Top AI Statistics And Trends

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Updated: Feb 6, 2024, 7:20pm

Aashika Jain
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Do Alexa, automated chatbots, robots or self-driving vehicles intrigue you? If they do, then you must know that they are all based on the technology of “AI” or “artificial intelligence”. AI is a branch of computer science, developed on the basis of those computer-based programs which possess the power of replicating human behavior.

Whether it’s AI’s effect on productivity, employment and investments, this new and upcoming world of big data, ChatGPT, robotics, virtual digital assistants, voice search and recognition has all the potential to shape the future. 

Forbes Advisor India collated almost 40 key statistical figures related to latest AI trends and its meteoric evolution which help you to gain a better understanding of AI’s existing state as well as its futuristic scope. 

AI Global Market Size and Its Forecast

The global artificial intelligence market size was valued at $136.55 billion in 2022, and is expected to grow exponentially in the upcoming years backed by mounting investments in AI technologies, digital disruption and competitive advantage in this fast-growing global economy. Let’s have a look at some amazing stats:

  • The global artificial intelligence market size is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. It is projected to reach $1,811.8 billion by 2030.¹

 ¹GrandViewResearch

  • AI has the humongous potential to contribute to the global economy. AI is expected to contribute more than the current output of India and China combined, to the world economy by 2030.²
  • AI is expected to contribute $15.7 trillion to the global economy by 2030, more than the current output of China and India combined.³
Source: PWC-Sizing The Price
  • The greatest economic gains from AI will be in China which will receive a boost of 26% rise to GDP in 2030, followed by North America (14.5% boost), totaling to $10.7 trillion and accounting for almost 70% of the global economic impact.⁴
Source: PWC-Sizing the Price

²PWC-Sizing The Price

³PWC-Sizing The Price

⁴PWC-Sizing The Price

AI Growth in India

The demand for AI-based tools and systems is rising across India on account of fast digitization in all the major segments of our economy such as banking and financial services, healthcare, automobile, telecommunication, as AI simply assists in automation, minimizing errors and also helps in managing repetitive tasks. Let’s have a look at some of the important projections which show India to be the leader of AI in future.

  • The India artificial intelligence market size reached $ 680 million in 2022 and further it is expected to reach $3,935.5 million by 2028, showcasing a growth rate (CAGR) of 33.28% during 2023-2028.⁵
  • AI expenditure in India surged by 109.6% or $ 665 million in 2018 and is estimated to surge at a CAGR of 39% to reach $ 11,781 million by 2025.⁶
  • AI has the potential to add close to $500 billion to the country’s GDP by 2025.⁷

AI Evolution Led by ChatGPT

ChatGPT has given a glimpse of AI and generated quite a buzz about its astounding progress to the entire world. This new AI chatbot allows its users to engage in human-like conversations, which can respond to your questions immediately and helps you with tasks, such as composing emails, essays, and code. ChatGPT has a huge impact on employment and productivity as well. Let’s have a look at the key figures which clearly show how big a deal ChatGPT is. 

Chat GPT fastest growing app with 100 million active users

  • OpenAI’s ChatGPT has taken off in record-breaking fashion. According to OpenAI, even Chat GPT, the most talked about AI tool, surpassed 10 lakh users in mere five days, after its launch in November,2022.⁸
  • If we compare it to its peers, then it took Instagram nearly 2.5 months to reach 1 million downloads and Netflix around 3.5 years to reach 1 million users.⁹
  • By January 2023, ChatGPT hit 100 million active users, making it the fastest-growing application in history.

⁵IMARC

⁶India Brand Equity Foundation.

⁷IBEF.org

⁸Statista 

⁹Statista 

Key Insights and Facts about ChatGPT

  • According to Similarweb, openai.com receives nearly 1.8 billion visits per month.
  • Almost 60% of ChatGPT’s social media traffic comes from YouTube, followed by WhatsApp, Facebook, Twitter and others.¹⁰
  • ChatGPT has a bounce rate of 17.33%.¹¹
  • The most commonly google searched keyword is “chat gpt login” hitting nearly 6 million searches per month.¹²

Region-Based Statistics of ChatGPT

  • The maximum proportion of ChatGPT users reside in the U.S. (15.22%) followed by India (6.32%), Japan (4.01%) and others.¹³

ChatGPT Boosts Business Productivity and Work Quality

  • Worker productivity was boosted by 14% with artificial intelligence tools such as ChatGPT in one of the tech firms. This research is thought to be the first major real-world application of generative AI in the workplace which measured productivity of more than 5,000 customer support agents.¹⁴
  • According to Forbes Advisor, a staggering 97% of business owners believe that ChatGPT will benefit their businesses. Infact, one in three businesses plan to use ChatGPT to create website content, while 44% aim to generate content in multiple languages.¹⁵

Growth Drivers of the AI World

With the advent of AI and its applications across the globe, AI is enabling many segments to grow and changing the way we envision the future. The ongoing technological advancements  such as wearable technology and chip market solutions, self-driving cars or automated medical procedures, have a remarkable impact on market growth. Let’s see how these growth drivers are going to bring in a drastic change in the years to come. 

Wearable AI Market Boom on Rising Demand for AI Assistants

  • Wearable AI refers to artificial intelligence-based gadgets that are worn on the human body.

¹⁰Similarweb

¹¹Similarweb

¹²Similarweb

¹³Similarweb

¹⁴NBER.org

¹⁵Forbes Advisor: How Business Are Using Artificial Intelligence in 2023.

  • The success of products such as Alexa or Apple Watch and Fitbits is directly related to the growing size of AI market value.
  • As per the Global Market Insights, the wearable AI market is expected to reach $180 billion by 2025.¹⁶
  • There will be 8.4 billion digital voice assistants in use worldwide from 2019 to 2024.¹⁷

Rising AI Chip Market

  • The global AI chip market size  is set to reach $83.25 billion by 2027. It is expected to grow at a CAGR of 35% during 2019-2027.¹⁸
  • AI chips are largely used in automotive, healthcare, defense, IT and telecommunications sectors. 
  • North America dominates the global AI chip market, whereas Asia-Pacific is considered the fastest-growing region.¹⁹
  • Super-high bandwidth memory, speedy computation process and parallel faster processing are the plus points of AI chips.

Automotive Artificial Intelligence Market Size Expands, One in Ten Vehicles Self-Driving Globally

  • The self-driving car market is expected to increase from 20.3 million in 2021 to 13.7 billion by 2030. It is expected that 10% of vehicles will be driverless by 2030.²⁰
  • Fully automated cars are expected to contribute some $13.7 billion by 2030.²¹
  • Robo-taxis are projected to become the top use case for driverless vehicles.²²

AI, Internet of Medical Things (IoMT) Transforming Healthcare 

  • AI lifts up the healthcare segment by assisting in treatment, research, drugs discovery, diagnosis and decision making.  
  • Around half of the US-based healthcare providers are planning to deploy AI tools such as (Robotics Process Automation) RPA in their healthcare facilities by the end of 2023, says Gartner.²³
  • AI in drug discovery is expected to cross $4 billion by 2027 at a CAGR of 45.7%.²⁴
  • The global RPA market in the healthcare market size is expected to rise to $6.2 billion by 2030 at a CAGR of 26.01%. The global RPA market size was evaluated at $2.9 billion in 2022.²⁵

¹⁶Global Market Insights

¹⁷Statista

¹⁸Insight Partners

¹⁹Insight Partners

²⁰Statista

²¹Statista

²²Statista

²³Gartner

²⁴MarketsAndMarkets

Medical Robot Market Size and Key Growth Drivers

  • The medical robot market is expected to grow at a CAGR of 17.4% between 2022 to 2032. The medical robot market share is projected to reach the value of $40 billion by 2032.²⁶
  • The key drivers propelling the growth of the medical robot market are the benefits offered by robot-assisted surgeries, major technological advancements, increased use of surgical robots and so on. 

AI and Its Impact on Other Industry’s Verticals

  • According to Accenture, the manufacturing industry is projected to gain $3.78 trillion from AI by 2035.²⁷
  • AI tools are projected to enhance banking industry revenue by $1 billion in the next three years, says Accenture.²⁸
  • The telecommunications AI market is worth nearly $2.5 billion as of 2022, growing at a CAGR of 46.8% during the time frame of 2016-2022.²⁹
  • Almost one in three or 38% of health providers use computer systems to aid diagnosis.³⁰
  • AI will power 95% of customer interactions by 2025 and 19 in every 20 customer interactions will be AI-assisted by 2025.³¹
  • AI will replace nearly 85 million jobs worldwide by 2025. The report also stated that AI may create 97 million new roles.³²

State of Global AI Adoption 

The global enterprise adoption of AI has more than doubled since 2017 and is growing at an impressive rate showing signs of faring better in the upcoming years. According to an IBM survey report, Indian and Chinese companies are taking the lead in the use of AI compared to other technologically advanced countries. Let’s have a look at the stats related to AI adoption across the globe. 

²⁵Precedence Research

²⁶Precedence Research

²⁷Accenture

²⁸Accenture

²⁹MarketsAndMarkets

³⁰Gartner

³¹AI Business

³²WEF Report

Global AI Adoption Progression Continues to Dominate

  • In the year 2017, 20% of respondents reported adopting AI in at least one business area, whereas in 2022, that figure stands at 50%, though it peaked higher in 2019 at 58%.³³
  • Global AI adoption rate plateaued steadily and now is 35% in 2022, which is a four-point increase from the year before.³⁴
  • 44% of organizations are working to embed AI into current applications and processes and two-thirds of companies are already or are planning to apply AI to their sustainability-related goals.³⁵

Chinese and Indian Companies Lead in AI Adoption

  • According to an IBM report, Chinese and Indian companies lead in AI adoption, with almost 60% of IT professionals saying their organization already uses AI applications.³⁶
  • IT spending in AI is projected to see an annual growth rate of around 27% from 2021 to 2026.³⁷

AI Tools and their Potential

AI can do what humans can do, and moreover can perform all such tasks error-free. AI tools and automation solutions help businesses to achieve higher levels of productivity and deliver much promising results on time. Below mentioned data shows how AI-powered tools such as deep learning and machine learning have the potential to improve productivity and increase efficiency along with better customer service experience. 

AI Improves Productivity by Automating Repetitive Tasks

  • According to PWC, AI is expected to improve productivity by 40% by 2035.
  • 52% of telecommunications organizations utilize chatbots to increase their overall productivity and 38% of healthcare providers rely on computer-assisted diagnostics.³⁸
  • To maintain the accuracy and error-free data, 48% of businesses are optimizing the use of machine learning (ML), data analysis, and several other AI tools.³⁹

³³McKinsey Report

³⁴IBM Global AI Adoption Report

³⁵IBM Global AI Adoption Report

³⁶IBM Global AI Adoption Report

³⁷IDC Worldwide

³⁸Gartner Survey

³⁹Orilley.com

AI Tools Helps in Lifting Customer Relationships and Customers Interactions

  • According to Forbes Advisor, 64% of business owners believe AI improves customer relationships and thus helps in enhancing client interactions.⁴⁰

Impact of AI on Employment and Workforce

It has been witnessed that AI tools help in enhancing labor productivity up to a larger extent. AI might replace a few but will not probably make the human workforce obsolete. Let’s have a look at key stats which show how AI based automation is going to impact employment opportunities and how it could help in increasing labor productivity across various industries. 

Human versus AI Automation

  • A report by McKinsey assessed that up to 15% of the global workforce or nearly 400 million workers may be displaced by AI by 2030.⁴¹
  • Six of ten current occupations have more than 30% of activities which are technically automatable and do not require human intervention.⁴²

AI and Labour Productivity 

  • There will be an additional labor demand of between 21% to 33% of the global workforce till 2030. Some of the largest gains will be in emerging economies such as India, where the working-age population is already growing rapidly.⁴³
  • By 2035, AI-based technologies may increase labor productivity by up to 40% across 16 industries, including manufacturing. AI could possibly add an additional $3.8 trillion GVA (gross value added) in 2035 to the manufacturing sector, which is an increase of almost 45% compared to business as usual.⁴⁴

AI and Consumers’ Sentiment 

If someone is most impacted by AI and its applications is the end-consumers. As they are one, who might put their jobs at risk, they are the ones who are going to use AI applications in their daily lives. Thus, it is very important to check how AI and its tools are affecting the sentiments of consumers and what businesses should do to maintain right equilibrium between consumers and AI tools.  

⁴⁰Forbes Advisor: How Business Are Using Artificial Intelligence in 2023.

⁴¹McKinsey

⁴²McKinsey

⁴³McKinsey

⁴⁴Accenture

AI Impact on Consumers’ Satisfaction and Sentiments

  • The majority of consumers are cautious the growing use of AI tools in various businesses, says Forbes Advisor survey
  • 76% of consumers are concerned with misinformation from AI tools and 44% believe there is a stark difference between human-based generated content and the one generated by chatbots.⁴⁵

Transparent and Better Ethical Practices to Boost AI Adoption

  • When it comes to AI, a lot of consumers have expressed concerns about the businesses using artificial intelligence in their daily applications.⁴⁶
  • This clearly suggests better transparency and ethical AI practices which helps to foster trust between businesses and their customers.
Source: Forbes Advisor

Consumer’s Satisfaction and AI Adoption Goes in Tandem

  • However, despite having concerns about application of AI in various businesses and verticals, 65% of consumers have trust in the businesses which use AI technology. This clearly suggests that businesses can effectively employ AI and simultaneously maintain consumer satisfaction which helps them to harness the potential from both technology as well as their manpower.⁴⁷

⁴⁵Forbes Advisor. Over 75% Of Consumers Are Concerned About Misinformation From Artificial Intelligence.

⁴⁶Forbes Advisor. Over 75% Of Consumers Are Concerned About Misinformation From Artificial Intelligence.

Source: Forbes Advisor

Bottom Line

The above-mentioned AI based statistics and data clearly shows how AI could be the most transformative technology that the world has ever witnessed. Machine intelligence is already playing a huge role in the Amazons and the Apples of the world and gradually becoming a part of other verticals as well. The big data companies and global economies are eventually coping up with the new changes and forming policies which are best aligned with the AI-powered technologies.

Therefore, to label AI as “good” or “evil” will not help, but all the aspects of AI-based development deserve our inspection and attentiveness. It is important to balance and address these apprehensions, without underestimating the full potential of AI and its multiple use cases. 

⁴⁷Forbes Advisor. Over 75% Of Consumers Are Concerned About Misinformation From Artificial Intelligence.

And, if we become capable of doing this then like other technologies, AI will also generate more positive than negative impact on our society, as no technology can co-exist without the best intervention of humans. 

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