100+ Essential AI Statistics You Should Know for 2024

AI, the definitive technology of today & probably the future is changing life as we know it. The AI market is exploding and will continue to do so in the future. The growth of AI market can’t just be described in words. This is why we’ve compiled interesting AI statistics from multiple sources. 

Let’s begin this guide that highlights over 100 essential AI statistics showing AI’s significance and impact in today’s landscape.

AI Growth Statistics

1. The AI market is likely to grow 37.3% CAGR between 2023-2030

AI tools have made boring, repetitive tasks super easy. Most tasks that used to take up hours, can now be automated with just a few clicks using AI tools. 

A recent study by Grand View Research reveals the global AI market size is likely to grow at a CAGR rate of 37.3% from $196.63 billion in 2023 to $1,811.75 billion by the end of 2030. 

This is because there’s a rapid increase in the use of AI tools. The current AI market is about to explore even further. 

2. 87% of company leaders believe AI gives them a competitive advantage

Frankly, if you don't integrate AI into your business strategies, there's a good chance your rivals will leave your business in the dust. AI supplements human intelligence (contrary to the belief that AI will replace humans) to make processes drastically more efficient and effective than they have ever been. 

A survey by MIT Sloan Management of 2020 found that integrating AI with business strategy can help them set their business ahead of competitors. Here are some AI growth statistics that support the 'don't get left behind' sentiment. 

• 87% of companies believe AI will give them a competitive edge over their competitors.
• 79% of participants believe new organizations using AI will become successful in the coming years. 
• 78% believe Artificial Intelligence will help them move into new businesses.
• 72% said AI tools will allow businesses to cut down on costs. Tools such as MonsterAPI cut down on LLM fine-tuning costs by 10X.
• 71% agree that suppliers will offer AI-driven products and services.
• 63% said customers in future will want more and more AI-driven offerings. 

Why Integrating AI with business strategies is becoming essential

3. 66% of survey participants believe AI-powered products and services will become more significant in next 3-5 years

AI-powered services and products are ever-increasing, for every possible task you could think of, you’re likely to find an AI solution for it. Ipsos surveyed 31 countries in 2023 to learn more about the growth of AI and how general consumers feel about the AI revolution. 

In the last 5 years, 49% claimed that AI products have significantly impacted their daily lives. Especially products like ChatGPT, which have impacted how businesses conduct their day-to-day operations.

In a recent survey, 66% of respondents from major countries agree that AI-powered products and services will drastically impact their lives in the next three to five years. 

Statistics Regarding AI Usage

As a company, you need to build your personal code-generation AI tool, you’d have to hire ML engineers, set up servers, and start the process. Even with the entire process going seamlessly, you’d have to spend months to accomplish this task. 

But with AI tools like MonsterAPI, you can fine-tune a large language model in 3 simple steps to build your code-generation agent, at a fraction of the cost. MonsterAPI is just one of the thousands of examples of AI tools that are making lives easier.

Here are a few statistics revealing how individuals and companies are benefiting from AI tools. 

1. 35% of companies are using AI, while 42% are still exploring the technology. 

According to a survey by Morning Consult and IBM in 2021, it became clear that 35% of companies are actively using AI for different tasks, and an additional 12% are all set to explore the technology in the coming years. 

A report by IBM revealed that 42% of businesses are exploring AI. Over one-third of organizations polled in the IBM Global AI Adoption Index 2022 said they use AI as a response to many factors and pressures. Despite the widespread adoption of AI tools, there are some barriers of complete adoption:

• 34% companies claim they have limited AI knowledge or expertise. 
• 29% of businesses find the cost of AI tool adoption is a bit expensive.
• 25% admit they lack the right tools and platforms to develop personal AI models. 

2. 30% of IT professionals said their employees rely on AI tools for automation and time-saving.

AI tools can drastically reduce the time spent on repetitive tasks. Due to this, 30% of IT companies reported that their employees use AI — freeing up humans to take on more strategic and important tasks.

3. Over 50% of businesses have invested in chatbots for business.

AI-powered chatbots have become increasingly common for businesses. 52% of teleorganizations are using chatbots, and 38% of healthcare providers said they rely on computer-assisted diagnostics.

4. 6 out of 10 users are familiar with ChatGPT.

ChatGPT is probably one of the most famous AI tools. It can serve as a personal assistant for a lot of things, such as - automating networking emails to helping you write resumes, and more. 

According to ChatGPT statistics from a Pew Research Center survey, 58% of US adults are familiar with ChatGPT. These AI tools don't just streamline your tasks, but they also speed them up.

Out of 60% who have heard of ChatGPT, around 20% of them confessed of using ChatGPT for entertainment. 

• 14% admit they used the AI tool to learn something new. 
• Only 12% said they have used ChatGPT for their work-related tasks. 

5. The global AI market will likely cross $228.3 billion by 2026.

The global AI market is growing at a 35.6% CAGR (2021-2026). In China, the AI market is expected to reach $40.4 billion by 2026 at a CAGR of 39.1%.

6. Over 80% of executives believe Artificial Intelligence is crucial for their business strategy.

AI is becoming a crucial part of almost every business’s growth strategy. AI is being used to speed up tasks and save time.

With ever-increasing competition, it’s getting harder for businesses to sustain growth. This is why AI is becoming so crucial for businesses,they help businesses gain a competitive edge. Here are some Artificial Intelligence statistics revealed in a survey.

• 84% business executives said AI allow them to gain a competitive edge.
• 83% of company executives claim that using AI is a strategic priority for their business.
• 75% of the respondents believe that Artificial Intelligence will allow them to move into new ventures.
• The same report also reveals that AI technologies are projected to boost business productivity by 40% by the end of 2035. 
• 80% of companies will adopt intelligent automation by 2025. 

7. 44% of business leaders prefer AI automation to boost productivity.

In PwC's fourth annual AI business survey, business leaders were leaning towards using AI and its services.

• 44% of leaders said AI can increase productivity through automation.
• 41% believe Artificial Intelligence technology improves decision-making abilities.
• 40% said AI can improve customer experience, which eventually can boost sales and revenue. 
• 40% of leaders believe AI can help innovate products and services. 
• 37% believe AI technology can improve employee experience and skills acquisition. 
• 36% said AI can develop new, data-driven business models. 

8. 42% of business leaders have implemented AI to reduce general hiring needs.

Many organizations are introducing AI to streamline the tasks of hiring managers and recruiters. The automated applicant tracking systems (ATS) can automatically scan applicant resumes to find the perfect fit.

• 42% of organization's leaders have implemented AI with an aim to reduce general hiring needs and overcome talent shortages.
• 35% of leaders said they have a plan and will start to implement AI in their company.
• 16% of company leaders are still on the path to developing a plan.
• Only 4% of the survey respondents do not plan to integrate AI, but 2% are not sure about their decision.

AI trust statistics 

Even though it’s being used widely, AI is still a new thing for most. People are already coming up with countless ways to use it. While AI-powered tools are incredibly impressive, there are certain concerns and trust issues.

Here are the stats that highlight what users have to say about these technologies:

1. 73% of consumers trust content written by Generative AI.

Thousands of people are creating content using ChatGPT every day. When asked what people think about the content generated by AI tools, here is what they have to say. 

• 73% of consumers said they trust the content written by AI tools.
• 67% even believed they could benefit from receiving medical advice from Generative AI.
• 66% of respondents would seek advice from Generative AI tools on topics related to personal interactions or relationships.
• Only 53% of consumers trust Generative AI-assisted financial planning.

2. Gen X (age 43 to 58) considers Generative AI content more trustworthy. 

Most of the new-gen AI tools can do a lot of things, helping you write all types of content. Here's what the AI statistics have to say. 

• 74% of Gen X consumers trust content written by Generative AI.
• 73% of baby boomers aged between 59 and 77 years find AI content trustworthy.
• 73% of millennials and 72% of Gen Z trust content written by AI tools.

3. Many people are worried about Generative AI technology. 

Gen AI technology is amazing, it can assist you in accomplishing a lot of things, but they are not to be completely trusted.

As AI tools are trained on vast data, they sometimes produce racist, stereotyped, and harmful content on their own.

• 34% of consumers are worried about phishing attacks that use Generative AI technology to deceive individuals.
• 33% of consumers are concerned about the non-recognition or non-payment of artists and contributors whose work is used in the training of AI algorithms.

4. Many Americans have some level of concern about using AI. 

In 2022, 38% of US adults were more concerned than excited about Artificial Intelligence applications in daily life.

• 52% of respondents feel more concerned than excited, and only 10% say they are more excited than concerned.
• 36% of respondents had mixed feelings and said that they were equally excited and concerned about AI.

5. 74% of executives believe that the benefits of Gen AI outweigh the risks. 

While some of the Generative AIs can automate things for you - it shouldn’t be left unsupervised. Here are the statistics:

• 78% of organizations believe Generative AI will improve efficiency and streamline the design process. 
• 71% of respondents said Generative AI helps create more interactive experiences for their customers. 

6. Only 23% of US adults trust how Generative AI is being used in social media. 

The latest 2023 data from the Big Village reveals what respondents think about Generative AI and its use in social media. 

• 66% of US adults are concerned about privacy issues involving Generative AI uses for social media.
• 60% don’t know how they can create Generative AI for social media.
• Over 50% of the survey respondents are interested in learning more about how to use Generative AI for social media.
• 23% of respondents trust how Generative AI is used in social media. 

7. More than half of respondents (57%) believe AI tools lead to discrimination and biases. 

Ipsos surveyed US citizens to understand how AI tools create an environment of discrimination. Here’s some interesting stats from the survey:

• Nearly 65% of the respondents admit AI can cause harm. 
• Over 50% people said AI tools can create discrimination or show biases.
• 70% people confessed AI can spread misinformation online.

Conclusion

The statistics highlight AI's transformative impact on productivity and consumer experiences. Companies must adapt or risk falling behind. Success lies not just in understanding AI but in integrating it into daily life and industry.