24 Artificial Intelligence Statistics [2022]: Key Facts About AI And The AI Industry

Research Summary. Artificial intelligence technology is becoming more and more mainstream, as everything from cell phones, cars, and customer service portals uses it. Here are the key statistics about AI and the AI industry:

• 25% of businesses have integrated AI into their operations.

• The global AI market is worth $327.5 billion.

• The global AI market is forecasted to reach $266.92 billion by 2027.

• 64% of companies that have implemented AI have seen their productivity increase.

• 79% of sales and marketing leaders say AI has helped their companies increase their revenue.

• 77% of people use a service or device that is AI-powered.

For further analysis, we broke down the data in the following ways:
Trends and Predictions | Occupation | Industry | Benefits

Artificial Intelligence Statistics by Executive Level Opinions

• 86% of company leaders say that AI is or will be mainstream in their organizations.

• 64% of executives who have embraced AI in their organizations say that it has lived up to their expectations of increasing efficiency and productivity.

• 75% of executives are afraid they’ll go out of business in the next five years if they don’t implement and scale AI in their organizations.

AI Market Trends and Predictions

• The global AI market is worth about $327.5 billion.

  This is the value of the global AI market in 2021.

• The global AI software market is predicted to earn $70.94 billion in revenue in 2023.

  This is a sharp increase from the industry’s $10.1 billion in revenue in 2018 – just five years earlier.

• The global AI software market is expected to be worth about $126 billion in 2025.

  This is an increase of over $30 billion from 2024.

  

• The global AI market was estimated to see 54% year-on-year growth in 2020.

  This growth put the AI market at a value of $22.6 billion.

• It’s estimated that AI will contribute $15.7 trillion to the global economy by 2030.

  Almost half of the economic growth of this industry will likely come from product enhancements since these enhancements will encourage more people to buy more AI products. In addition, North America and China are anticipated to contribute almost 70% of this worldwide economic growth.

Artificial Intelligence Statistics By Occupation

• Just 17% of digital marketing leaders use AI or machine learning (ML) across all their marketing functions.

  At the same time, 63% of these same digital marketing leaders say they struggle to provide their customers with personalized experiences.

• 84% of digital marketing leaders believe AI helps with personalization.

  These leaders believe that AI and ML technology will improve their ability to deliver ads and other marketing materials in real-time and personalize them for maximum relevance to their customers.

• 68% of CX executives say they use AI in their organizations.

  This number is from a survey conducted in 2020, and it saw a 28% year-over-year increase from the same survey conducted in 2019.

  The majority of the CX executives using AI say that they want to use it to improve their customer interactions.

  Other reasons they cite include reducing labor costs and inefficiencies by automating tasks, providing employees with actionable insights and other data to help them do their jobs, and simply keeping up with competitors.

Artificial Intelligence Statistics By Industry

• More than 80% of companies expect to use intelligent automation in retail and consumer products by 2025.

  They believe this technology could help increase their annual revenue by 10%.

• 28% of companies use AI in their marketing efforts.

  In addition, 31% plan to begin using it within the year. A large portion of the AI that marketers use is in chatbots.

• In the banking sector, it’s estimated that chatbots will be able to handle 90% of customer inquiries in 2022.

  This means that 90% of customers’ interactions with chatbots will be resolved without having to be passed on to a human representative.

Artificial Intelligence Statistics By Benefits

• The AI application that companies believe is most important to their companies in 2021 is managing risk, fraud, and cybersecurity threats.

  This is followed by:

  • Improving AI ethics, explainability, and bias detection

  • Helping employees make better decisions

  • Analyzing scenarios using simulation modeling

  • Automating routine tasks

• 12% of business and HR leaders believe AI will lead to more jobs in their companies from 2020 to 2023.

  In comparison, 35% believe there will be the same number of jobs, but the nature of those jobs will change, and 9% believe that AI will have no impact on the jobs at their companies.

  On the other hand, 25% of HR and business leaders believe that AI will lead to a net decrease in jobs at their organizations.

• CX leaders who use AI see annual customer satisfaction rate improvement increase by 3.5 times more than those who don’t use AI do.

  More specifically, CX leaders who do use AI said they saw a 10.1% increase in customer satisfaction rates over the course of a year, while those who don’t use AI only saw a 2.9% increase during the same period.

• 79% of surveyed businesses say that their marketing and sales departments have seen revenue increases of at least 5%, thanks to AI.

  These marketing and sales departments have used AI to price products and predict customers’ likelihood of purchasing.

Artificial Intelligence Statistics FAQ

1. What is the success rate of artificial intelligence projects?

   The success rate of artificial intelligence projects is 25%. Just 25% of surveyed companies using AI say they’ve successfully created an organization-wide AI system and strategy.

   Another 25% of these surveyed companies report failure rates that reach up to 50%. These high failure rates are often due to AI systems designed to minimize their own error rates rather than take the calculated risks that businesses have to take to grow.

   This means that AI programs aren’t a failure for many businesses because the AI is wrong, but because it doesn’t tell them anything they don’t already know.

2. How much is AI used in the world?

   AI is used all over the world every day. 77% of people use a device or service powered by AI, although many don’t realize they do: Just 33% of people believe they use AI.

   AI is everywhere, whether it’s a chatbot, a smartphone personal assistant, or a car with lane assist.

3. What country uses the most AI?

   Singapore uses the most AI. The country is ranked number one as far as AI readiness goes, which means it has the structures in place to implement AI across the country as it’s developed. The UK, Germany, and the U.S. follow.

   As far as AI research and development goes, however, the U.S. and China take the lead, and these two countries combined are expected to be responsible for almost 70% of the AI industry’s economic growth from now until 2023.

4. Is artificial intelligence growing?

   Yes, artificial intelligence is growing. In 2020 alone, the AI market was estimated to see a year-on-year growth rate of 54%. From 2018 to 2023, the global AI software market is expected to grow seven times larger, earning $70.94 billion in 2023 compared to $10.1 billion in 2018.

Conclusion

Artificial intelligence is more common than many people think: 77% of people use AI even though only 33% of people believe they do.

Chatbots make up a big percentage of this AI, as many companies use them to handle customer service inquiries, and the use of chatbots is only expected to increase. For example, in the banking industry, experts anticipate that chatbots will be able to handle 90% of customer interactions without any human input in 2022.

AI is also popular with the customer experience side of business, as 68% of CX executives use AI in their organizations. This is paying off for these companies, seeing their customer satisfaction improvement rates increase 3.5 times more than those who don’t use AI.

The AI market is expected to continue to grow, as it’s worth $327.5 billion in 2021 and is anticipated to reach $266.92 billion by 2027.

References

1. Globe Newswire. “Artificial Intelligence Market To Reach USD 266.92 Billion by 2027; Increasing AI Technology Users To Spur Market Growth: Fortune Business Insights.” Accessed on March 8, 2022.

2. Adobe. “Fifteen Mind-Blowing Stats About Artificial Intelligence.” Accessed on March 8, 2022.

3. PwC. “AI Predictions 2021.” Accessed on March 8, 2022.

4. Fortune. “Most Executives Fear Their Companies Will Fail if They Don’t Adopt A.I.” Accessed on March 8, 2022.

5. Statista. “Artificial Intelligence (AI) Worldwide – Statistics & Facts.” Accessed on March 8, 2022.

6. Statista. “Revenues From the Artificial Intelligence (AI) Software Market Worldwide From 2018 to 2025.” Accessed on March 8, 2022.

7. Statista. “Forecast Growth of the Artificial Intelligence (AI) Software Market Worldwide From 2019 to 2025.” Accessed on March 8, 2022.

8. PwC. “Sizing the Prize – PwC’s Global Artificial Intelligence Study: Exploiting the AI Revolution.” Accessed on March 8, 2022.

9. Gartner. “Gartner Says 63% of Digital Marketing Leaders Still Struggle with Personalization, Yet Only 17% Use AI and Machine Learning Across the Function.” Accessed on March 8, 2022.

10. Toolbox. “AI in Customer Experience (CX) in 2021: Impact Analysis.” Accessed on March 8, 2022.

11. Analytics Insight. “80% of Companies Will Adopt Intelligent Automation by 2025.” Accessed on March 8, 2022.

12. Chatbots Magazine. “Chatbot Report 2019: Global Trends and Analysis.” Accessed on March 8, 2022.

13. Juniper Research. “Chatbots, a Game Changer for Banking & Healthcare, Saving $8 Billion Annually by 2022.” Accessed on March 8, 2022.

14. Statista. “Expected Impact of Artificial Intelligence (AI) on the Number of Jobs in Their Organization in the Next Three Years According to Business and HR Leaders Worldwide as of 2020.” Accessed on March 8, 2022.

15. Statista. “Revenue Increases From Adopting Artificial Intelligence (AI) in Organizations Worldwide as of Fiscal Year 2019, by Function.” Accessed on March 8, 2022.

16. Fast Company. “This Much-Hyped Technology is Failing Businesses. Here’s Why.” Accessed on March 8, 2022.

Author

Abby McCain

Abby is a writer who is passionate about the power of story. Whether it’s communicating complicated topics in a clear way or helping readers connect with another person or place from the comfort of their couch. Abby attended Oral Roberts University in Tulsa, Oklahoma, where she earned a degree in writing with concentrations in journalism and business.