Artificial intelligence is still a relatively controversial topic – particularly in mainstream society. Growing fears around job security means that many people are concerned about AI’s ability to replace them at their place of work. This issue is largely over-exaggerated. AI will help, rather than hinder, the work force’s productivity. So, let’s take a look at AI by numbers in 2020.
8. 61% of business execs with an innovation strategy say that AI has helped them identify missed opportunities within their data
Overwhelming amounts of data make it difficult to spot trends or mistakes – allowing an opportunity for human error to come in. Using AI helps workers focus more on contextualizing and applying data strategically, rather than having to sift through huge quantities of it alone.
7. IDC predicts that 75% of commercial enterprise applications will use AI by 2021
According to the IDC, 75% of commercial enterprises will utilize AI in some way within the next two years. Mainstream adoption of AI is growing, and we can fully expect AI to become integrated into the workforce within a couple of years.
6. 80% of tech and business leaders think that AI creates career opportunities and improves efficiency in the workplace
Although many people are scared of AI taking their jobs, many leaders of industry believe the contrary. Rather than replacing people with AI, industry leaders want their employees to work with the technology. AI also provides a major boost in efficiency.
“I visualize a time when we will be to robots what dogs are to humans, and I’m rooting for the machines.” —Claude Shannon
5. 54% of business execs say productivity has increased since they implemented AI
This shouldn’t come as a shock, especially considering that AI can vastly reduce workloads, and enable workers to better focus on more strategic tasks. AI also improves the methods that we use to carry out those tasks – contributing to efficiency and overall worker wellbeing.
4. $57.6 billion will be spent on AI in 2021
AI has actually been around for a while, but it’s only really hitting the mainstream now. In 2019, $37.5 billion was spent on AI, and that is expected to grow by $20 billion within the next two years. By 2023, that number will reach a whopping $98 billion.
3. 70% of business decision makers say that employees are able to focus on more important work with AI
Many people think that AI is being used to make enormous breakthroughs – but that’s not all it does. In fact, AI is often used to focus on more menial tasks, so that people can spend more time devoted to the more important issues.
2. 72% or execs in technology, media, and telecommunication, believe that their product will be impacted by AI in the next five years
AI accelerates the rate of innovation that workers are able to conduct businesses under, it’s likely that AI will impact most industries within the next few years. Companies will be able to offer new products, faster – effectively growing the rate of innovation exponentially. There’s no doubt that AI is making the production line more efficient too.
1. 47% of business execs highlight the challenge of integrating AI into existing systems
Lastly, when we look at AI by numbers in 2020, as many as 47% of execs have experienced trouble trying to integrate AI into their old processes and systems. As AI technology gets better, businesses will need to figure out more effective ways to integrate AI into their businesses.
Entering a new decade
We’re right at the beginning of a new decade, and that spells major promise for the tech industry. When we look at AI by numbers in 2020, it’s pretty clear that the tech has done some major growth in the last few years alone. So, what can we expect going forward? A whole lot more growth, to start. We’ll likely see AI tackling issues within industry, freeing up time for workers, and enabling more efficiency and productivity in the workplace. But will AI take workers’ jobs? Industry leaders are hoping for AI to work with employees, rather than push them out of the job market. In reality, AI has the ability to revolutionize all aspects of our society, we just have to let it get to work.