The artificial intelligence (AI) revolution is already in full swing, although perhaps not in quite the same way futurists of the past might have predicted. Rather than machines that emulate the human mind, the majority of today’s AI technologies consist of sophisticated algorithms that analyze data rapidly to carry out specific tasks. Through machine learning, they can adapt to new situations as they take in more data, making them far more flexible than the more rigid, static programs of the past.
With advancements in cloud computing, more companies have access to the substantial processing power needed to develop and implement AI applications. From chatbots to big data analysis, companies are investing heavily in AI technologies on a variety of fronts. The total global revenue for AI software is expected to grow from $9.5 billion in 2019 to as much as $118.6 billion in 2025. As a variety of AI statistics demonstrate, much of that growth is already underway even though the average consumer might not even realize it yet.
From interactive chatbots to digital assistants in the home, AI statistics reveal that a substantial majority of consumers are already interacting with AI in some way. However, despite the growing popularity of AI applications, much of it actually goes unnoticed. Only 33% of consumers think they use AI technologies. Some of this may be due to a misunderstanding about what programs are actually considered AI. Many people still think of AI in terms of sophisticated robots or supercomputers from science fiction rather than the digital assistant software that helps them find a dinner recipe. According to future of AI statistics, however, AI technologies already play a major role in their lives.
Like most technological innovations before it, AI has the potential to automate many time-consuming tasks and free people up to perform more high-value labor. By increasing productivity by 40%, AI technologies could deliver as much as $2.9 trillion in business value and recover a staggering 6.2 billion hours of worker productivity by 2021. Implementing AI across multiple industries will also create demand for new skills and job roles. According to one estimate, AI could be directly responsible for creating a net total of 58 million new jobs by 2022.
Innovations in AI technologies will change the way companies manage their customer relationships online and over the phone. Although only 38% of customers have a favorable view of chatbots, continued investments in these adaptive applications are already translating into much greater accuracy and more realistic behavior. By 2022, these interactions will be far more successful at resolving customer issues without having to involve a human operator, with AI statistics showing a predicted success rate of 75% in the healthcare sector and 90% in banking.
Over the last decade, mobile phones have taken center stage when it comes to pushing innovative technologies into the hands of consumers. Like GPS location services and digital cameras before it, AI technologies have been around in various forms for many years, but it didn’t really become a part of consumers’ daily lives until it was incorporated into smartphones. Apple’s Siri and Google’s Assistant have transformed the way people interact with the digital world. Not only do AI statistics show that 46% of mobile users utilize these applications every day to conduct a voice search, it’s estimated that nearly a third of all internet searches will be voice-only by 2020.
With 72% of business leaders regarding AI as a “business advantage,” it’s no wonder that many of them are turning to AI technologies as a cybersecurity solution. For larger organizations, AI has even become an essential part of their cybersecurity. As encryption protocols have become so much more complex, it’s increasingly difficult for humans to distinguish between a genuine cyberattack and a false positive. A security algorithm can be programmed using machine learning to identify various forms of suspicious activity and new threats before cybersecurity experts are even aware of them. That could be why AI statistics show that 32% of security leaders are “completely reliant” upon these systems already. Unfortunately, they may very well be entering into a frightening new arms race as hackers begin to incorporate AI into their cyberattacks. The good news is that automating many functions with AI will allow cybersecurity professionals to spend more time preparing for attacks and responding to them more effectively when they do occur to avoid prolonged downtime or data breaches.
For all the attention AI technologies have received in recent years, it’s important to remember that the technology is still very much in its infancy. New advancements in processing, cooling, and memory have provided the computing resources needed to unlock the potential of AI and machine learning for a variety of real-world applications. With scalable cloud computing platforms, even the smallest companies can utilize AI technologies that were once only available to the largest corporations and government organizations. Judging by the AI statistics of 2019, consumers will soon see the technology filter into almost every aspect of their lives.