As AI continues to become more prevalent in society, businesses are starting to adopt the technology at an unprecedented rate.
As it stands, 90% of well-known companies invest in AI, and 83% of them think AI will help them maintain or gain a competitive edge. The AI market is expected to skyrocket in the coming years, reaching $300 billion by 2026.
But how many businesses use AI?
As of 2023, an estimated 35% of businesses use AI.
Lets explore some of the fascinating AI usage statistics and what is the future for AI in the business world.
How Many Companies Use AI
A study by IBM found that 35% of companies reported using AI in their business and about 42% are exploring AI. It’s no wonder, as AI offers a number of advantages for businesses, including increased efficiency and productivity, improved decision-making, and enhanced customer engagement.
The benefits of AI are clear and businesses are quickly adopting the technology. As more and more companies begin to use AI, it will become increasingly important for businesses to stay ahead of the curve and learn how to incorporate AI into their operations.
How many Small Businesses use AI ?
A study from Deloitte and Stanford University, found that 25% of small businesses are currently using AI in some form or another that was reported by PCmag.
Some of the most common AI applications for small businesses include chatbots, predictive analytics, and marketing automation. However, as AI technology continues to evolve, it’s likely that we’ll see even more applications become available to small businesses in the near future.
AI Usage Statistics (In General in Business)
- 37% of businesses and organizations employ AI.[2]
- 90% of prominent companies invest in AI, while just 14.6% use AI in their work. [1]
- Between 2015 and 2019, the number of businesses utilizing AI increased by 270%.[2]
- The worldwide AI market is expected to skyrocket in the coming years, reaching $300 billion by 2026.[3]
- 80% of business and IT leaders agree AI increases productivity and create jobs. [4]
- 63% of businesses say they will have to use AI because they are under pressure to cut costs.[5]
- 84% feel AI will help them gain or maintain a competitive advantage.[5]
- 83% believe AI is a strategic priority for their businesses today.[5]
- 75% say AI will help them start new businesses.[5]
- Automating activities like billing and contract validation is the second most important use of AI, according to 20% of firms..
- 75% of executives fear losing their businesses in 5 years if they don’t scale AI..
- In 2021, AI will have generated $2.9 trillion in commercial value and 6.2 billion hours of worker productivity.
- Customer experience is cited as the main driver of AI adoption by 40% of firms.
- 86% of CEOs say AI is mainstream technology in their office in 2021.
- Only 7% of companies don’t use AI but are looking into it.
- In 2020, 39% of large organizations planned to invest in AI technology
- 52% of executives say AI tools have boosted productivity. [PWC]
- 44% of businesses have reported cost savings as a benefit of implementing AI.[7]
Here are the topics are that covered in this article
Use of Technology in Business Statistics in General
85% of small business owners say technology helps them succeed.The report shows that small business owners are using technology to their advantage.
The most successful organizations use technology more than the less successful ones, making technology a key differentiator. The results reveal that the best technology-enabled small firms outperform the rest.
Number of business use AI
At this time, AI has dominated business. Approximately 37% of firms currently use AI in some capacity, and many more plan to do so in the future.
Almost every industry is embracing AI solutions to boost business efficiency, consumer satisfaction, and even staff productivity. If a corporation doesn’t already have an AI strategy, it will soon.
Business Invest in AI
Artificial Intelligence (AI) is becoming more common in enterprises of all kinds. According to data, just a small percentage of businesses have begun using AI in their workflow. This trend can be affected by a lack of understanding of potential solutions and competences, or a lack of budget resources.
Continually monitoring technical breakthroughs and improvements can help companies define the most effective path toward implementing AI technologies more widely.
AI usage growth
The availability of free AI technologies has spurred enterprises to use them. In fact, more businesses are incorporating AI into their business operations.
AI is no longer the stuff of sci-fi movies and distant conferences; it is now a reality, with companies delivering innovative AI platforms and solutions to businesses of all sizes.
AI Market Value
The global AI sector has a bright future and will remain competitive. Companies will likely continue to focus on developing AI models and new AI applications to generate economic value.
More importantly, the global AI market’s expansion shows that the industry is maturing. With businesses of all sizes beginning to implement AI and reap its benefits, we can only anticipate AI adoption to rise in the coming years.
AI boost productivity and create job
We know a lot about how AI affects the workforce because more companies are using AI technology, and three-quarters of those organizations have seen increased profitability.
Meanwhile, 80% of CEOs feel AI has increased productivity and contributed to employment development. Most impressive? More than half of CEOs say they couldn’t operate without artificial technology.
Reason for Use AI
Businesses will increasingly embrace AI to reduce personnel costs. There is no salary, no benefits, no vacation time, no sick days, no payroll taxes, and no healthcare.
AI requires electricity, which is pretty cheap, but it is still a cost. These savings can be reflected in greater customer service, more support workers, or even cheaper product prices.
AI Advantage
Ai is here. It’s a big deal that will transform the world as we know it. But what about business? According to an IBM survey of 1,250 corporate executives from 15 countries, artificial intelligence will help you achieve or maintain a competitive advantage.
Companies that delay AI development and implementation risk losing competitive advantages and losing market share to competitors who are quick to change their strategy.
AI priority
These figures show that businesses are ready to use AI. Despite this, many people are concerned about the volatility of AI technology.
In the meanwhile, as businesses seek the best ways to use AI in their day-to-day operations, there will likely be a lot more trial-and-error within this market.
Power of AI
The survey’s results are encouraging. AI will have a huge impact on the future of business, and small business owners should take note. If you want to work in the future or build your firm, you should look into what AI can do for you.
In the meantime, keep an eye out for any developments that may affect your business—you may uncover something that suits you perfectly!
AI automate tasks
AI is changing several industries, including business. In fact, according to a recent IBM analysis, automating operations like invoicing and contract validation is the second most critical use of AI. So many B2B professionals are investing in AI-driven marketing, sales, procurement and HR technologies. They are also working with creative firms to design bespoke tactics that use off-the-shelf and custom AI models to increase income and reduce errors.
Going out of business without AI
To keep up with the competition, companies must implement artificial intelligence. AI can scan large amounts of data, which increases productivity, maximizes profit and impresses customers. As AI inspires fear in leaders, many companies are investing in staff to ensure success.
AI business value and save time
In the next five years, we expect AI will dominate enterprise analytics. Businesses are always looking for methods to improve efficiency, and complex algorithms like machine learning can help.
Large enterprises will be able to fully utilize the powers of AI as it gets more polished and easier to incorporate into existing systems and tools.
Motivator to implement AI in Business
Remember that AI isn’t the only option for businesses looking to automate processes, and that data analytics can also be used for things like customer service.
Overall, plenty of businesses are starting to see AI as a means to enhance their customer experience and improve business as a whole. But even so, human involvement will still be critical when it comes to proper implementation.
AI mainstream technology
A year ago, two-thirds of CEOs felt AI was mainstream technology in their firm, and that number has risen. That number will inevitably rise in the three years till 2021.
It is not to say that employees should expect robots and AI systems to run their company in three years. Instead, the message is that AI will be employed in offices in the future, which is both thrilling and worrying to privacy activists.
Business don’t use AI yet
It’s not unexpected that businesses use AI to help manage their operations. Big businesses like Google, Amazon, and even Twitter have used AI in this space for years. Its ability to assess facts and make decisions is priceless.
In the short term, the requirement for investment and professionals to construct those algorithms is holding people back, but that is rapidly changing.
Large Business plan on AI
The research’s key findings are clear: AI is already employed in business and may support data analysis, data management, and the contact center. Companies will likely invest more time and resources establishing their AI strategy as they begin to grasp the potential of AI.
Executives on AI productivity
The business world welcomes AI. Even firms that aren’t directly involved in technology have gained an appreciation for the benefits that AI may bring to their leadership.
It will be interesting to see how independent these AI systems grow as business executives continue to explore for ways to incorporate AI into their operations. Overall, it appears that businesses will not be shying away from new AI applications any time soon.
AI Benefit
Indeed, AI is already here and will continue to expand in business. Either hiring AI experts or doing it themselves, there are several benefits to reap. Companies who don’t embrace now risk losing out on new capabilities and improved business results.
Benefits of AI in business
AI is key to businesses looking to innovate and gain a competitive edge. AI has evolved over time, and artificial intelligence is one of the most powerful tools.
Here are some importance of using AI in business.
- Reduce costs
- Improve efficiency
- Improve customer service
- Save time and money
- AI can reduce stress and make better decisions
- Making complex tasks easier
- Better quality and reduction of human error
- Managing Repetitive Tasks
- Detect fraud
AI in business Examples
Let’s explore the different ways AI could be implemented in businesses and what ways it has already been implemented.
- Chatbots and virtual assistants
- Self-driving cars
- Control smart home technology and devices
- Spam filters
- Alexa
- Cortana
- Google Now
Final Thoughts
A lot of people think that AI is something that belongs to the future. While this may be true 20 years back but today AI has made a significant impact on the world around us.
Artificial intelligence has opened up a whole new world of possibilities for business owners, and there is no doubt that its impact will be immense.
It’s a technology that’s not going away anytime soon, and it’ll only get better as firms start adopting it to improve the quality of customer care they deliver.
AI in business statistics indicate that it is growing at an exponential rate. According to predictions, the number of AI application developers will skyrocket in the next few years and thus it will help to create more jobs for computer related and others involved with artificial intelligence.
However, AI is a threat for people who are working in customer service, sales and many others that are possibly eliminated by AI.
AI will undoubtedly have a positive impact on society, but it will also have a harmful impact on the lives of many people.
FAQs
Why is AI good for business?
The importance of AI in business is clear, and this is only the beginning. As AI progress continues, it’s likely that we will start seeing more roles within businesses changed by automation.
Businesses that utilize AI and machine learning are already proving how powerful this technology can be, and how much of an impact it can have on the world.It can save time and can be the most cost effective option to run a business.
However, as a business owner, you should be cautious when choosing to implement AI into your business practice. It may seem incredibly beneficial, but that doesn’t mean it will benefit your company in the long term.
How is AI used in business?
AI is used in a multitude of situations for business, mostly for automation, prediction, communication and self learning.
Also it helps employees be more productive while they work, helps businesses to organize their data, and even helps to provide everyday training tools.
One of the most common examples that everyone deals with is chatbots. Businesses are using chatbots to answer basic customer inquiries and gather information about potential and existing customers. Hence, the customer can get the answer quickly without human help.
How AI will change the future of business.
AI has tremendous potential to change the future of business in a multitude of ways. It will make the lives of working professionals easier and access to resources that they have not had previously.
Some jobs may become automated or made more streamlined through the implementation of AI systems. And as AI becomes more sophisticated and further develops, it is likely that further changes such as these will become apparent over time.
Businesses now have a brand new way to increase revenue and decrease costs. It’s clear that AI is an essential tool for every business moving forward.
Is AI the future of business?
Whatever your industry, AI can help you and your team succeed. Whether it’s boosting personalisation, customer service, or minimizing human error, AI has a place in business (and life).
How will AI affect the business world?
Many corporate leaders will soon face a new reality. A world where AI and machine learning are part of the business process and where AI adds value to products and services is coming. Business practices will be upended.
Those that successfully integrate AI into business processes should expect greater service at reduced prices, and even better products. Every organization must choose between embracing AI and failing, or resisting it.
Source
2.Gartner
5.MIT
6.PWC
7. McKinsey
