Artificial intelligence (AI) is an exciting, rapidly evolving field that has the power to change so much in our daily lives – how we work, travel, and connect with one another. The latest 2024 statistics tell us that the global AI market is no small player, boasting a whopping value of $454.12 billion
Forecast AI Global Market Size
The impact of AI on productivity, employment, and investments is profound. In this emerging era of big data, ChatGPT, robotics, virtual digital assistants, voice search, and recognition, there is immense potential to influence and mold the future.
- The global artificial intelligence market size is anticipated to experience significant growth at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. The projection foresees the market reaching $1,811.8 billion by the year 2030.
- Artificial Intelligence holds immense potential to contribute to the global economy. By 2030, it is anticipated that AI will contribute an economic output surpassing the combined current outputs of India and China, showcasing its significant impact on the world economy.
- By the year 2030, it is projected that Artificial Intelligence will make a substantial contribution of $15.7 trillion to the global economy, exceeding the combined current economic outputs of China and India. This underscores the remarkable impact AI is poised to have on the world economy.
General AI Adoption
- More than 34% of millennials and 33% of Gen Zers utilised generative AI technology in 2023.
- Generative AI has experienced faster adoption among the public compared to the initial adoption rates of smartphones and tablets.
- A significant 97% of mobile users are currently engaged in voice search or utilizing another form of AI-powered voice assistant.
AI Use Cases
- AI sales tools play a pivotal role in initiating contact and qualifying leads, with evidence indicating a 50% increase in leads, a 40% to 60% reduction in costs, and a 60% to 70% reduction in call times.
- Over 41% of marketers using emerging AI technologies for email marketing personalisation believe that AI contributes to improved email marketing revenue.
- More than 80% of retail executives anticipate the adoption of AI automation in their companies by 2025.
- 75% of executives expect to use AI for designing, collecting, or summarising data, while 71% anticipate its use in summarising, generating, or translating content.
- Content creation, inspiring creative thinking, market data analysis, and generating image assets are identified by marketers as top use cases for generative AI, with 76%, 71%, 63%, and 62% agreement, respectively.
- 90% of marketers affirm that AI and automation help reduce time spent on manual tasks, enabling them to focus more on enjoyable aspects of their roles and the creative process.
- Employees implementing AI tools for manual, administrative, or operational tasks report saving an average of two and a half hours per day.
- Among marketers using AI tools, 66% utilise chatbots, 57% use AI for image generation, and 56% use it for text generation.
- Marketers emphasise the effectiveness of AI and automation in aligning web content with search intent (84%), enhancing website user experience (80%), and improving SERP rankings (74%).
- As of 2023, 25% of marketers report utilising AI for creating product descriptions.
- Image recognition (computer vision) tools boast an approximate accuracy level of 95%.
Top AI Statistics Summary
Empowering Economies: AI’s Impact on Global Markets and Everyday Lives
Artificial intelligence (AI) has emerged as a transformative force, not just in innovation but also in economic realms. As of 2023, the global AI market stands as a testament to its pervasive influence, boasting an estimated worth of an impressive $454.12 billion.
Leading the charge is the North American AI market, a juggernaut claiming a commanding 36.84% market share. Beyond sheer size, this market is a powerhouse driving technological advancements that ripple across industries.
With a growth rate of 19% per year, experts predict that the AI market could surpass the $2.5 trillion mark by 2032, marking a staggering trajectory. This surge in value is not only indicative of economic prowess but also speaks to the societal integration of AI technologies.
In 2022, the U.S. government demonstrated its commitment to the AI frontier, investing a substantial $3.28 billion. This investment not only propels research and development but also underscores the strategic importance of AI in shaping the nation’s future.
While AI manifests in various facets of our lives, its most common application in business is in the world of customer service, constituting a majority share at 56%. This reflects a conscious effort to enhance user experience through the marriage of technology and human interaction.
A peek into the crystal ball reveals a promising future for AI, as predictions suggest a 21% net increase to the U.S. GDP by 2030. This isn’t just about economic growth; it’s about AI becoming an integral contributor to the nation’s prosperity.
Surprisingly, more than half of Americans, 56% to be exact, regularly interact with AI, underlining its pervasive presence in our daily routines. These statistics demonstrate that AI isn’t merely a buzzword but an everyday companion for millions, seamlessly woven into the fabric of modern life.
Delving into the employment landscape, 2023 saw Data Engineers emerge as the rockstars of the AI job market in the U.S., comprising nearly a quarter (23.8%) of all AI-related positions. As industries digitize, these skilled individuals play a pivotal role in managing and interpreting vast datasets.
Beyond job prevalence, the compensation landscape in the AI sector is noteworthy. An entry-level AI job in the U.S. commands a median average salary of $105,092, offering an attractive entry point into this dynamic field. In contrast, executive-level positions in AI demand a higher premium, with a median average salary of $195,787.
Zooming in on small and medium-sized enterprises (SMEs), a survey by Microsoft reveals an intriguing trend. A substantial 79% of SME owners express a desire to delve deeper into the benefits of AI in the workplace, indicating a hunger for knowledge and understanding of how AI could revolutionise their operations.
As the AI landscape continues to evolve, it is not merely a story of statistics and market shares. It’s a tale of individuals, businesses, and nations adapting to a new era, where the synergy of human ingenuity and artificial intelligence promises to redefine the possibilities of our collective future.
