A technological revolution is on the way, and it is led by AI and the minds behind it.
Over the next decade, we can expect to see big changes in the way that sectors like finance, marketing, healthcare, and transportation approach common issues with artificial intelligence and machine learning in mind.
Using AI applications and machine learning algorithms, these sectors will continue to build upon new processes already in the works, while also improving the efficiency of old practices through AI’s ability to rapidly read and disseminate information from data models.
Artificial intelligence is changing the world, and to help us all understand it better, we have collected some of the most important AI statistics of 2023.
AI Statistics in Medicine
Zipdo - 79% of surveyed healthcare professionals expect AI and robotics will greatly improve their industry.
The start from the healthcare industry shows a level of confidence from medical professionals in AI and machine learning, and its ability to aid in finding diagnoses.
That’s not all, though. This statistic shows confidence in robotics, another important piece of the AI puzzle. Through enhanced robotics, medical professionals might be able to develop new methods of surgery, medicine dispensation, patient care and more.
Zipdo - The AI radiology market is expected to surpass $3 billion by the end of 2023.
$3 billion is a huge sum of money, and with that much being put into the radiology market, we can expect to see great things in the future. AI offers a range of benefits to radiology, including:
Enhanced resolution on images - Using upscaling models, AI can enhance image data to help give medical professionals a better view of the size and scope of an issue.
Improved Classification accuracy - Deep learning algorithms can be used to distinguish anomalies, even if they’re very small. They can then accurately classify that anomaly.
Better Analysis and diagnosis - Automated segmentation can help radiologists by offering a second opinion, based on previously collected and analysed data. AI can also bring this data together much faster than traditional means.
3D Model Generation - Additional analysis can be performed through 3D modelling data provided by AI. This allows the radiologist to study the site around the issue further and make more informed diagnoses.
AI in Business
Sortlist - 300% more new AI products on Product Hunt in Q1 of 2023 vs Q4 of 2022
300% more AI products over the course of a quarter is a huge leap, and shows how widely AI and machine learning is being embraced.
It also gives a glimpse into the vast potential of the AI and machine learning market, suggesting that if AI products continue to trend in such a way, it could rapidly become one of the largest markets on the planet.
Forbes - Top Ways Business Owners Use Artificial Intelligence
Businesses across the world have adopted AI to perform a number of different tasks, including:
Customer Service - 56%
Cybersecurity/Fraud Management - 51%
Digital Personal Assistants - 47%
Customer Relationship Management - 46%
Inventory Management - 40%
Content Production - 35%
Product Recommendations - 33%
Accounting - 30%
Supply Chain Operations - 30%
Recruitment and talent sourcing - 26%
Audience segmentation - 24%
These are staggering statistics, and show just how wide the utilisation of AI to handle administrative tasks has become. This in turn cuts down greatly on the time spent on these tasks by team members, who otherwise might have to perform the task manually.
Effat University - Model shows 91% accuracy in interpreting customer satisfaction from their reviews
In a study from Effat University, the natural language processing model BERT was tasked with predicting the user score of a review for an electronics product based only on the text of that review. This is a sentiment analysis task and the model performed well, making a prediction that lined up with the actual score 91% of the time.
However, this was only for reviews written in English. For Arabic text, the accuracy dropped to 72%, which raises important questions about the relative effectiveness of language processing.
This study shows that the way businesses understand their customers is likely to be transformed by AI. Read the full text here.
AI in Finance
Gitnux - AI has the potential to increase financial services revenues by 34%, and economic growth by 26%
A 34% increase in revenues for financial services could be huge, if this statistic comes to pass. This statistic highlights how AI can have a large and positive impact on the financial services industries, and why financial services should look to adopt AI where possible.
It also speaks volumes to the power of AI that it stimulates economic growth by 26%, suggesting that there is plenty to be gained from AI beyond automated workflows and improved transaction and settlement times.
Gitnux - By 2022, AI technologies in the financial industry could reduce the need for lower-skilled jobs by over 50%
While this is a slightly older statistic, it is nonetheless a very important look at the potential ramifications of AI adoption.
If you consider that in 2023 within the US alone, there were 7,605,892 people employed in the Finance and Insurance industries, based on this statistic we can expect to see a continued decline in lower-skilled jobs as AI is further introduced, with the potential to cause huge unemployment rates.
Gitnux - Over 87% of industry leaders have adopted AI, with the majority of use cases in fraud detection and anti-money laundering
With over 87% of industry leaders adopting AI to combat fraud detection and anti-money laundering, we see how trusted AI has become to handle legal issues in this industry.
It also shows the power and benefits of adopting AI, with fraud detection and anti-money laundering in particular being helpful to policing institutions around the world.
McKinsey - Successful implementation of AI in Warehouses
McKinsey reports that compared with slower-moving competitors early adopters of AI:
Improve logistics costs by 15 percent - Logistics is naturally a huge part of supply-chain businesses, with the US spending $1.64 trillion on logistics in 2018. AI implementation to improve logistics cost by 15% is a huge boon for these businesses, and shows how much an effective AI-led WMS can affect your outgoings.
Improve Inventory levels by 35 percent - Inventory Management is one of the never-ending tasks within supply-chain businesses, but to have inventory levels improved by 35% is an astounding feat which can take the load of a warehouse manager, or expand their opportunities to sell further afield.
Improve Service levels by 65 percent - Maintaining service levels is also a challenging factor in supply-chain businesses, but these AI-led improvements show just how effective AI can be through tasks like notifying of avoiding stock-outs, ensuring no sales are lost.
Effat University - Machines recognising 99% of faces at a distance
Various features of smart cities rely on facial recognition, including identity verification, traffic monitoring, and surveillance of criminal activity.
Helpfully, this technology has progressed along with machine learning and deep learning. A number of researchers, including Anna Visvizi from Effat University, used a method of deep learning that achieved over 99% accuracy even when used at a distance and on challenging datasets.
AI in Law
Zipdo - Utilising ROSS Intelligence
According to Zipdo, AI research tool ROSS Intelligence can research case-law 30% faster than a human could, and provides all relevant citations alongside.
This is an incredible statistic that could greatly speed up the length it takes to review legal cases, helping law firms and solicitors stay ahead of their client’s needs, as well as their competitors.
AI in Marketing
Statista - 90 percent of marketing professionals across 35 countries using AI tools
A 2022 global survey shows that 90 percent of marketing professionals across 35 countries were using AI tools to help them with a range of tasks. These include personalising the customer journey across a range of channels, as well as automating customer interactions.
AI being used by 90% of marketing professionals is particularly impressive, and goes to show just how quickly AI has been accepted by various business departments. It also proves how effective and diverse AI platforms can be, especially within marketing roles where data can be pulled from a wide range of sources to sometimes produce niche results.
Authority Hacker - 63% of AI adopters cite inaccuracies in AI content as a major challenge
Authority Hacker’s 2023 Online Marketing Industry Report on the State of AI shows a range of useful statistics. This one is a particular stand out though, showing there is still a long way to go for AI Content tools like ChatGPT.
To expand, it is worth considering that if the content that AI is producing can’t be trusted, yet users continue to push content using it as a tool, content sources may become bereft with misinformation. This is, naturally, a very concerning issue surrounding AI content creation tools, and could have serious consequences if Search Engines do not work rapidly to combat it.
General AI Statistics
RS Components - China is leading in AI patent applications
The teams over at RS Components recently analysed AI patent applications, revealing that China currently has the most AI patent applications in the world, with a staggering 4636 applications. These applications account for 64.8% of all AI patent applications, with the USA following up with 19.8%, or 1416 patent applications.
From this we can garner that we should keep a close eye on China for AI applications. If these patent applications are successful, we could see thousands of AI applications developed there over the next few years, potentially putting China ahead in the AI and machine learning markets.
For more on RS Components research, view the infographic below.
Infoghraph source: https://uk.rs-online.com/web/content/discovery/did-you-know/ai-innovators
The future of AI - Game-changing for better or worse
It is clear to see that the future of AI is one of exponential growth, both in terms of the AI market and the applications associated with it.
But it’s not all positive news. While AI has vast applications and can help to improve workflows and efficiencies across a range of fields, it also poses great risks as well.
These risks include potentially wiping out the need for specific job roles, leading to redundancies and unemployment spikes. There is also the issue of trust in AI, especially around creative processes like content creation. It can be very easy and convenient to trust the information that AI applications like ChatGPT provide, but ultimately, if any facts produced by the AI aren’t cross-referenced by the editor, it could lead to reputation damaging misinformation.
Ultimately though, as long as AI is approached ethically, and education is provided through training and Computer Science courses, the future could look very bright with AI.
Learn about AI
If you’re interested in learning more about AI and machine learning, a great way to access regularly updated content is through the range of AI podcasts available. Be sure to read our AI and Machine Learning Podcasts article today, for 17 of the very best AI podcasts, both past and present.
If you’d like to take your education to the next level, consider reading our Why Study Artificial Intelligence. In this article we provide a brief overview of why you should study AI, what skills you might need, career options, and more on the current state of AI.
