In AI, Business

10+ Stats That Show the State of AI and Business

By Monica Watson

Today, businesses across industries are turning to artificial intelligence to automate rote tasks, enabling them to improve performance of employees or enable employees to focus on more specialized tasks. In this post, we’ll look at the current state of AI through reputable statistics that paint a holistic picture of where AI is today and where it might be going in the next few years!

Want the TL;DR? What is clear from these stats is that businesses are interested in making AI a priority, but many lack the resources to truly dedicate to building and maintaining AI solutions in-house. Despite this, the appetite for AI to simplify lives is very much so alive in consumers, and businesses will need to strategize quickly to adapt.

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Now, let's get to the stats.

Business Adoption of AI

By 2020, artificial intelligence will be a priority for more than 30% of CIOs. (source)

Only 4% of respondents to the Gartner 2018 CIO Survey reported their enterprises have already invested in or deployed artificial intelligence (AI). (source)

By 2021, 40% of new enterprise applications implemented by service providers will include artificial intelligence technologies. (source)

By 2020, 25% of customer service and support operations will integrate smart technology virtual customer assistants across engagement channels. (source)

Business leaders said they believe AI is going to be fundamental in the future. In fact, 72% termed it a “business advantage.” (source)

Challenges of Building AI In-House

A lack of skills is the biggest hindrance organizations face in deploying AI solutions, highlighting the challenges in finding people who have AI expertise (54%). (source)

The share of jobs requiring AI has increased by 450% since 2013 (source)

80% of the work for AI projects is collecting and labeling data and training a system (source)

On average, it takes 3 years and $10 million or more to operationalize an enterprise AI system (source)

Consumers and AI

By 2022, 30% of consumers in mature markets will rely on artificial intelligence (AI) to decide what they eat, what they wear or where they live. (source)

The abundance of choice overwhelms customers in mature markets. Therefore, users are turning to AI to alleviate the decision fatigue associated with making an informed choice. (source)

38% of consumers said they believe AI is going to improve customer service. (source)

A PointSource study found that when AI is deployed tactically, 34% of shoppers will spend more money online. About 49% said they are willing to shop more frequently online when AI is present. (source)

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