15 handy facts about AI

15 AI facts

AI market growth

The global AI market is already expected to reach a value of $184 billion by the end of 2024, a significant increase over the past few years as the technology becomes increasingly ‘mainstream’ with more every day usage. According to Statista, the market size will continue to grow over the next six years at an annual growth rate (CAGR) of 28.46%, reaching a phenomenal $826.7 billion by 2030.

AI in healthcare diagnosis

AI algorithms are showing increasing promise and benefits in the field of medical diagnosis. For example, it’s been reported that a Google DeepMind-developed AI system was capable of detecting more than 50 different types of eye diseases, with a degree of accuracy comparable to that of expert ophthalmologists.

AI in business benefits

According to a survey by PwC, a huge 72% of execs said that they believed AI provides a significant competitive advantage when leveraged by businesses. Take a look at our blog on 13 game-changing AI business solutions to learn more about some of the use cases of the technology in a business setting.

AI in customer service

Chatbots have been a fundamental part of customer service for a number of years now, and they’re only getting smarter and smarter. There can be a range of benefits from using AI in a customer service setting, and Gartner predicts that, by 2025, organziations that embed AI in their customer engagement systems will see a 25% increase in their overall operational efficiency.

AI patent filings

As the production of AI-related tools, solutions and software continues to increase exponentially, so has the number of AI-related patent filings. In 2020, China was leading the way in AI patent applications, followed by the USA and Japan. You can learn more about this in this article from the World Intellectual Property Organization.

AI and cybersecurity

A report from consulting giant Capgemini found that AI is playing a crucial role in the cybersecurity sector. Over two-thirds (69%) of organizations described AI as being “necessary” for responding effectively to cyberattacks, while 61% said that it was necessary for identifying threats.

AI in education

One of the most exciting applications of AI is happening in the education sector, with the technology being leveraged by schools, colleges, universities and other higher education establishments to advance both the learning and teaching experiences. According to Grand View Research, it’s anticipated that the market size, globally, for AI in education will top $25 billion by 2030, growing at a CAGR of almost 40% from 2021.

AI job market

With AI continuing to be more commonplace in the world of work, having AI-related skills will stand you in good stead when seeking employment. The demand for AI talent continues to grow, and LinkedIn’s ‘Future of Work Report’, published in 2023, found that there was nearly a 14% increase in the hiring of job titles such as “Head of AI” since late 2022. As well as this, job advertisements that mention “ChatGPT” and “GPT” have surged 21 times during the same period. (Sourced from World Economic Forum)

AI in financial services

Over three-quarters (77%) of firms operating in the financial services sector are already either using or actively exploring AI, according to a 2023 Deloitte report. In FinServ it’s being used in a number of ways, for use cases including fraud detection, customer service, stock/trading algorithms and risk management.

AI in drug discovery

Global biotechnology company Insilico Medicine announced in 2023 that it has leveraged AI technology in the development of a new potential drug candidate for fibrosis. Progressing from the initial start period to phase one trails in just 30 months, this example demonstrates the accelerate pace that AI can offer drug research, discovery and development compared to more traditional methods. You can read more about this incredible work here.

AI and renewable energy

As efficiency and sustainability remain front of mind, the utilization of AI in the renewable energy space could prove to be invaluable in years to come. In fact, the AI in renewables market is estimated to be worth $115 billion by 2032, with a wide range of use cases becoming increasingly commonplace. These include predicting energy demand, optimizing power grid operations and improving the overall efficiency of renewable energy systems.

AI in agriculture

Agriculture technology, or ‘AgTech’, is an ever-evolving field. Like most areas of technology, AgTech’s usage of AI is also on the up. AI offers farmers advanced tools for improving crop yields, monitoring overall soil health, optimizing resource usage — as well as keeping a better handle on pests and diseases. AI is already making a big difference to the world of AgTech, boosting crop yields by anything between 10-25% through precision agriculture and lowering the usage of pesticides by as much as 50%.

AI and climate modeling

AI is being increasingly used in climate modeling, leveraged by scientists to predict climate change and associated impacts with a higher degree of accuracy. AI-powered climate models have processed petabytes of climate data, enabling for more precise predictions, and the collaboration between AI and climate scientists has already led to a 40% reduction in false alarms for extreme weather events. The World Meteorological Organization (WMO), meanwhile, reported that AI has improved the overall accuracy of weather forecasts by up to 25%. (Sources)

AI in language translation

We’re starting to see AI-powered translation services, that handle both written text and audio prompts, become more and more sophisticated. Google’s Multilingual Neural Machine Translation system now supports translations across over 100 languages, benefiting everyone from global businesses to basic translation-seeking holidaymakers. According to research shared on LinkedIn, the global AI in language translation market size was valued at $2.45 billion in 2023, and is set to expand at a CAGR of 12.2% to reach a staggering $12.43 billion by 2030.

AI in sports analytics

From improving player performance, tweaking tactics and identifying (and preventing) injuries, the use of AI in sports analytics continues to surge. So much so, in fact, that it’s been reported that the market will be worth $3.4 billion by as soon as 2026. Many Major League Baseball teams, for example, use AI and data analysis to scout and develop players, honing in on features such as biomechanics and swing mechanics, resulting in improved training regimes and more strategic in-game decision making.