130+ Myth-Busting Statistics on Artificial Intelligence (AI) [2024]

Artificial intelligence is a game-changing technology for businesses but there are still many myths and unclear points about AI such as:

• How is the AI market expected to grow?
• How much investment the AI market get?
• How is AI impacting business growth?
• What does the future of AI hold?

We believe in the benefit of data-driven decisions. We compiled a comprehensive source of AI stats for business leaders and researchers to answer these questions so they can make such decisions about their AI investments or research and stay ahead of the competition.

AI market forecasts

Market size

AI market/industry size is a vague term that is interpreted differently by different companies. Enterprises need to understand the fine print in the reports if they want to understand the scope of the market. While some companies include only revenues from AI companies in the market, others include benefits that all companies drive as a result of AI.

• Global spending on cognitive and AI systems will reach more than $204 billion in 2025 (IDC)
• The AI market will grow to a $190 billion industry by 2025 (Markets and Markets)
• The wearable artificial intelligence market will reach $180 billion by 2025. (Global Market Insights)
• The AI industry could be worth more than $15 trillion by 2030. (PwC)
• By 2030, China will be the biggest AI market, accounting for 26% of the global AI market share. (PwC)

Prevalence of AI

• 90% of commercial enterprise apps will use AI by 2025 (IDC)
• There will be 8 billion voice assistants by 2023. (Statista)

Reasons for AI prevalence:

• Artificial intelligence has come into the mainstream because it allows us to make sense of an increasingly large amount of data in real-time. Indeed, worldwide data will grow 61% to 175 zettabytes by 2025. (IDC)
• AI embedded in analytics and other marketing software will free up more than one-third of data analysts in marketing organizations by 2022. This will enable them to focus on other business priorities instead of spending time on manual processes like personalization, lead scoring, anomaly detection, marketing performance management, and reporting. (Gartner)
• 45% of total economic gains will come from stimulating consumer demand and product enhancement. (PwC)

Current AI adoption in business

• Adoption skyrocketed during the COVID-19 pandemic, increasing 37% in finance, 27% in retail, and 20% in IT. (KPMG)
• 9/10 of top businesses have an ongoing investment in AI (NewVantage)
• 37% of organizations in 2019 use AI in the workplace. (Gartner)
• The number of enterprises using AI in business grew by 270% between 2015 and 2019. (Gartner)
• Only 29% of small and medium sized businesses (under 1,000 employees) said they have adopted the technology (Forbes)
• Marketing and sales prioritize AI and machine learning higher than any other department in enterprises today (40%). (Forbes)
• For those enterprises already in the AI fray, top-performing companies said they are more than twice as likely as their peers to be using the technology for marketing (28% vs. 12%). Unsurprisingly, analysis of data is a key AI focus for businesses, with on-site personalization the second most commonly cited use case for AI. (Adobe)
• 44% of executives believe artificial intelligence’s most important benefit is providing data that can be used to make data-driven decisions. (Chatbots Magazine)
• The largest companies (those with at least 100,000 employees) are the most likely to have an AI strategy, but only half have one (MIT Sloan Management Review)
• 47% of digitally mature organizations say they have a defined AI strategy (Adobe)
• 83% of businesses say AI is a strategic priority for their businesses today (Forbes)
• 95% of business execs who indicated that they are skilled at using big data to solve business problems or generate insights also use AI technologies (Forbes)
• 58% of the respondents using Big Data technologies also have AI deployed; 32% (the highest respondent percentage) of these report that voice recognition and response solutions are the most widely used AI solutions in their businesses. (Business Wire)

Results and Benefits of AI

• Startup companies using artificial intelligence received more than $7.4 billion in funding during Q2 2019. (CB Insights)
• Artificial intelligence facts show that Netflix’s recommendation engine is worth $1 billion a year. (Business Insider)
• 59% of executives strongly believe artificial intelligence applications will improve big data in their companies. (PwC)
• 54% of executives say AI solutions implemented in their businesses have already increased productivity (PwC)
• 61 % of the respondents who have an innovation strategy are using AI to identify opportunities in data that would be otherwise missed while only 22 % of respondents without a strategy could say the same thing (GlobeNewswire)
• The impact of AI technologies on business will boost labor productivity by up to 40% (Accenture)
• 80% of business and tech leaders say AI boosts productivity and creates jobs (Business Wire)
• 79% of executives worldwide say artificial intelligence will make their job easier and more efficient (The Economist)
• The top benefits of chatbots are 24-hour service (64%), instant responses to inquires (55%), and answers to simple questions (55%) (Drift)
• Chatbots will be responsible for cost savings of over $8 billion annually by 2022. (Juniper Research)
• Marketers say the top success story they are seeing with AI is getting a better understanding of the customer (31%). (BrightEdge)

AI from the consumers’ perspective

• For 55% of virtual assistant users, being able to control their device hands-free is a major reason why they use speech recognition apps. (Pew Research Center)
• Two in three Americans believe self-driving cars will be safer than human-driven ones. (DriversEd.com)
• 35% of Americans say they would never sit in an autonomous car (DriversEd.com)
• 87% of Americans would rather see self-driving cars with a human driver who’s ready to take the wheel if need be, according to stats about AI. (DriversEd.com)
• 63% of consumers believe AI will be able to solve complex problems in the future. (PwC)
• 72% of companies using AI believe it will make their jobs easier. (PwC)
• 63% of people prefer to message a chatbot rather than. talking to a human when communicating with a business. (G2 Crowd)
• 63% of businesses say pressure to reduce costs will require them to use AI (Forbes)
• 73% of global consumers say they are open to businesses using AI if it makes life easier. (Pega)

Stats on humans losing jobs to machines

• 30% of UK jobs could potentially be at high risk of automation by the early 2030s, lower than the US (38%) or Germany (35%), but higher than Japan (21%). (PwC)
• The risks appear highest in sectors such as transportation and storage (56%), manufacturing (46%) and wholesale and retail (44%), but lower in sectors like health and social work. (PwC)
• Cognitive technologies such as robots, AI, machine learning, and automation will replace 16% of U.S. jobs by 2025. (Forrester)
• Cognitive technologies such as robots, AI, machine learning, and automation will create 9% of new U.S. jobs by 2025. These new jobs include robot monitoring professionals, data scientists, automation specialists, and content curators. (Forrester)
• 72% of business decision-makers say AI can enable humans to concentrate on more meaningful work. (PwC)
• Intelligent agents and robots could replace as much as 30 percent of the world’s current human labor by 2030. Depending upon various adoption scenarios, automation will displace between 400 and 800 million jobs, requiring as many as 375 million people to switch job categories entirely (Mckinsey & Company)
• By 2030, 44% of low education workers will be at risk of technological unemployment. (PwC)

AI challenges stats

• 59 % of respondents named ‘shortage of data science talent’ as the primary barrier to realizing value from their big data technologies. (GlobeNewswire)
• 77% of CEOs say AI and automation will increase vulnerability and disruption to the way they do business (PwC)
• 76% of CEOs are most concerned with the potential for bias and lack of transparency when it comes to AI adoption (PwC)
• Through 2022, 85% of AI projects will deliver erroneous outcomes due to bias in data, algorithms, or the teams responsible for managing them (Gartner)
• 47% of executives say that it’s hard to integrate cognitive projects with existing processes and systems (Harvard Business Review)
• 40% of executives say that technologies and expertise are too expensive (Harvard Business Review)
• 37% of executives say that managers don’t understand cognitive technologies and how they work. (Harvard Business Review)
• 93% of automation technologists feel unprepared or only partially prepared to tackle the challenges associated with smart machine technologies. (Forrester)

Industry-specific stats

Healthcare

• Healthcare business leaders are overwhelmingly confident in AI’s ability to: (KPMG)
  • monitor the spread of COVID-19 cases (91%)
  • help with vaccine development (94%)
  • distribution of vaccine (88%)
• The success rate of bot interactions in the healthcare sector (those completed without relocation to a human operator) will move to over 75% in 2022 (Juniper Research)
• Key clinical health AI applications can potentially create $150 billion in annual savings for the U.S. healthcare economy by 2026. (Accenture)
• 63% of research subjects agreed that Artificial Intelligence and Machine learning (AI/ML) is already providing excellent value in specialty care departments like radiology, generic pharmacy, and pathology (Healthcare IT News)
• AI is being adopted by 46% of service operations, 28% of products and services development, 19% of risk management, 21% of supply chain management and 17% of marketing and sales in the healthcare industry (Forbes)
• Research in the pharma industry is one of the fastest growing use cases (IDC)

Manufacturing

• 93% of manufacturing business leaders say that AI is at least moderately functional in their organization. (KPMG)
• More than half of the European manufacturers (51%) are implementing AI solutions, with Japan (30%) and the US (28%) following in second and third. (Capgemini)
• Maintenance (29%) and quality (27%) form the majority of all AI implementations among top manufacturers. (Capgemini)
• 20% of leading manufacturers will rely on embedded intelligence (using AI, internet of things and blockchain applications) to automate processes and speed up execution times by up to 25 percent. (IDC)
• Manufacturing businesses in the US using AI are performing 12 % better than those that aren’t. (Microsoft)

Banking

• Confident in AI’s ability to detect financial fraud has increased from 85% in 2020 to 93% in 2021. (KPMG)
• 80% of banks are highly aware of the potential benefits presented by AI (OpenText)
• Conversational interfaces (chatbots) make up roughly 13.5% of the AI vendor product offerings in banking, less than expected given that they make up nearly 39% of the AI use-cases across the top 100 banks in the US. (Emerj)
• The success rate of bot interactions to reach over 90% in 2022 (Juniper Research)
• Banking will be one of the two industries that will spend the most on AI solutions by 2025 (IDC)
• AI solutions will add more than $1 billion in value to the financial services industry by 2035 (Accenture)

Telecom

• 52% of telephone companies now employ chatbots. (Gartner)
• 72% of businesses in the technology, media, and telecommunications industry expect AI to have a significant impact on product offerings in the next five years according to a study in 2017. (Forbes)
• AI in the telecommunication market expected to grow from $235.7 Million in 2016 to reach $2,497.8 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 46.8% during the forecast period. (Markets and Markets)

Insurance

• Car, property, life, and health insurers will increase their annual savings by more than 4 times in 2023 compared to 2019 by investing in emerging technologies. (Juniper Research)
• “Radically safer” vehicles, including driverless technology, will shrink the auto insurance industry by a whopping 60% over the next 25 years. (KPMG)
• Only 1.33% of insurance companies investing in AI compared to 32% in software and internet technologies, the insurance industry is still lagging behind the world’s AI movement. (O’Reilly)
• 60% of consumers have expressed their concerns about purchasing coverage via chatbot (Vertafore)
• 68% of respondents in the insurance industry use chatbots in some segment of their business. (Accenture)

Business function-specific stats

Sales

• 30% of all B2B companies will employ AI to augment at least one of their primary sales processes (Gartner)
• Companies using AI for sales were able to increase their leads by more than 50%, reduce call time by 60-70%, and realize cost reductions of 40-60%. (Harvard Business Review)
• Business leaders say chatbots have increased sales by 67% on average. (Forbes)

Marketing

• 64% of B2B marketers consider AI valuable for their sales and marketing strategy. (Everstring)
• 63% of B2B marketers are not using AI in their tech stack. (Everstring)
• Only 13% of B2B marketers are very confident with their knowledge of AI, while 55% are somewhat confident, and 33% are not at all confident. (Everstring)
• 71% of B2B marketers are interested in using AI for personalization. (Everstring)
• 63% of B2B marketers are interested in using AI to identify trends. (Everstring)
• 59% of B2B marketers expect AI to help identify prospective customers. (Everstring)
• 53% of B2B marketers expect AI to improve marketing effectiveness in driving revenue. (Everstring)
• 87% of companies that have adopted AI were using it to improve email marketing. 61% of marketers were also planning to use artificial intelligence in sales forecasting. (Leftronic)

Customer Service

• AI will power 95% of all customer interactions by 2025, including live telephone and online conversations. (Servion Global Solutions)
• Customers will manage 85% of their relationship with the enterprise without interacting with a human. (Gartner)
• As of 2020, ±54% of consumers have daily AI-enabled interactions with organizations. (Statista)
• 78% of brands say they have already implemented or are planning to implement artificial intelligence and virtual reality by 2020 to better serve customers. (Oracle)
• Only 27% of global consumers say AI can deliver the same or better service than humans. However, 38% say AI will soon improve customer service. (Pega)
• 43% of millennials would pay a premium for a hybrid human-bot customer service channel (PwC)

Human Resources (HR)

• 96% of senior HR professionals believe AI has the potential to greatly enhance talent acquisition and retention (Ideal)
• Early AI recruitment adopters provide 75% less cost per resume screen, 4% increase in revenue per employee, 35% less employee turnover rate. (Ideal)
• 17% of HR managers say not fully automating manual processes has led to a poor candidate experience (Business2Community)

Security

• 69% of enterprises believe AI is necessary for cybersecurity due to the increasing amount of threats that cybersecurity analysts can handle. (Capgemini)
• Registered Investment Advisors (RIA) are more willing to invest in new artificial intelligence cybersecurity ventures. With all these investment opportunities, AI security market forecasted to reach USD 38 billion by 2026 from USD 8 billion in 2019, at CAGR of 23.3% (TD Ameritrade)
• More than 90% of cybersecurity professionals in the US and Japan anticipating malicious AI-powered attacks. (BCG)
• The artificial intelligence in the cybersecurity market is projected to reach USD 38 billion by 2026 from USD 9 billion in 2019, at the highest CAGR of 23%. (Markets and Markets)

Tech-specific stats

Autonomous Things

Self-driving cars

• 25 countries are currently working on designs for autonomous vehicles (DriversEd.com)
• With an annual growth rate of 36%, the self-driving car market is nearing $173 billion in global revenue. (Market Watch)
• Volkswagen has invested $2.6 billion in self-driving car software developer Argo AI. (The Robot Report)
• The autonomous vehicle industry could be worth $668 billion by 2026. (The Robot Report)
• Analysts predict 8 million autonomous vehicles will be shipped in 2025 alone. (ABI Research)

Drones

• DJI Innovations is the leading company in the market possessing approximately 70% of the global enterprise drone market and it has a total of $1.1B funding. (Business Insider)
• 8% of Americans own a drone (Philly by Air)
• The annual growth rate of drones in the US is estimated to be approximately 6% (FAA)
• The number of recreational drones in the US is forecasted to peak at around 1.5 million drones (FAA)
• The number of commercial drones is expected to double by 2024 (FAA)

Chatbots / Voice Assistants

• More than 3 billion voice assistants were in use by the end of 2019. (Juniper Research)
• 46% of Americans use voice-controlled virtual assistants. (Pew Research Center)
• Google Assistant is considered to be the “smartest” voice assistance, with an accuracy record of up to 98%. (Statista)
• Apple’s Siri is the least accurate virtual assistant in the commerce category, with just 68% of its responses correct. (Statista)
• Amazon Alexa performs better at providing general information (93% accuracy) than it does in any other category. (Statista)
• There are 53 million Amazon Echo devices in homes across America. (Statista)
• Amazon leads the smart speaker market with 30% of the market share. (Statista)
• Google holds 17% of the global smart speaker market share. (Statista)
• Google shipped more than 95 million of its Google Home speakers in 2019. (Statista)
• There will be 8 billion voice assistants by 2023. (Statista)
• Thirty-six percent of consumers own a smart speaker today, and 54% of owners say their speakers are accurate in their understanding of the spoken word. (Adobe)

Automation

• At least ~18% of activities are possible to be automated with today’s technology. (Mckinsey)
• 20% of jobs to be automated by the late 2020s and 30% of jobs to be automated by mid-2030s. (PwC)
• Businesses can automate 69% of their time at data processing. This process includes storing, manipulating, preparing and distributing data. (Mckinsey)

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