Artificial Intelligence Statistics You Need to Know [2024]

Artificial intelligence is simulated by computers and machines to mimic the problem-solving and decision-making model of the human mind. From self-driving cars to voice assistants like Siri and Alexa, artificial intelligence is slowly becoming a part of our life. 💫

The birth of artificial intelligence was inspired by the groundbreaking work of Alan Turing in ‘Can Machines Think?’. Turing offered a test where a human will try to distinguish between a computer and a human response, now famously known as a ‘Turing Test’ or ‘CAPTCHA’.

AI is a field that includes computer science and collected data to develop problem-solving capabilities. Disciplines like machine learning and deep learning are embedded with algorithms that thrive on creating solutions and predicting based on the input data.

We encounter artificial intelligence all day, even in brief interactions with technology. AI is in every corner, from Spotify-curated music playlists to exploring virtual products in real world through augmented reality. Every industry, including entertainment, finance, healthcare, retail, manufacturing, and transport, is improving its understanding through rapid research and is laying down solutions to help its customers better. ✨

Today, we are still understanding the full power of AI and how it can be used based on its role and relevance in the market. Let’s have a look at some interesting artificial intelligence statistics.

Important points covered in this post:

• Artificial Intelligence Statistics 2024
• Artificial Intelligence Adoption Statistics
• AI Chatbots Statistics
• Other Useful Resources

Artificial Intelligence Statistics 2024

1. The global artificial intelligence (AI) market size is currently valued at $150.2 billion. The use of artificial intelligence has grown tremendously in recent years owing to increased productivity through AI and analytics. Artificial intelligence has many advantages and applications in the real world.
2. The Artificial Intelligence market size is projected to reach US$ 241.80billion in 2023.
3. Artificial Intelligence is expected to grow at a CAGR of 37.3% worldwide from 2022 to 2030.
4. The artificial intelligence market size in India is expected to reach  $3,935.5 million by 2028, showing a growth rate of 33.28% during 2023-2028.
5. The global AI software market is worth over $70 billion. AI is attracting huge company investments over the years into products to increase machine and human efficiency. The artificial intelligence revenue has grown steadily and is projected to reach $126 billion in 2025.
6. Artificial Intelligence to see an annual growth rate of 37.3% from 2023 to 2030.
7. IDC predicted that global spending on artificial intelligence would reach $154 billion in 2023. Innovative research around AI services and cognitive systems has made the technology widely accessible in various forms.
8. According to one research, the number of organizations/businesses employing AI grew by 270% between 2015 and 2019.
9. The Wearable AI market, which includes intelligent equipment such as smartwatches, smart eyewear, smart ear wears, smart gloves, and so on, is expected to reach $180 billion by 2025.
10. The number of AI-powered voice assistants like Google, Siri, and Alexa is expected to reach 8 billion by 2024. This number of digitally powered assistants is projected to be more than the world’s total population.
11. To hold an enormous amount of data and process it, the AI Chip market has been booming. Businesses can use cloud-based computer power for analytics and automating their operations. The global AI Chip market is expected to surpass $83.252.7 by 2027. Artificial intelligence growth statistics estimate it to grow at a CAGR of 35.0% from 2019 to 2027.
12. The AI expenditure in India is expected to reach $11,781 million by 2025.
13. AI stats reveal that 50% of companies have AI-embedded systems in their business.
14. About 87% of retail executives think their company will embed AI technology in business operations by 2025.
15. Using past user behavior, AI can help discover new trends and similar content on the web. An effective cross-selling technique helps companies like Netflix make relevant add-on recommendations to customers. In 2016, Netflix revealed that its AI-powered recommendation technology is worth $1 billion.
16. The AI readiness score published by Oxford Insights gives valuable information on how ready governments are to employ AI in public services. The report published in 2021 ranks the USA at the top with a score of 84.8 out of 100. The second is Singapore which topped the list in 2019, and the United Kingdom is third.
17. Artificial Intelligence technology is projected to contribute $15.7 trillion to the world economy by 2030.
18. By 2025, AI can reach up to $500 billion, matching the country’s GDP.

Artificial Intelligence Adoption Statistics

Gaining consumers’ trust in artificial intelligence has been challenging for AI. It is usually viewed as a threat to manpower, where machines take up human jobs. However, in recent years, people have started adopting it due to increased accessibility. Here are some AI adoption statistics:

19. In a fintech survey, 78% of the respondents agreed that AI would enable financial organizations to keep information safe and secure.
20. In a survey, 85% of the respondents believed that AI would improve healthcare delivery and patient care.
21. According to World Economic Forum, AI is set to replace 85 million jobs by 2025. On the brighter side, the same technology will generate 97 million new jobs. The report also states that almost 100 million people will work in the artificial intelligence space by 2025.
22. Artificial Intelligence startups received funding up to 108% in 2021, showing how significant AI continues across industries.
23. A 2020 survey by MIT Sloan Management found that 9 in 10 companies (87%) support using AI to win over their rivals.
24. Data suggests that AI can improve employees’ productivity by 40%, and this target can be achieved by 2030.

AI Chatbots Statistics

A chatbot is a computer program that processes and initiates a human conversation. Chatbots are employed to help consumers find the thing they went to the website for. They can be as simple as single-line responses or dynamic information processors.

Chatbots are like 24/7 support staff always available to guide users through your website. Driven by artificial intelligence, Machine Learning, and Natural Language Processing, chatbots are set to deliver the exact response a customer would need. I have found some really interesting Chatbot stats that will help you judge its effectiveness and decide if you should have one for your business.

Businesses can hand over many customer support operations to chatbots, increasing their efficiency in understanding consumer problems. Some important chatbot statistics to help you have a starter on this technological growth.

25. Chatbots’ communication channel usage has increased by a whopping 92% since 2019.
26. 67% of the consumers have interacted with a chatbot in the past year.
27. A vast majority of consumers (87.2%) had a positive or neutral experience with chatbots in 2021.
28. According to one data, the global AI-powered chatbot market is expected to surpass $1.25 billion by 2025.
29. The number one usage of a chatbot is to get a clear answer to a query. Chatbots have faster response time and can solve a query quicker.
30. Since chatbots can resolve simple and repeated queries, employees are deemed to have more time for complex business issues. According to the data, 64% of the employees had time to focus on bigger problems after deploying Chatbots.
31. In an IQ test by Loup Ventures, valuable insights about Google Assistant, Siri, and Alexa were published. Google can answer local questions with an accuracy of 93%, and its navigation assistance is by par with the best, with a 98% accuracy.
32. The average satisfaction rate among people chatting with bots only is 87.58%.
33. In 2016, Facebook announced that it had 300,000 bots on Facebook messenger.

Read more Chatbot Statistics.

Sources: BlumbergCapital, BlumbergCapital², Omdia, VentureBeat, BCG, Analytics Insight, Business Insider, CBInsights, Comm100, Drift¹, Drift², Gartner, GMInsights, GrandViewSearch, Invespcro, OxfordInsights, PWC, PWC², Salesforce, Statista, Statista², The Insight Partner, WeForum

Other Useful Resources

If you love reading these artificial intelligence statistics, you’d also find these resources helpful 😇:

• Social Media Statistics
• WhatsApp Statistics
• Online Shopping Statistics
• ChatGPT Statistics
• Google Bard Statistics