Artificial Intelligence Statistics (2024)

This article presents valuable insights into the field of artificial intelligence, possible future trends, and the challenges it will face.

Key Takeaways:

  • Global AI market to reach $2 trillion by 2030
  • Expected average compound annual growth rate of 36.6%

General Artificial Intelligence Statistics

$500+ Billion Global AI Market Size

Some studies suggest this could be closer to $300 billion, while at its highest it’s valued at approximately $515 billion.

AI-Powered Cybersecurity Has the Power to Detect 95% of Threats

While that headline statistic looks great, there is currently one significant drawback: a proliferation of false positives.

AI Recommendation Engines Boost Sales by 35%

Through the use of user data, AI has the power to provide better and more personalized product and service recommendations, which in turn can improve sales by up to 35%.

AI-Augmented Agricultural Robots Can Improve Yields by 30%

Studies conducted by robotics and AI experts show that AI can help the agricultural industry develop precision farming techniques and optimize the distribution of available resources to achieve 30% higher crop yields.

AI in Education Market Worth over $4 Billion

The AI-powered education market was valued at $4 billion at the end of 2022 and is expected to have a compound annual growth rate (CAGR) of 10% between 2023 and 2032.

AI Predicts Natural Disasters with 75% Accuracy

With 75% accuracy, humans have a reasonably reliable early warning system, which would give emergency services, governments, and individuals more time to evacuate, and organize response efforts.

37 Artificial Intelligence Bills Passed into Law

Legislative records from 127 countries show that 37 bills containing the words “artificial intelligence” and “AI” were passed into law last year.

10% of Federal AI Bills Passed into Law

In 2021, only 2% of federal bills regarding AI were passed into law, but this jumped to 10% in the last year.

U.S Government Allocated Extra $2.8 Billion to AI Research & Development

The U.S. Department of Defense allocated an additional $1.1 billion for non-classified AI research, and non-defense agencies allocated a further $1.7 billion.

The U.S. Invests 3.6x More into AI Than Any Other Country

Last year, the U.S. invested $47.4 billion into AI, which easily dwarfs the second-largest investor in the field, China ($13.4 billion), and is even 1.9x more than the entirety of Europe.

Private Investment in AI Is Down

Private Investment in AI Is Down

Private investment in AI research and development dropped for the first time in a decade, falling from $276 billion in 2021 to $189 billion last year.

32 Industry-Produced AI Models

Academia was once where the most significant AI machine learning models were produced and released; however, last year just 3 were produced by academic sources vs 32 by industry sources.

AI Cities Will Reduce Costs & Improve Safety

Barcelona has reduced water consumption by 25% and saved half a million dollars per year in the process by using 20,000 smart meters to monitor the city’s irrigation system.

AI Can Harm the Environment

AI Can Harm the Environment

Last year, the energy required to complete a single AI’s training run was equal to up to 25x the carbon emissions that one human flying from New York to San Francisco produces.

Americans Less Positive About AI Than Chinese

When asked if they feel products and services that use AI have more benefits than drawbacks, 78% of Chinese respondents agreed, whereas only 35% of Americans felt the same.

U.S. & China Have Largest Number of AI Collaborations

China and the U.S. have a reputation for being major rivals with each other; however, in the field of AI research, they have more than double the number of collaborations than any other two countries.

China Producing More AI Journal, Conference, & Repository Citations

China Producing More AI Journal, Conference, & Repository Citations

The U.S. still leads in terms of AI conference and repository citations, but China is now producing more and America’s lead is slowly decreasing. 

Artificial Intelligence Market Growth & Adoption Statistics

80% of Emerging Technologies Will Have AI Foundation

Analysts and experts are predicting that by the end of this year, the majority of new and emerging technologies will use AI at a foundational level.

AI Healthcare Market Could Reach $222 Billion

Analysts believe the AI healthcare industry has the potential to grow from its current value of between $9.8 and $10.8 billion to $222 billion by 2031.

60% – 90% of Businesses Already Using AI

Despite only recently being thrust into the public consciousness in any meaningful way, data shows that as many as 90% of businesses are already using AI-driven personalization to boost growth.

50% of Organizations Already Automating Data Science Tasks

AI is already being used by more than half of businesses and organizations to speed up data-heavy decisions and to glean valuable insights hidden in the vast amounts of data they collect.

AI Healthcare & Medical Received the Most Investment

The AI research areas to receive the most investment last year were healthcare and medical ($6.1 billion); data management, processing, and cloud ($5.9 billion); and Fintech ($5.5 billion).

Most AI Focus Areas Received Less Investment Than Previous Years

While all AI focus areas received less investment than in previous years, there are more focus areas to fund. Overall, investment continues to grow.

19% of U.S. University Graduates Studied AI Computer Science

The number of students taking computer science classes with universities that specialize in AI grew to 19.1%.

Artificial Intelligence Employment & Jobs Impact Statistics

AI Could Displace 85 – 800 Million Jobs

That’s a pretty wide range but unfortunately, different studies have come to different conclusions. One study concluded that 85 million workers would be displaced by 2025, another study predicted that it could be as many as 800 million by 2030.

AI Engineers, Data Scientists, and Linguistics Experts Needed

As AI use in the workplace becomes more widespread the need for humans that can effectively use AI at work is going to increase, especially in the fields mentioned.

AI Tools Boost Productivity Between 14% and 35%

Research has shown that workers who are given access to AI tools will have an average increase of 14% in their productivity, and for the lowest-skilled workers productivity jumped 35%. 

Half of All Workers Will Require New Skills Within the Next 5 Years

With AI expected to automate many tasks humans already do, approximately 50% of all workers are going to find their jobs are either made redundant or changing dramatically over the next 5 years. 

AI Helps Businesses Fill Skill Gaps

AI tools are already helping businesses around the globe to identify skill gaps, provide targeted training, and assist in workforce planning.

1.9% of Job Postings in the U.S. Are AI Related

There has been an average of 0.2% increase in job postings that relate to AI across all U.S. industry sectors since a year earlier.

AI Ph.D. Graduates Turn to Industry Over Academia

AI Ph.D. Graduates Turn to Industry Over Academia

The vast majority of AI Ph.D. graduates are turning to industry for jobs, with only 28.2% preferring to choose academia instead.

1% Increase in American Students Studying Computer Science

While that might not sound like a lot, that’s a total of 181,040 advanced placement computer science exams taken in one year.

Artificial Intelligence in Business Statistics

AI Chatbots Save Businesses $8 Billion

As AI chatbots reduce the need for human labor, automate many tasks, and make more workers available for critical or high-value tasks, businesses and corporations are expected to save over $8 billion a year.

AI-Driven Personalization Improves Revenues by 15%

Deeper personalization experiences created through the use of AI technologies are on track to generate a 15% increase in revenues by the end of the year.

AI Can Reduce Maintenance Time by 50%

With the power of AI technology, manufacturers can get highly accurate prediction models for machine or part breakdowns and plan accordingly to avoid costly downtime.

AI Saves Financial Services 22%

Within the financial services industry, AI has the potential to reduce operational costs by as much as 22%, which would equate to approximately $1 trillion by 2030. 

AI Can Help Reduce Medical Errors

With so much data to collate from different doctors, health records, diagnostic imaging, and more, the healthcare industry could benefit from AI integration to help reduce errors in patient data and, more importantly, diagnoses.

Drug Discovery Costs Reduced by Half

The pharmaceutical industry has the potential to reduce the financial and time costs associated with bringing new drugs to market by as much as 50% – 70%.

AI-Driven Warehouse Automation Improves Efficiency by 45%

Through optimized inventory management and reduced order fulfillment times, the implementation of AI into the warehouse and distribution space can improve overall efficiency by as much as 45%.

AI-Based Energy Management Can Reduce Communication Carbon Footprint

Communication service providers (CSPs) can reduce their carbon emissions and lower their energy costs by up to 30% by utilizing AI energy management systems. 

Artificial Intelligence Chatbot & Virtual Assistant Statistics

Most Customer Service Interactions Will Be AI-Powered

Analysts expect 85% of customer service interactions to be carried out by AI-driven virtual assistants by as soon as 2025.

AI Sentiment Analysis Improves Customer Service Experience

AI natural language processing systems are improving the customer service experience by analyzing the emotional tone of a customer’s text and adapting its responses to provide a personalized experience.

AI Tutors Can Help Students Learn Faster

With personalized feedback, learning experiences adapted to each student’s ability and personality type, and more insightful test data, AI tutors can improve student performance by a whole grade level.

Students Are Using Chatbots for Homework & Study

Recent surveys of U.S. college students found that 43% had used an AI chatbot before and 20% admitted to using AI chatbots to help them complete their homework.

Real-Time Translation of over 100 Languages

AI language learning models and tools are currently able to translate over 100 languages in real-time. By 2025, some AI experts believe that we’ll be able to communicate in real time with up to 85% of the world’s 6,000+ languages.

Virtual Assistant to Help 200 Million Elderly

Virtual assistants have the potential to help up to 200 million elderly people live independently by monitoring their health in real-time, giving them personalized care, and providing them with companionship.

Artificial Intelligence Challenges & Predictions

Global AI Market to Reach $2 Trillion by 2030

Analysts and experts predict the AI market to have between 21.6% and 37.3% compound annual growth rate (CAGR). This means the industry has the potential to reach a $2 trillion valuation by 2030.

AI Drives $13 Trillion in Global Economic Activity

Artificial Intelligence’s ability to improve productivity, drive economic growth, and create new business opportunities means that analysts expect it to be responsible for $13 trillion in global economic activity by 2030.

AI Tech Adds $15 Trillion to Global Economy

Studies predict that by 2030, AI will push global GDP (gross domestic product) up by 14% or more, which would equate to $15.7 trillion being added to the world economy.

AI-Powered Health Care Could Help Doctors with 80% of Their Patients

Health & tech industry experts have high hopes for AI-powered virtual health assistants, as many predict that they have the potential to help organize data and monitor and manage symptoms (through connected devices), for up to 80% of patients.

AI Will Be a Top Investment Priority for CIOs

Chief Information Officers (CIOs) across the globe will make AI a top investment strategy as they look to the technology to help improve business efficiency, productivity, and competitiveness.

73% of IT Leaders Are Concerned About AI Bias

While AI technologies have improved in “fairness” ratings by some margin over the last few years, the majority of IT leaders are still concerned that the underlying algorithms can produce biased results when used incorrectly.

9% of Organizations Have AI Governance Policies

While organizations are falling over themselves to find ways to implement AI tools into the workplace, only 9% of those surveyed actually had a mature AI governance policy in place. 

Future AI Regulations Will Require AI Explainability

As governments and industry bodies introduce more regulations to the AI market, businesses and organizations are going to need to be able to explain the decision-making process and improve the transparency and accountability of their AI systems and tools in order to meet regulatory compliance standards.

AI Identity Verification Systems Verify Digital Identities

By 2024, AI-driven identity verification systems are predicted to be able to authenticate up to 90% of digital identities which will reduce fraud and improve user experience when moving between digital platforms.

AI Will Combat Deepfakes and Fake News

By 2024, approximately 70% of organizations are expected to be using AI algorithms to help find and mark deepfake videos, fake news, and disinformation.

20% More Customer Leads by 2025

AI’s continued implementation will continue helping businesses better predict user behavior and build improved personalized marketing. This is expected to boost sales leads up to 20% by 2025.

95% of Fraudulent Transactions Will Be Detected by the End of Next Year

The latest data indicates that AI fraud detection systems will help organizations improve the protection of user data and potentially safeguard against up to 95% of all fraud transactions. 

AI-Powered Robotic Process Automation Market Will Grow to $10.2 Billion

Over the next 5 years, analysts expect the robotic automation market (RPA) to grow from the $7.2 billion it’s currently valued at to $10.2 billion with a compound annual growth rate (CAGR) of 27.7%.

By 2035, Up to 57% of New Cars Sold Could Feature AI-Assisted Driving

Best case estimates now predict that by 2035, a maximum of 57% of new cars sold will have AI-assisted driving or be fully autonomous. More conservative estimates place this much lower at just 17%.

AI-Assisted & Autonomous Driving Will Save Trillions in Accident-Related Costs

A study carried out in Europe predicts that AI could reduce accident rates by 15% and a U.S.-specific study estimates that AI-assisted and autonomous vehicles have the potential to save $1.3 trillion in accident-related costs.

AI-Powered Drones & Robots Will Make 20% of Deliveries

The urban delivery industry is likely to be 20% automated by 2030, with AI-powered drones and delivery robots providing a cheaper and more efficient last-mile delivery service than is currently available.

Fewer Than 10% of Schools Follow Formal Guidelines for AI Tools

While students have embraced these new tools, schools are playing catch-up in terms of implementing formal AI guideline policies.

AI Misuse Increasing

AI Misuse Increasing

Databases tracking incidents of ethical misuse of AI note that incidents of misuse (for example deepfakes and call-monitoring) have increased by 2,600% since recording began in 2012.

Large Language Models Are Getting More Expensive

The large language model PaLM was released last year, and it is roughly 360x bigger and costs 160x more to train than GPT-2, which was released in 2019.

110 AI-Related Legal Cases

The number of state and federal-level cases that involve AI in some way has slowly climbed 700% since 2016, with last year’s 110 cases being a new record.

78.7% of New AI Ph.D.’s Are Male

There has only been a 3.2% increase in female graduates in this field since 2011.

People Still Unconvinced by Self-Driving Cars

Global surveys have found that just 27% of people report feeling safe in self-driving vehicles, and in America that falls one percentage point lower to 26%.

American Public Concerned About Job Loss

Surveys of the American public found that 19% are worried about job losses caused by AI, 16% are worried about AI-powered surveillance, and 12% are worried about a loss of human connection and contact.

Frequently Asked Questions

The AI market is valued at between $300 billion and $500 billion, depending on the source used.

Some estimates believe that the AI market will grow to a $2 trillion dollar valuation by 2030.

Spending on AI-related software, hardware, and services is expected to reach $154 billion.

Sources

McKinsey & Company, Insider Intelligence, Gartner, Juniper, HBR, Venture Beat.

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About Authors

  • Noel Griffith

    Noel Griffith is a Co-Founder and the Senior Analyst at SupplyGem. With a deep understanding of online businesses and a distinct passion for the creator economy. Drawing from his experience as a developer and online marketer, Noel is devoted to guiding others toward success in their online endeavors. In addition to his contributions at SupplyGem, he is affiliated with notable organizations such as the Association for Talent Development (ATD) and The Learning Guild.

  • Dr. Angelia Cline, Ed.D.

    Dr. Angelia Cline, Ed.D., has over 20 years of extensive editing expertise and a commendable academic foundation from William Carey University. Besides her position as a Chief Editor for SupplyGem, she is also an Instructional Designer. Dr. Cline manages the Learning Management System (LMS) for a large team, skillfully converting SME knowledge into engaging courses. With over 12 years of teaching experience, she has demonstrated her aptitude across various subjects and educational settings. At William Carey University, Dr. Cline achieved an Ed.D. in Educational Leadership, a Master’s in Teaching of the Gifted and Talented, and another in English Language and Literature. She also secured her BA in English from The University of Southern Mississippi. Her proficiencies range from research and differentiated instruction to educational leadership.

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