The world of technology is changing rapidly, and in 2024, artificial intelligence (AI) continues to break stereotypes and open up new opportunities for humans. The numbers reflect not only current achievements, but also point to the future of technology – so we decided to put together a short statistical overview of the latest trends in artificial intelligence.
In this article, we have collected the most interesting and relevant statistics on AI for 2024. Find out how the number of AI startups is growing, which industries are most actively implementing AI technologies, and which countries are leading this race.
Countries Leading in AI Use
- The United States is the most active in the development and implementation of AI technologies. In 2023, the United States invested $67.2 billion in AI, which is about 8.7 times more than China, the second-place AI-focused country.
- China is quickly catching up with the United States, especially in the installation of industrial robots and the development of new AI models. In 2021, China installed more industrial robots than all other countries combined.
- The United Kingdom is also in the top three in terms of investment and development of AI, and stands out in the area of legal initiatives and legislation related to AI.
The AI market is expected to reach $184 billion by the end of 2024. Forecasts say it will reach $826.70 billion by 2030, growing at a CAGR of 28.46%.
Total AI startup funding in 2023 was $42.5 billion, down slightly from $47.3 billion in 2022. More detailed statistics are shown in the figure below.
Which industries are using AI the most?
- Business & Enterprise
55% of companies said they will use AI in 2023, up from 50% in 2022 and 20% in 2017. AI is most commonly used for contact center automation, content personalization, and customer acquisition (Stanford HAI). - Energy & Sustainability
43% of companies using AI are using it for sustainability efforts, such as optimizing energy efficiency and reducing waste (McKinsey & Company).
Check recently compiled large overview of the practical use of artificial intelligence in finance, medicine, manufacturing and education.
Trends and challenges in the development of artificial intelligence
- The cost of training AI models has skyrocketed. For example, training the GPT-4 model from OpenAI cost $78 million.
- In 2023, 37 laws related to AI were adopted in 127 countries. The United States leads with nine laws, followed by Spain and the Philippines. The world has finally begun to manage and limit the use of artificial intelligence.
- Attention to ethical issues in the use of AI has increased. The number of papers on AI ethics presented at the Fairness, Accountability, and Transparency Conference has increased tenfold since 2018.
AI Trends in Business Management
Personalization
AI allows businesses of all sizes to offer personalized services to customers. For example, creating customer segments, generating personalized ads based on browsing history, and tailoring email content. Previously, such personalization was only available to large companies with extensive data resources, but with AI, it is now available to small businesses.
Around 71% of consumers expect personalized interactions from companies, and AI helps achieve this by analyzing customer behavior and creating segments for more precise marketing.
Employee Engagement and HR
AI is increasingly being used in HR to improve employee engagement and workplace culture. AI helps automate HR processes, support continuous learning, onboarding, and the development of soft skills such as emotional intelligence and communication skills. Companies use AI tools to track employee performance and develop retention strategies, especially in hybrid and remote work environments (based on Employer Flexible research).
Real-time video processing
The video streaming market is growing rapidly, and AI has made real-time video processing faster and easier. For example, it helps transmit more accurate data and reduces latency, which is essential for high-quality streaming. The most commonly used applications are facial recognition and AI-powered background blur.
AI in design and creativity
Adobe Sensei and Lookback tools allow designers to collect user data and create more relevant and conceptual designs. Generative AI creates marketing materials, visuals, and animations, simplifying and accelerating the content development process.
Quantum AI
The integration of quantum computing and AI will solve complex problems beyond the capabilities of computers we are used to, significantly improving applications in healthcare, financial risk assessment, and allowing more accurate predictions of weather conditions and climate change. Quantum AI will be the next revolution in the quantum industry, providing significantly more computing power and efficiency.
AI for Small Businesses
Small businesses are increasingly using AI to optimize business operations and improve customer interactions. If your business is just starting out, you can save on certain functions with AI: implement chatbots for communication with customers, generative AI for content creation, and much more.
75% of consumers use chatbots to perform routine tasks, such as arranging a delivery or asking questions about a product/service, and 70% expect answers from chatbots within 5 minutes.
How are businesses integrating AI into their workflows?
Spotify uses AI to personalize music recommendations and create playlists. Algorithms analyze user listening habits, identifying preferences and suggesting new tracks that they might like. This not only improves the user experience, but also helps identify new artists and genres to promote.
LinkedIn uses AI to personalize the news feed and improve job recommendations. Algorithms analyze user professional interests and interactions to suggest relevant articles, jobs, and contacts. This helps users stay up-to-date and find new career opportunities.
Google uses AI to improve search quality and manage advertising campaigns. AI algorithms analyze user queries and website content to provide the most relevant search results. In advertising campaigns, AI helps optimize budgets and target ads based on user behavior analysis.
In conclusion
AI is a convenient and useful tool for business, if it is used for humane purposes. Many simple and routine processes can be automated thanks to AI – this is especially useful for startups and small businesses. By transferring some functions to artificial intelligence, you free up time and resources that can be used to develop a business strategy and your product/service.