Top 20 Most Stunning Artificial Intelligence Statistics, Facts and Projections
Artificial intelligence (AI) has been around since the late 1940s when Alan Turing came up with the idea that a computer can be taught to do things. Then, this concept evolved further in the 50s, but it wasn’t until the 80s and 90s that AI really started to make significant progress. However, it was in the new century when AI went mainstream. It has made tremendous progress during the past decade – from being just an opponent in computer games to being “the engine” behind self-driving cars or even performing surgeries without any human assistance.
There are many pros and cons of Artificial Intelligence and solutions in all type of industries. In finance, for example, the enhancements are not solely limited to things like Artificial Intelligence stock trading software and tools, instead, the major improvment are done by algorithms taking care of order routing processes and portfolio rebalancing.
AI’s evolution journey is filled with interesting facts, figures, and trends that will help you get the real picture behind the spectacular growth in the industry. What’s more, they will show you what to expect from this ever-evolving field. Here are the top 20 most exciting AI stats:
1. An Industry Poised to Boom to $641 Billion by 2028
In 2020, the market size of artificial intelligence was estimated at $51.08 billion. In the years up to 2028, this figure is expected to top $641 billion – a tenfold increase. This equals a Compound Annual Growth Rate (CAGR) of 36.1%, surpassing most economic sectors’ growth projections.
The main driver behind this growth is the mainstream adoption of AI in our everyday lives. Other key contributing factors include the growing popularity of cloud-based services, AI-powered virtual assistants, and other fields where machines can replace human labor. AI will also penetrate crucial sectors like healthcare, manufacturing, automotive, aerospace, and more.
2. AI to Empower a $15.7 Trillion GDP Gain by 2030
According to the PwC, the total contribution of AI to the global economy is expected to hit $15.7 trillion by 2030. This result exceeds the current combined output of China and India. Across local economies, AI adoption will bring a 26% boost in GDP by the end of the decade.
The most significant AI-induced economic gains will be in China, where the GDP will grow by 26% by 2030. Next comes North America with a 14.5% boost.
PwC concludes that 45% of total economic gains by 2030 will stem from product enhancements, including product variety, higher personalization, and affordability, stimulating greater consumer demand.
3. AI Boosts Enterprise Revenues With 5% on Average
McKinsey finds that AI adoption can also help boost revenues – an effect evident across 63% of the respondents in its survey.
The most significant results are seen across marketing and sales departments, where 40% of the companies reported a 5% growth, while 30% saw a revenue boost between 6% and 10%. These results stem from the application of AI in fields like pricing, predicting the likelihood to buy, and customer-service analytics.
Over 30% of the service operations, product, and service development teams also saw a 5% revenue growth. In manufacturing, 34% of the examined companies reported the same revenue boost.
4. AI Cuts Operational Costs Significantly
McKinsey finds that 44% of the companies relying on AI benefit from significant business cost reduction. The biggest cost savings are across the manufacturing, risk, and supply chain departments. AI adoption in manufacturing operations has helped 37% of companies decrease their costs by up to 10%. The risk and supply-chain departments in the analyzed enterprises both saw costs fall by 31%.
The consultancy concludes that the adoption of new technologies across the industrial sector can even bring indirect costs down by as much as 15% to 20% in just 12 to 18 months.
5. 14x More AI Startups In the Past Two Decades
Since 2000, the number of AI startups has increased 14 times. The machine learning and artificial intelligence fields have proven to be among the hottest industries for entrepreneurs.
The massive growth in the industry has also attracted increased investor interest. In 2014, investments in the field of AI totaled $4.25 billion. In 2020, this number was $36 billion, or over eight times more. However, the 2020 result was crushed just in the first half of 2021 when investments in the niche reached $38 billion.
6. You are Using More AI than You Think
You probably think that the AI you are using in your daily life is limited only to your phone apps. However, it is more than that and consumers rely on AI far more than they realize.
Today, only 33% of users think they use AI-enabled technology. In reality, however, 77% actually use an AI-powered service or device.
In the future, AI will be playing a way more crucial role in our day-to-day lives – from our home appliances to our car, farm, or even the robot that takes our orders.
7. Healthcare to Benefit the Most from AI
PwC finds that the healthcare industry has the greatest potential AI consumption impact of 3.7/5.0. The use-cases include personalization treatment, enhanced data-based diagnostic support, and time optimization.
Other industries that will benefit the most from AI are automotive, financial services, and transportation. The leading use-cases in the automotive sector are autonomous fleets for ride-sharing, while the most significant disruption in the transportation and logistics sector will come from autonomous trucking. Across the financial services, AI is found to have the greatest effect on personalized financial planning – something we are already seeing today with the rise of robo-advisors, although in a much more limited form.
8. Surgeries Will Soon be Made by Robots
In 2016, an autonomous robot surgeon showed better results than a human surgeon when stitching up a pig’s small intestines. What’s more, the robot used its own vision, tools, and intelligence to handle the procedure, showing complete autonomy.
In 2022, a robot surgeon achieved a way more significant breakthrough. The digital surgeon performed laparoscopic surgery on the soft tissue of a pig entirely autonomously. The most remarkable thing was that such a surgery is considered especially complex since it is very unpredictable. To be able to succeed, the robot has to adapt quickly and handle unexpected obstacles.
9. AI to Handle 95% of Customer Relationships
According to estimations, over 95% of customer relationships with business enterprises will soon be managed without human involvement. By 2025, humans will be responsible for just 5% of customer interactions, with the majority being handled by AI.
What’s more, that 95% include both online chats and also live telephone conversations. By 2025, technology is expected to evolve to a point where users won’t be able to make a difference whether they are speaking to a human or a bot.
Human-to-human interactions will be reserved only for highly-complex cases that require personal input.
10. A 12 Million Net Job Additions by 2025 Thanks to AI
According to the World Economic Forum, AI will create 97 million new jobs by 2025. At the same time, it will make 85 million jobs redundant, resulting in a net addition of 12 million new jobs.
The biggest demand will be for data analysts, scientists, AI and machine learning (ML) specialists. Big data experts and marketing and strategy specialists will also be highly sought after. This transition will also create new occupation fields, including digital transformation experts, Internet of Things (IoT) specialists, and more.
The jobs at risk are mostly those requiring repetitive work, including data entry clerks, administrative staff, secretaries, assembly, and factory workers.
11. Google Leads the AI Field
While many tech giants are revolutionizing the AI niche, Google is the main driving force. Everything started with Google’s voice recognition app, launched in 2008. It was first used on iPhone devices and laid the foundation for Apple’s Siri.
Today, Google leads the new developments in the AI niche through DeepMind, a research laboratory founded in 2010 and acquired by Alphabet Inc. in 2014. For its relatively short existence, DeepMind has made many breakthroughs. Today, the company is advancing the field of autonomous learning and deep learning.
The company has recently focused on developing AI agents with real-world impact, particularly in the science field. DeepMind is also said to be working on “the mother of all AI algorithms.”
12. AI as the Future of Drug Discovery
The issues with drug discovery are well-documented. However, AI can help humanity in the design and formulation of new drugs.
In 2021, the British AI drug discovery company Exscientia launched a Phase I trial of the world’s first immune-oncology molecule. The remarkable thing is that the molecule was discovered in just eight months. This is the second molecule of the company, designed by its AI algorithms. Earlier, it developed a drug for the treatment of obsessive-compulsive disorder.
Other companies also employ AI in the drug discovery process. In general, algorithms can provide access to new biology and novel chemistry and ensure better success rates and quicker and cheaper R&D processes.
13. AI-Driven Hedge Funds Are 3 Times Better than Humans
While the jury is still out on whether robots or humans are better traders, recently, there has been growing evidence that robots are doing better, at least when it comes to hedging a portfolio.
An extensive study of the performance of AI-driven hedge funds and hedge funds mainly relying on human input in the period 2006 – 2021 has found that the former are outperforming the latter. The AI-powered hedge funds generated average monthly returns of 0.75% compared to 0.25% for the human-guided hedge funds.
14. 33 Million Self-Driving Cars on the Roads Come 2040
The autonomous vehicle market might still be in its infancy, but the signs are that it will soon boom, and self-driving cars will be more and more present on the roads. In 2020, the driverless car market was valued at close to $21 billion. By 2026, it is expected to hit $93 billion, marking a CAGR of 22.75%. According to estimations, 33 million self-driving cars will hit the road by 2040.
A significant reason for this is the fact that autonomous cars are proving to be equal, if not better, in terms of safety. According to statistics by Tesla, its autopilot is nearly 9x safer than the average driver.
15. AI Will Help Tackle Climate Change
AI applications successfully support humanity’s efforts to prevent climate change impacts in many different ways. For example, AI helps design more energy-efficient buildings, optimize renewable energy deployment, regulate the amount of energy used, etc.
By collecting vast amounts of data, AI also helps model glacier melt and forecast rising sea levels, hurricanes, temperature change, natural habitat disruptions, and, most importantly – species extinction. That way, AI gives us the perfect early-warning system that can help policymakers take the right steps before it is too late.
16. Robots are Disrupting Journalism
Would you be surprised if I told you that you have probably already read an article written by a robot journalist? Many leading media are using robots to craft short stories. For example, during the Rio Olympics in 2016, the Washington Post’s AI writer, called Heligoraf, covered the competition by writing hundreds of stories.
The Wall Street Journal also uses AI to automate its news. The software is called Narrativa, and it creates short analysis pieces that are later on finessed and completed by WSJ editors.
The fact that two of the most influential newspapers rely on robots to write articles, reaching millions if not billions of people, signals that journalism will never be the same, and robots will be an invaluable part of its transformation.
17. AI Will Never Match Humans
No matter the advancements in technology, even Google admits that AI will struggle to understand everything humans can. In fact, even with all the data in the world and the most accurate model, AI still wouldn’t be able to reflect or understand every human being.
Another aspect where AI is expected to not live up to our capabilities is the ability to “connect the dots” or be creative. Yes, computers might be able to draw a picture based on an analysis of thousands of masterpieces, but they won’t be able to give birth to a novel creative idea the way a human painter can.
18. AI Helps You Brush Your Teeth Better
This probably isn’t the innovation you thought you would find on this list, but here we are.
We are taught how to brush our teeth from an early age, even before we can read. Yet, today, it seems like we need AI to come to the rescue and help us brush better. Although this might surprise you, the truth is that since 2019, we have toothbrushes using AI to track the way you brush your teeth.
The toothbrush connects to your phone through Bluetooth. The integrated AI technology tracks your movements and identifies patterns of where you are actually brushing and where you can do better. Then it generates personalized feedback to help improve your brushing.
19. AI Pets to Go Mainstream by 2025
If you want a pet but don’t fancy cleaning or feeding it, AI comes to the rescue. While AI pets already exist, they are more like a one-off thing. However, experts project that cats and dogs can be replaced by their robotized versions by the middle of the decade.
AI pets will be robots that look, feel, and act like a real animal without the “hassle” of taking care of them. In fact, they will be able to do even more. Chinese developers recently announced a robot dog that could help deliver packages, serve in restaurants and even provide support for the visually impaired.
20. Human-Robot Marriages Can be a Thing by 2050
Once robots solve climate change and improve healthcare, they will finally be able to settle down. Jokes aside, experts believe that human-robot marriages will be something common by 2050. Even today, such examples exist.
In 2017, a Chinese man organized an improvised wedding with a robot he built personally. Although the state doesn’t officially recognize the marriage, it is proof that there will be humans that would prefer digital spouses. So is the case with an Australian who fell in love with a humanoid and now wants to become the first in his country to marry a robot.