AI adoption is quickly becoming more popular as companies recognize how AI can help their businesses grow.
52 percent of companies accelerated their AI adoption plans due to the Covid crisis, according to the latest AI adoption statistics.
Furthermore, 35% of businesses are now utilizing AI in some capacity within their operations. This has also resulted in a significant increase in market size; AI is now worth USD 136.55 billion in 2022.
AI adoption is clearly an important part of long-term business plans today, and it doesn’t appear that it will slow down anytime soon.
AI Adoption Statistics
- Currently, 35% of businesses report using AI in their operations.
- 42% of businesses say they are experimenting with AI.
- 37% of businesses are creating an AI strategy.
- The global artificial intelligence market was worth USD 136.55 billion in 2022 and is expected to grow 37.3% from 2023 to 2030.
- Due to the Covid crisis, 52% of companies accelerated AI adoption.
- 56% of businesses use AI in at least one function, up from 50% in 2020.
What is the success rate of AI implementation?
Zippia recently reported some eye-opening statistics on the success rate of AI implementation.
An astonishing 64% of companies that have implemented AI report a noticeable increase in productivity, while 79% of sales and marketing leaders believe AI has had a positive effect on their company’s overall revenue.
Also, 77% of people are regularly using products or services powered by artificial intelligence – showing just how ingrained it has become in our everyday lives.
The current state of AI adoption
As of the McKinsey Global Survey, 43 percent of organizations have already adopted AI technology in their sustainability efforts to reduce the environmental impact of their AI use.
This has allowed them to increase efficiency, productivity, and cut costs. Furthermore, industries such as finance are pioneering AI adoption due to its numerous benefits such as real-time risk monitoring and automatic fraud detection.
Other industries such as manufacturing and healthcare are also quick to adopt AI tech like natural language processing and image recognition for faster product delivery and improved patient care respectively.
Overall, it’s clear that more businesses are dropping their reservations towards implementing AI in order to gain a competitive edge in today’s world.
Factors Experts say are influencing the adoption of AI
1. Technology Readiness
IFIP Advances in Information and Communication Technology published in 2020 discusses how technology readiness can be a major influencer of Artificial Intelligence (AI) adoption.
Technology readiness, the process of an organization understanding existing and emerging technologies and the readiness to apply them to improve services, is essential for AI adoption.
Organizations will be hesitant to reap the benefits of AI applications until they are willing and capable of grasping their full potential and making suitable investments.
Therefore, it is important for companies to redouble efforts towards improving their technology readiness if they wish to effectively adopt AI.
AI adoption in different industries
Artificial Intelligence (AI) is being adopted in different industries at an impressive rate, according to the Artificial Intelligence Index Report 2022 published by Stanford University.
Report found that the high tech industry uses AI heavily for service operations, with 34 percent of respondents confirming this, while 45 percent asserted that it was useful for product & service development related functions.
This remarkable amount of acceptance across several industries demonstrates how influential and effective AI is in extending human skills well beyond what was even imaginable a decade ago.
Future trends in AI adoption
AI technology is rapidly advancing, and according to Balakrishna DR EVP And Head Of AI And Automation of Infosys, there are key developments we can expect in the future.
Text, speech and vision AI will become more integrated into the mainstream, with the emergence of generative AI in the art and creative space.
Explainable AI will assist prioritize ethical and responsible behaviors, while adaptive AI will improve consumer and brand experiences.
Additionally, edge AI will become increasingly prevalent. As these trends continue to emerge in society, AI has the potential to fundamentally transform our lives.
What is the success rate of AI startups?
Forbes contributor Ron Schmelzer recently reported that the failure rate for AI startups has been inching closer and closer to a staggering 60-80%.
Although this may seem discouraging for those interested in investing or working with the technology, there have still been some remarkable successes from these projects.
Despite a seemingly high failure rate, companies have found success in implementing their AI initiatives and achieving positive results.
By understanding what others have achieved, we can better prepare ourselves against failing and hopefully find success like those who achieved it by utilizing AI technology.
Is AI the fastest growing technology?
According to Karthik Kashyap, assistant editor at Spiceworks, Artificial Intelligence and Machine Learning are the fastest growing technologies by a long shot; as reported, these skills have grown 500%, followed by cost reduction up 400%.
The emergence of AI is increasingly everywhere and it’s helping organizations automate mundane tasks, become more efficient and understand customer needs ahead of their competitors.
Organizations that do not adopt these innovations risk falling behind if they do not keep up with the pace. In the business world time is money, and those making best use of AI stand to benefit most from improved production yields.