The use cases for artificial intelligence are boundless.
Businesses are using artificial intelligence to automate tasks, improve sales and marketing analysis, and even solve complex health problems.
While artificial intelligence platforms are a pioneering technology, most people cannot identify the different types of artificial intelligence and the variety of ways they can be deployed to improve business processes.
Artificial intelligence statistics
These statistics and background information provide insight into the most popular types of artificial intelligence and how they have impacted how businesses use (and will continue to use) technology in 2019.
A chatbot is an artificially intelligent computer program that is designed to communicate with a human through auditory or textual methods. Chatbots are often used as customer service agents on a website’s home page or automated responses on a business' phone line. Chatbots have machine learning capabilities which allows them to build off previous conversational data from a customer and use that to personalize future conversations.
Businesses can leverage the power of chatbots to initialize and engage in a relationship with a customer. Since plenty of users can be visiting website at the same time, it’s helpful to have a machine that can answer hundreds of users at once rather than have ten or more customer service representatives juggle questions and requests from visitors. Chatbots are faster, less invasive and cut costs.
- Chatbots will power 85 percent of customer service by 2020. (Innovation Enterprise)
- 44 percent of executives believe artificial intelligence’s most important benefit is providing data that can be used to make decisions. (Chatbots Magazine)
- The top benefits of chatbots are 24-hour service (64 percent), instant responses to inquiries (55 percent) and answers to simple questions (55 percent). (The 2018 State of Chatbots Report)
- 63 percent of the people prefer messaging an online bot to communicate with a business or brand. (Mindshare)
- Chatbots are expected to cut business costs by $8 billion by 2022. (Impactbnd)
Virtual assistant statistics
A digital virtual assistant is a useful type of artificial intelligence that resides within a phone, tablet or computer and is designed to help users complete online tasks. This can include managing your daily schedule, answering simple questions and even turning on the lights in your home.
On the business side of things, Google is working on ways that will enable voice technology to automate tasks such as expense tracking, e-commerce, fleet management and email marketing. Since digital assistants are so dynamic in their use cases, expect them to grow in popularity over the next few years. Popular virtual assistants include Amazon’s Alexa, Apple’s Siri and Google Assistant.
- 46 percent of Americans use digital voice assistants. (Pew Research Center)
- 72 percent of business executives believe digital assistants help make their lives easier. (PwC)
- 55 percent of people use digital voice assistants because it allows them to keep their hands free. (GO-Gulf)
- The growth of virtual assistants is expected to reach $15.79 billion by 2021. (ValueWalk)
- 50 percent of all online searches will be voice searches by 2020. (Campaign)
- In 2018, the worth of the virtual digital assistant market was $5.21 billion worldwide. (GO-Gulf)
|TIP: To learn more about how to use social media advertising check out our article on how to advertise on Instagram|
Machine learning statistics
Machine learning is a process by which a computer uses historical data and to identify patterns and make decisions without the aid of a human being.
A prime example of this would be Netflix’s film and TV recommendations. Every time you watch a show or film on Netflix, the service’s artificial intelligence gathers data on types of films or TV you enjoy watching. It then uses that data to recommend similar types of television or films based on what you have previously watched. The more you watch, the more data it can use to accurately predict what types of entertainment you would like to watch in the future.
The use cases for this type of artificial intelligence are endless: It can help increase data security, financial trading, marketing personalization and online searches. Companies are becoming rapid adopters of machine learning as research has shown that “49 percent of organizations reported they were exploring or ‘just looking’ into deploying machine learning, while a slight majority of 51 percent claimed to be early adopters (36 percent) or sophisticated users (15 percent).”
- Netflix saved $1 billion this year as a result of its machine learning algorithm which recommends personalized TV shows and movies to subscribers. (Business Insider)
- 20 percent of C-level executives (across 10 countries and 14 different industries) report that they are using machine learning (or AI) as a core part of their business. (McKinsey Global Institute: Artificial Intelligence The Next Digital Frontier)
- Amazon’s machine learning algorithm has decreased the “click-to-ship” time by 225 percent. (Forbes)
- Google’s Deep Learning machine learning program is accurate 89 percent of the time in detecting breast cancer compared to just 73 percent accuracy from a human pathologist. (Health IT Analytics)
- 12.5 percent of a person’s average working week, or 11 days over the period of one year, is lost in data collection. (Statwolf)
Artificial intelligence in sales and marketing
Artificial intelligence empowers sales and marketing teams to become more efficient and drive more revenue. AI tools like predictive content allow companies to crawl user browsing history and then tailor website content that will be more appealing to that user based on their interests and preferences. This enables marketers to create personalized one-to-one marketing experiences for every user who comes to their website.
Artificial intelligence can also help sales and marketing teams gather more leads with lead intelligence software. This allows companies to gather accurate data during the lead generation process and make better decisions on who is a viable potential customer and who is not. This allows companies to manage and analyze both internal and external data together to find and evaluate new business opportunities.
- 61 percent of marketers say artificial intelligence is the most important aspect of their data strategy. (Venture Harbour)
- 87 percent of current AI adopters said they were using or considering using AI for sales forecasting and for improving email marketing. (Forbes)
- When AI is present, 49 percent of consumers are willing to shop more frequently while 34 percent will spend more money. (AI Trends)
- Companies using AI for sales were able to increase their leads by more than 50 percent, reduce call time by 60–70 percent, and realize cost reductions of 40–60 percent. (Harvard Business Review)
- 47 percent of digitally mature organizations said they have a defined AI strategy for mobile, compared with 27 percent for non mature. (CMO)
- By 2020, 30 percent of companies worldwide will be using AI in at least one of their sales processes. (Venture Harbour)
|TIP: To learn more about artificial intelligence check out our article on the history of artificial intelligence.
Final artificial intelligence projections
- 63 percent of consumers believe AI will help solve complex problems that plague modern societies. (PwC)
- 83 percent of early AI adopters have already achieved substantial (30 percent) or moderate (53 percent) economic benefits. (Deloitte)
- The AI market is projected to become a $190 billion industry by 2025. (Markets and Markets)
- Global spending on cognitive and AI systems is expected to reach $57.6 billion in 2021. (IDC)
- The share of jobs requiring AI skills has grown 4.5 times since 2013. (Forbes)
- By 2020, AI will eliminate 1.8 million jobs and create 2.3 million. (Venture Harbour)
- AI will boost profitability by 38 percent and generate $14 trillion of additional revenue by 2035. (Accenture)
Artificial intelligence is leading us into the future
85 percent of pioneers agree they have an urgent need for an AI strategy, and 90 percent say they have a strategy in place already. (MITSloan). The statistics speak for themselves.
Business leaders across the board seem to unanimously agree that artificial intelligence is one of the defining forms of technology that will change the way humans interact, move and work on a daily basis.
Ready to learn more? Check out our article on 2019 AI trends.