Did you ever ask Siri or Alexa to get a lemon pie recipe or check the weather forecast?
We prefer to imagine artificial intelligence (AI) as a realm where robots open doors and serve tea.
However, AI is all around us, and more and more organizations are adopting the new technology right now.
We dug deep to bring you Surprising AI facts that demonstrate how these technologies will affect many facets of our daily lives in the future years, from machine learning (ML) to big data and natural language processing (NLP).
Perhaps these figures will spark a brilliant business idea.
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The Artificial Intelligence (AI) market and its overall impact on business
Are you under the impression that artificial intelligence is a niche sector that only corporate leaders and IT professionals are interested in?
Imagine again:AI is beneficial to everyone, not only corporate executives. And these facts on artificial intelligence back it up.
Artificial intelligence and neural networks are predicted to be valued between $400 and $800 billion in the retail business alone.
The artificial intelligence market's strength should not be underestimated. Overall, the industry is predicted to have a significant economic influence (in the trillions of dollars) on almost every industry.
Artificial intelligence, according to almost 40% of customers, enhances their lives in some way.
Whether it's faster responses to inquiries or improved customer service thanks to chatbots, over half of customers believe artificial intelligence makes their lives easier.
By 2025, the worldwide AI software industry is estimated to exceed $125 billion.
Many AI technologies, such as natural language processing, robotic process automation, and machine learning, are available in the general AI market.
It's no surprise that technology offers unlimited possibilities.
Only 20% of business and IT leaders believe AI improves productivity.
An overwhelming majority of top-ranking experts feel that AI and machine learning are the driving factors of greater productivity in AI technology.
Adoption of artificial intelligence
Artificial intelligence (AI) is becoming increasingly common in commercial processes.
These data on machine learning show that AI is quickly becoming a standard in the workplace.
In some form, AI is used by almost 35% of enterprises.
Only a few years ago, less than 10% of firms embraced AI-powered technology; now, the trend is rapidly gaining traction.
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Almost 85% of firms regard AI to be a strategic priority.
The majority of business executives claim that AI investments align with the company's overall strategy, such as enhancing productivity.
Most businesses hope to deploy AI for more basic, repetitive jobs to boost total worker productivity.
Nearly 90% of organizations that have adopted AI claimed they were using or planning to use AI for sales predictions.
When it comes to developing reports and forecasts based on historical data – such as sales trends from the previous year — businesses can witness the influence of AI firsthand.
AI has a beneficial impact on their sector, according to nearly 95% of executives.
In 2018, only over 70% of business leaders considered AI as a good change in their sectors, indicating a substantial shift in opinions toward AI in business.
Almost everyone now agrees that this isn't a passing fad.
Over a third of worldwide consumers believe that artificial intelligence (AI) will improve customer service in the future.
While only about a quarter of those polled say machine learning and AI-driven solutions provide the same or better service than people, the majority believe AI will play a role in future customer service.
A bit more than 70% of people don't mind corporations employing AI if it makes their lives easier.
Customer experience will be king in 2021, and as long as businesses who use AI as part of their innovation strategy don't forget about their customers, everyone will be happy.
A hybrid machine-human customer care channel would be acceptable to nearly half of millennials.
The tech age is more open to experimenting with computer science-based solutions, whether it's a customer support bot or a social media hotline.
The Future of Artificial Intelligence
In the coming five years, the business sector anticipates an even greater transition toward a more defined AI strategy.
Here are the numbers to prove it.
By 2025, the artificial intelligence sector is anticipated to be worth $190 billion, with worldwide AI system spending reaching $57 billion by 2021.
Artificial intelligence is no longer confined to the realm of IT startups.
The industry's annual growth rate is predicted to increase exponentially as AI technology becomes more inexpensive and common.
Artificial intelligence, according to 80 percent of B2B marketing executives, will revolutionize the sector.
B2B organizations anticipate AI to assist them in increasing lead generation volume and predicting overall product value in response to shifting market trends.
By 2025, the AI industry is expected to account for 9% of all new jobs in the United States.
AI has a negative reputation for displacing administrative assistants.
However, new employment will emerge as a result of more automation and data (think robot monitoring professionals, content curators, data scientists, and automation specialists, for example).
Summing Up
Some industries have already reaped significant benefits from AI applications, while others are only getting started. There is still a long way to go, regardless of your current situation. We can't predict the actual future of AI in business, but its impact (and will continue to pose) on our lives is hard to ignore.
