When you mention artificial intelligence, people immediately associate this level of technological innovation with science fiction. What they don’t know is that AI has already found its way to our lives and is almost ever-present as we go about our businesses.
In this article, you’ll find the latest statistics on artificial intelligence, trends, and facts, thanks to a study made by Passport Photo Online. You’ll see how big the AI market has become, discover people’s impressions of this technological marvel, and learn what the future might hold.
Global AI market
Artificial intelligence surrounds us. Think of all the inventions that everyone has been talking about in recent years. Self-driving Tesla cars, virtual assistants like Siri or Alexa, social media monitoring software, or marketing chatbots – that’s all AI.
It should come as little surprise, then, when you learn that the artificial intelligence market was last year valued at a whopping $327 BILLION. Yes, you’ve heard it right! We’ve entered the stage where we’re talking about billions of dollars, not merely millions. AI technology has been adapted to almost every kind of business niche, as the advantages of using everything it promises proved to be far too beneficial to refuse. Machine learning algorithms, for instance, have found its use in internet search engines, email filtering, or even in medicine or banking software. Talk about flexibility!
Companies worldwide have embraced artificial intelligence technology, hence why the global AI market has become such a gold mine. According to Passport Photo Online’s article, the current leader in the AI market race is IBM, holding a global market share of over 9%.
AI technology: What do the CEOs think?
The general consensus is that AI is here to stay, and if we take a look at artificial intelligence statistics, it’s no wonder. Various organizations and their CEOs are mostly of one mind about the advantages, possibilities and potential of implementing AI.
- Almost half (45%) of organizations believe AI will improve remote work.
- A similar percentage (44%) of businesses reported that implementing AI technology helped them reduce costs.
- 87% of companies are certain that making use of artificial technology will give them the edge.
What about regular customers?
Thankfully, AI is not exclusive to the wealthy and the powerful, as regular customers have also found plenty of ways to invite artificial intelligence into their lives. They developed very similar views about its usefulness and convenience.
- 7 out of 10 consumers think that AI can make their lives easier and better.
- They’re enthusiastic about working with AI, even if up to 375 million employees will have to change careers or reskill.
- 88% of them, however, want companies to be transparent about using AI.
- Nearly 38% of people don’t think AI delivers the same level or better customer service as humans.
What’s important to mention is also that even though the AI industry has made massive progress over the years, people still aren’t fooled by it. People surveyed for the study were, in the majority, certain that they would be able to spot an AI attempting to sound human. We’ve all seen it hundreds of times when talking to virtual assistants in shops, for instance. Ultimately 6 out of 10 surveyed claimed they’d have no problem recognizing an AI chatbot.
People’s impressions of artificial intelligence don’t stop on general approval and gratitude, however. We’re all familiar with classic titles, such as Terminator or Matrix. I’m mentioning these movies because perhaps they’re to blame for 7 out of 10 surveyed admitting to a certain level of fear of AI.
AI & the employment
The fear we’ve just mentioned isn’t necessarily caused by people afraid of a robotic revolution. Something similar might happen, but it will look a bit different from what we’ve seen in the aforementioned movies.
Artificial intelligence is bound to have a major effect on the job market and the world of employment. According to the statistics in the article, roughly 85 million employees will be replaced by AI when 2025 dawns.
Of course, certain jobs at more at risk of being automated than others. The top five list looks as follows:
- Food Science Technicians
- Procurement Clerks
- Library Technicians
- Cargo and Freight Agents
- Tax Preparers
Not everything is lost, however. Nature always finds a way to achieve balance, and it is no different in this instance. While many employees around the world will lose their job to computers, the implementation of AI will also create jobs. Roughly 97 million, if we believe the statistics.
Now, very few jobs will actually get fully automated, as only 5% seem to be in line for a complete robotic take-over. That being said, almost two-thirds of jobs could be automated at least in some small capacity.
Artificial intelligence statistics & the future they herald
Remember how we’ve talked about how incredibly huge the global AI market is? Well, it will get bigger, that’s for sure. According to the prognoses, it will take only two years for the value of AI market to reach half a trillion dollars. Now that’s a mind-blowing amount!
We are also bound to see more and more virtual voice assistants of all kinds, as well as autonomous vehicles. Elon Musk’s Tesla is just the beginning.
It is also highly likely that virtually the entirety of customer interactions (95%) will be done by an AI we will struggle to recognize as such.
Other interesting predictions and trends include:
- AI could contribute up to $15.7T to the global economy in 2030.
- The global AI in the fashion market is expected to hit $4.4B by 2027.
- Most people are convinced that AI will help solve problems that plague modern societies (63%).
To sum up
AI technologies are already almost ever-present in our lives, and in the coming years we will certainly see more of it. As technology and society move forward, AI industry will grow as well, and the general consensus is that it’s a good thing. The things you remember from science fiction movies will slowly turn real, so buckle up. The future is here.
Michal Laszuk is a writer at PhotoAiD, and a massive travel nut. Having seen most of what Europe has to offer, he now looks to the east. A big fan of culinary experiments and adventure, he loves visiting less popular, often regarded as underrated places.