The Newest AI Stats & Trends — What Does The Future Hold?

In this day and age, it sure seems like hardly a day goes by without someone writing yet another article or making a video on major developments in artificial intelligence technology. Indeed, the AI market has grown considerably in the last few years, and the topic has been on everyone’s lips for quite a while now.

In this article, thanks to a study conducted by Passport Photo Online, we will explore the newest AI statistics, take a closer look at how AI technologies have changed and are still changing the business landscape, as well as look to the future and its further impact.

How’s the AI market holding up?

To say that the business is booming would be quite an understatement, considering how AI technology is slowly entering every sphere of our lives and being incorporated into all manner of devices and software. In 2023, AI is all around us, with self-driving cars already being something more than just a feature in sci-fi movies, effective and believable virtual assistants, or countless software making use of the machine learning technique.

The numbers behind this technology’s rise certainly prove that much.

Valued at ~ $371B in 2021, things are only looking up for anyone who’s invested in these technologies. It is understood that in a few years’ time, in 2029, we will no longer be talking about the market’s value in billions but trillions. The exact number we’re talking about is $1,3T - a perfect testament to how gargantuan the AI market has become. To quote Dewey from the beloved TV show Malcolm in the Middle, “The future is now.”

How did AI impact business?

As technology advances, AI’s capabilities grow and become not only more convenient for countless businesses but also, they become a new standard. Part of the reason is that AI is thought to have the capability to improve work productivity by a whopping 40%.

Most IT and engineering leaders (78%) are either already using AI or planning to in order to automate workflow. After all, its capabilities, at the very least, make life significantly easier by handling tasks that would be time-consuming and arduous for the human mind. Data management alone is something that confirms AI to be a real game-changer in how businesses operate and take advantage of new possibilities, not to mention machine learning.

Source: Passport-Photo.online

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In fact, nowadays, professionals in almost every niche work with AI in one way or another. The technology has successfully infiltrated the mainstream to the point that 86% of workers believe it normal and nothing out of the ordinary. That’s how much we’ve grown accustomed to dealing with AI.

The most popular applications of artificial intelligence include:

• Risk and fraud management;
• Dealing with cybersecurity threats;
• Improving decision-making process;

• Further improvements to the technology (bias detection, AI ethics & explainability).

  Benefits of artificial intelligence

Considering the rise of AI in recent years, its market size, and how ever-present it has become in everyday life, the argument has to be made that it wouldn’t have happened if there were just a handful of benefits to its implementation.

Plenty of businessmen and women jumped at the opportunity to adopt the newest technological advancements, and the effect we’re seeing is that ~40% of executives believe AI will not only help their businesses thrive but also that it will transform the organization altogether in a few years' time.

Businesses that have fully embraced AI-powered software and committed to AI adoption point to several benefits that outline how much of a game-changer it has been:

• As much as 86% claimed it helped to improve customer experience;
• 75% noted AI proved invaluable in improving the decision-making process;
• 75% also agreed that implementing AI has been of assistance in innovating products and services;
• 70% agreed that AI also helped to cut down on expenses;

• and 64% also attributed increased productivity to AI technology’s impact.

  Thus, the picture that the newest AI stats paint is that the road to success, as a company owner, is to dive in and make use of AI’s capabilities before the competition does the same. It is especially noteworthy that the #1 benefit mentioned was enhanced customer experience - something many would argue should be at the very top of a business’s priorities. Win the client over, and you’re all set, right?

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To emphasize even more just how important it is to embrace AI technology, according to the study, 3 out of 4 executives believe that refusing to jump on the AI bandwagon within the next five years is likely to end their businesses for good.

AI & employment

Of course, when talking about artificial intelligence and its effect on the job market, plenty of people are afraid that robots are coming for our jobs. In their imagination, they see a robotic revolution that will take over and dominate countless niches and leave plenty of workers without a job.

In truth, it is easy to empathize with their fears, considering that, according to the study, AI will likely replace ~85M jobs by 2025. Such statistics truly put things into perspective and help to realize that some of the fears over the advancement of AI are quite valid.

Almost half the surveyed in the study believe that AI has already begun taking jobs away, but ultimately, AI’s impact on the job market may not be as disastrous as some might think.

Source: Passport-Photo.online

A rather optimistic prediction is that further automation will also create ~97M jobs, which provides a nice balance for all the positions that will be outsourced to robots instead of humans.

Moreover, even though we sometimes like to imagine that a robot could do everything we do at work and more, the stats prove something completely different. In fact, only a small percentage of jobs (less than 5%) could be fully automated.

Further automation is also likely to change the nature of certain jobs as company leaders integrate the newest technologies and seek out new employees for tasks generated by the integration, such as software maintenance, for instance. What logically follows is that we expect the next few years to be the age of restructuring for many companies adapting to new technological realities.

In order to achieve a certain balance and combine the amazing capabilities of modern AI-powered software and the human mind, employers will likely rethink the list of the most sought-after skills and character traits. The three skills candidates should focus on include:

• flexibility;
• creativity;

• analytical thinking.

  After all, even though AI is already quite impressive, there are still limitations to what it can do, and these limitations are a chance for modern candidates to compete successfully in the job market.

Our impressions of AI

As we’ve already mentioned, some people look at the advancements in AI technology and feel threatened. The robotic revolution is coming to take away their jobs, invade their homes, and before they know it, they’ll be living in a matrix. You can even argue that movies such as Matrix or Terminator have actually done some damage and are the reason why some fear this change.

Still, however, it’s not all doom and gloom, as half the surveyed in the study admit to a more optimistic view. One-third of them are aware that they already use AI on a daily basis and that the “infiltrating” part has already happened.

The main issue of integrating AI into everyday life, however, revolves around customer support. Almost 40% of the surveyed still think AI is inherently worse than human customer service representatives, and a similar percentage (43%) think it will negatively impact the quality of customer service in the future.

Source: Passport-Photo.online

Ultimately, we still prefer to talk to other people, even on chat, with the vast majority (80%) preferring to talk to another person rather than a virtual assistant.

What’s next for AI?

It’s hard not to look at everything that’s already been achieved in the AI industry and not think about what’s next. The current state of technology allows us to create amazing things and take advantage of game-changing innovations, like further improved machine learning capabilities.

The global AI market will no doubt continue growing, and hitting half a trillion value by the next year is more than realistic. The autonomous vehicle manufacturing industry should also grow with it, passing the barrier of half a trillion in a matter of three years, not to mention digital voice assistants or other similar AI-powered technologies.

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What’s more, one of the most interesting findings in the study claims that most people (63%) believe AI will help solve modern society’s problems and help us live more fulfilling lives. It’s another very positive and notable finding that stands in opposition to the fear that AI will become a problem in the future.

In summary

You could argue that the last 3-4 years could be summed up as “the rise of AI.”

Already a trillion-dollar industry that’s made its mark on essentially every business, artificial intelligence has effectively infiltrated our lives, and although there are still fears over what the future will bring and what changes we’ll see, AI is likely to give more than it takes and improve our quality of life.

Primed and ready for further growth and an even greater impact on our lives, AI still has a long way to go to convince many of us, but one thing’s for certain - there is much to look forward to.