companies include Advanced Micro Devices, Alphabet Inc, Micron Technology, Microsoft Corporation, and NVIDIA Corporation.

Photo by Mojahid Mottakin on Unsplash

3. China's AI market is currently worth $24 billion

China's role in the global AI market is undeniably significant, reflecting its massive population of 1.4 billion and its ambitious national AI strategy to surpass the U.S. and become the world leader in the AI sector by 2030.

This ambitious drive has fueled considerable growth in China's AI capital market, with a notable scale of financing activities. As of October 2022, 532 investment and financing events in the Chinese AI industry totaled an impressive $15.52 billion.

According to reports from France 24, China's AI market is currently valued at $24 billion. However, this figure is poised to double within the next two years.

4. The European Commission plans to invest €1 billion annually in AI

The European Commission wants to spend €1 billion every year on AI, even though a report from the European Investment Bank in 2021 showed that the EU only put 7% of the money into things like AI and blockchain, while the US and China put in 80%.

But it's not just about spending money. The Commission is also working on making solid rules and laws for AI. That is to ensure AI is safe and trustworthy, not just in Europe but worldwide.

5. Medical and healthcare companies invested $6.1 billion in AI in 2022

Companies have started using AI recently, with the adoption rate doubling since 2017. In 2022, the field that attracted the most AI investment was medical and healthcare, with a whopping $6.1 billion poured into it to improve their services.

According to Stanford University, other significant AI investment areas included data management, processing, and cloud, with $5.9 billion invested, and fintech, with $5.5 billion invested.

Photo by National Cancer Institute on Unsplash

The impact of AI on jobs: Current trends and future outlook

Ethical debates surround the potential impact of AI on job opportunities. However, amidst concerns, a brighter perspective emerges as these technologies pave the way for new employment opportunities.

So, how extensively is AI being utilized today, and what does the future hold?

6. AI-related job postings have increased on average from 1.7% in 2021 to 1.9% in 2022

Companies are looking for people who understand AI. In the United States, the number of job postings related to AI has gone up steadily over the past year. On average, it increased from 1.7% in 2021 to 1.9% in 2022.

Interestingly, this demand is broader than just one type of job. It's happening in many areas like healthcare, finance, technology, and manufacturing.

This trend will likely continue because AI is becoming crucial in improving industries.

7. About 97 million "jobs of the future" are likely to open up thanks to AI

While there may be job changes and some displacement due to AI, the net effect could be a significant increase in new job opportunities, offering a promising outlook for the future workforce.

A recent report from the World Economic Forum sheds light on the impact of AI on future job prospects. Initially, experts projected that by 2025, around 85 million jobs would be replaced by AI, causing concerns about job displacement. However, this scenario has a silver lining.

The same report suggests that even more new roles will emerge due to this technological shift. There's a prediction that approximately 97 million "jobs of the future" will open up thanks to AI taking over repetitive tasks.

Photo by ThisisEngineering RAEng on Unsplash

8. Process automation is the AI capability most used in businesses (39%)

Stanford University shows that businesses are using AI extensively in various ways. The most commonly incorporated AI capability in companies is robotic process automation, which boasts a high adoption rate of 39%.

Other AI capabilities, such as computer vision, natural language text understanding, and virtual agents, are widely used, each with 34% and 33% adoption rates, respectively.

In the year 2022, the AI application most frequently adopted was service operations optimization, with a notable adoption rate of 24%. Following closely behind was the development of new AI-based products, which had a respectable adoption rate of 20%.

Customer segmentation, customer service analytics, and the enhancement of existing products with AI-based features had an adoption rate of 19%.

9. 97% of business owners see ChatGPT as a helpful tool

According to Forbes, most business owners are sure that AI tools like ChatGPT will be good for their business. 97% think there's at least one way it can help.

For example, 74% believe ChatGPT can help deal with customers through chatbots. But that's not all. They also believe AI can make emailing colleagues (46%) easier, fix coding issues (41%), translate languages (47%), and even summarize information (53%).

Plus, half of them think ChatGPT will help them make better decisions (50%) and create content in different languages (44%).

10. 88% of developers feel they can complete tasks more quickly using AI

A GitHub survey on using Copilot, an AI system that translates text into code, found that users can focus on more enjoyable tasks, with 74% feeling this way. Additionally, 88% of users believe they can complete tasks more quickly.

The benefits are clear: When developers can concentrate on their work, make meaningful progress, and end their day positively, it significantly boosts their satisfaction and productivity.

The survey also showed between 60% and 75% of users reported feeling more fulfilled in their jobs, experiencing less frustration while coding, and engaging in more gratifying tasks with that AI.

Photo by Mojahid Mottakin on Unsplash

Summary: AI Statistics

The global AI market size was valued at $136.55 billion.
More than 57% of the most popular AI tools are from the United States.
China's AI market is currently worth $24 billion.
The European Commission plans to invest €1 billion annually in AI.
Medical and healthcare companies invested $6.1 billion in AI in 2022.
AI-related job postings have increased on average from 1.7% in 2021 to 1.9% in 2022.
About 97 million "jobs of the future" are likely to open up thanks to AI.
Process automation is the AI capability most used in businesses (39%).
97% of business owners see ChatGPT as a helpful tool.
88% of developers feel they can complete tasks more quickly using AI.

Final Thoughts

AI is revolutionizing our daily tasks, from coding with GitHub's Copilot to enhancing written content using tools like ChatGPT. These AI-powered tools are speeding up work processes.

There are worries about AI taking jobs, but businesses in various industries increasingly use these tools to stay competitive today, solidifying AI as a vital player in the world economy.

According to OpenAI, today, more than 2 million developers are using AI technologies to integrate intelligent assistants into existing applications to make them more efficient.

FAQ

What is AI, and how does it work?

AI operates using algorithms and data. Machine learning, a part of AI, enables computers to learn from data patterns and make predictions or decisions.

Artificial neural networks mimic human brain functions in more advanced forms like deep learning, helping AI systems process massive amounts of data and recognize intricate patterns.

How is AI used today?

AI finds applications in various areas, including autonomous vehicles, healthcare for diagnosing illnesses, chatbots using natural language processing, recommendation systems on platforms like Netflix and Amazon, financial trading, virtual assistants like Siri and Alexa, and industrial automation, among many others.

What are the ethical concerns surrounding AI?

Ethical concerns related to AI involve issues like algorithmic bias, privacy breaches, job displacement due to automation, and the potential misuse of AI in surveillance.