As technology advances, the demand for a faster, better, and more efficient one also increases. And no other technology to meet that demand except the technology that can learn and is capable of understanding the trend and behavior of people.
Every day, businesses and individuals make use and take advantage of the benefits of Artificial Intelligence to make workflows and tasks easier. Businesses mostly see the profits that they can get from AI automation since it takes the repetitive tasks off from staff or employees and at the same time, it is capable of learning and adapting to the needs of its users, making their experience better.
So where are we actually heading with Artificial Intelligence? What impact can it give in the recent advancements in digitalization? Find out the following interesting facts and statistics about AI.
💡 Fact #1: The growth of AI market
In 2021, the CAGR (Compound Annual Growth), or the amount of profit in the Artificial Intelligence market has grown reached 50 billion dollars to almost 600 billion dollars. It is forecasted that it will grow further in 2028 to over 30%.
At first, the trend in using AI Artificial Intelligence technology across entities was slow. But, in 2019, the growth tripled by almost 200%. That’s the time when COVID struck, and the demand for online services surged.
This growth reflects a huge profit for businesses and mostly from the demand for intelligent virtual assistance and cloud-based services. Examples are chatbots when you order from Amazon or eBay.
Studies also projected that more businesses and services would use AI. The companies that use Artificial Intelligence are Facebook, Google LLC, and Microsoft.
💡 Fact #2: Artificial intelligence in business
AI is an intelligent technology that can process information just like a human brain, allowing it to evolve and adapt to rules in business. May it be in sales or customer service.
Statista, in collaboration with McKinsey Company, conducted an online survey covering almost two thousand respondents globally to collect their views on what Artificial Intelligence is in their workplace or business.
Here is the result of the study:
Manufacturing and service operations most benefit from Artificial Intelligence.
More than 50% of the respondents noticed a vast decrease in the cost of expenses when embracing automation in the workplace.
Marketers and sales teams admit that the change is so fast that adaptation to the new digital era is the key to boosting their work. Most works of marketers and sales teams are repetitive such as email campaigns and customer service.
As the demand rises, so does Artificial Intelligence incorporation into the business.
💡 Fact #3: How has artificial intelligence grown
Businesses see Artificial Intelligence and its growing reliability of human-like tasks and decision-making features.
In 2020, AI technology grew by almost 20 billion dollars in market value, yet in services and health, it increased by 20 times more in 2021.
Continued upgrades of the system also influence the growth of AI.
Newvantage partners surveyed C-executive of the Fortune 1000 companies that seek to understand how data-driven technology such as Artificial Intelligence is beneficial to the business. Ninety-four from Fortune 1000 companies joined the survey. It had grown from 71 participants in the past three years.
91% of the participants who joined the survey are investing in AI activities this 2022.
In 2022, about 90% realized the benefits of AI in their business. It grew from only almost 40% in 2017.
The market revenue for AI is growing at a fast rate to almost $60 billion this 2022, a 21% increase from 2021. Artificial Intelligence statistics show that more businesses incorporate AI into their businesses and services.
💡 Fact #4: Productivity
Businesses are starting to realize how beneficial Artificial Intelligence is in sales and customer service.
Statista surveyed how AI Artificial Intelligence had influenced the productivity of a business. They provide the areas in which they use automation in their business. Here is what they said:
“Of three hundred people involved in B2B and B2C, 32 percent identified how helpful automation is in adding personalized messages to their users and consumers.”
More and more businesses are using AI in conjunction with their marketing and advertisements.
In reality, AI is in the maturity process, requiring more revisions and tests to add AI in full swing.
Although more businesses are adding AI technology to their business, not all are adding it to their companies.
According to Gartner, it will take until 2025 to reach AI technology in all companies worldwide.
Not only that, your business will gain up to 40%, just as forecasted in 2021. That means more work is set free from your team to develop and plan better strategies in your business rather than working hundreds of hours on repetitive tasks.
AI in marketing is the intelligent way of reaching out to consumers or users in the most innovative approach.
💡 Fact #5: Customers willing to use AI to improve the experience
Data is essential in AI. Yet, it will depend on the users if they are willing to provide their digital data online.
Marketers said on Salesforce that data sources are customer email and social IDs. These two are popular customer ID sources that a company can use to launch AI automation. Business owners should reach out to their target users more innovatively.
Yet not all millions of people are willing to provide that since data privacy is still the mainstream importance in this digital era.
Customers are not as happy with how marketers have used their data. Above sixty percent of the customers felt a loss of control of their data. That number is higher than in 2019, only almost 40%.
Time is the best asset now since the trend is changing every day. Another fact about Artificial Intelligence is that business owners have a reference.
💡 Fact #6: Customer service
Here is another interesting fact about Artificial Intelligence. Do you know that more and more people expect businesses to provide a higher level of customer service? Yes, based on a Salesforce survey conducted last January 2022, they surveyed over eight thousand marketers worldwide.
Even marketers have a hard time since out of eight thousand respondents to Salesforce survey statistics that 63% of the responders impact the marketer’s strategy.
The sales team follows automation to the following repetitive task: (Saleforce, 2021)
- Logging sales data to the customer notes
- Managing admin tasks
- Generating quotes and proposals
- Prioritizing leads/ opportunities
- Determining what action to take on accounts
Users prefer personalized interaction from businesses. It is the emotions that bring the user to buy more products. As Steve Jobs said in one of his past talks, “Marketing is all about values.”
It is the same in using AI technology; it helps businesses know the end users’ product preferences and emotions when buying the product. The focus is on creating excellent customer service for the end-users.
Another fact about Artificial Intelligence is higher profit when marketers put forward the company’s values—working back to back with excellent customer experience through the best customer service.
How can this be done?
AI technology uses automation processes through the use of chatbots and automated emails. Chatbots help the customer service team prioritize each user’s inquiry and make fast decisions when a user decides to buy a product. Then automated emails take off repetitive tasks from the sales team so they can work efficiently and provide a better customer service experience.
💡 Fact #7: Sales statistics of artificial intelligence
The global platform has grown since 2018 and is forecasted to grow more in 2027.
Out of 6,000 sales teams who responded to the salesforce survey, almost 70% of them said they have to learn how to change their strategy in selling. That includes the use of Artificial Intelligence in their work.
According to Statista, the global market value of AI will grow to more than four trillion dollars in the year 2024.
That is more than 30% CAGR in growth!
To generate sales in the new digital era, the sales team must use better tools to communicate and build relationships with their customers.
💡 Fact #8: AI in cost benefits
Customer service and sales with AI in businesses are snowballing. Yet improvements are seen every day to better the customer experience and make AI part of the expected growth in the industry.
The use of AI in the business lowers expenses due to lower demand for staff hours, according to Statista. Work cuts happen in industries in automotive and telecom sectors, but only a shift in direction to retail and high-tech industries.
Artificial intelligence statistics show that 10% of work cuts happened in the automotive and telecom industry. Yet the demand for work is higher in retail and high-tech industries requiring AI skills. Sounds fair.
AI for marketing is giving business owners more profit for their businesses.
The manufacturing and service operations are the industries that benefit from cost reduction. Fifty-one percent out of more than 1000 respondents said they witnessed the cost reduction when AI adoption is in their business operations.
The industries that are going to get higher profits are sales and marketing.
💡 Fact #9: Voice assistance growth
Have you ever heard of Alexa, Google Assistant, and Siri?
These are the voice assistants implemented by Apple, Google, and Yahoo.
According to Yahoo. Finance Voice assistance will grow about 30% in CAGR.
The demand grew exponentially after COVID in 2020. The market will reach 10 billion dollars in the next four years.
Voice assistance is voice recognition technology that the Apple, Amazon, and Google market.
The components offered by voice assistance are solutions and services.
💡 Fact #10: Trust in AI
They developed an AI technology strengthening the need to mitigate the risk when problems arise in the cyber world.
Businesses store data through cloud services. These data are essential such as the user’s ID and email address which, in general, is significant in online transactions.
The last fact about Artificial Intelligence is to develop trust in users. They need to feel safe, which is what IBM developed.
In March 2022, IBM built key management for hybrid cloud services to mitigate risk for those businesses that may encounter problems.
IBM made a study together with Oxford Economics, 80% of their respondents said that securing their C-suite is essential since business strategy trends change, as well as the tactic on how protection on each user changes.
Also, IBM develops a service to ensure that the businesses’ data is safe through its hybrid cloud data management.
Having control across multiple cloud users in one business brings reliability and trust to the market. It will make users believe that their data is safe when they conduct online transactions.
These facts about Artificial Intelligence may better understand the cyber era and how you can use it well in your business. There are some hiccups along the way, but people are working to make it better so you can advance your business to the bigger market.
The technology in Artificial Intelligence continues to grow to make our lives easier and give meaning to our businesses.
Make a difference in this world and look farther away to the new era of the cyber world. Use the technology and advance your business to the trillion worth of tomorrow’s market. Have fun on your journey.