With the rapid adoption of AI worldwide, majority of the businesses have utilized its ability to their advantage. Nearly 8 in 10 companies have started using AI or are exploring AI adoption in their businesses.
From small businesses to large enterprises, all businesses have invested in or are planning to invest in AI to improve their efficiency and productivity, leading to increased revenue and profits.
Let’s explore the detailed facts and figures about AI adoption in businesses, the opinion of consumers on AI adoption by businesses, and the effect of AI adoption on businesses worldwide.
AI In Business Statistics 2024
- 77% of the companies use AI or are planning to use it in their business.
- 64% of business owners believe AI will improve their productivity.
- 65% of the consumers said they trust the businesses that have adopted AI.
- 8 in 10 retail executives anticipate their businesses to adopt AI automation by 2025.
- Businesses are more likely to witness a 6% to 19% increase in revenue from adopting AI.
- 44% of the businesses stated that they have used AI to generate content.
- By the end of 2024, a third of businesses are likely to replace employees with AI.
AI In Business Statistics: In-Depth
- 77% of the companies are either using AI or exploring its usage in their businesses.
At the same time, 83% of companies claim that AI is a top priority in their business plans.
Source: National University.
- Over 6 in 10 business owners believe AI will improve their productivity.
64% of business owners stated that the adoption of AI is more likely to boost the productivity of the workers, and 42% of the business owners stated that AI will streamline the job process.
Source: Forbes
- 8 in 10 retail executives anticipate their businesses to adopt AI automation by 2025.
The majority of retail executives expect that their company will make use of AI automation within the next three years.
Source: Analytics Insight
- 56% of businesses have utilized AI to perfect their business operations.
At the same time, 1 in 2 businesses used AI in cyber security and fraud management. Meanwhile, one-third of the businesses use AI for product recommendations, and 26% use it for recruitment and talent sourcing.
The following table displays the usage of AI tools made by businesses in different sectors.
| Business Sector | Percentage of Businesses |
|---|---|
| improve and perfect business operations | 56% |
| cybersecurity and fraud management | 51% |
| digital personal assistants | 47% |
| customer relationship management | 46% |
| AI for inventory management | 40% |
| content production | 35% |
| product recommendations | 33% |
| accounting assistance and supply chain operations | 30% |
| recruitment and talent sourcing | 26% |
| audience segmentation | 24% |
Source: Forbes.
- Only improved security with the adoption of AI was close to its expected benefits with 47%.
The products’ enhanced performance and functionality caused the largest discrepancy between the realized benefits and the expected benefits of AI adoption.
However, these were also the areas with the highest amount of realized benefits.
The following table displays the expected and realized benefits of AI adoption in businesses worldwide as of 2023.
| Benefits of AI in Enterprises in 2023 | Expected Benefits | Realized Benefits |
|---|---|---|
| Cost reduction in operations | 18% | 26% |
| Enhanced performance/functionality of products | 25% | 50% |
| Faster time to data insights | 36% | 38% |
| Faster time to value | 31% | 23% |
| Improved customer satisfaction | 34% | 36% |
| Improved decision making | 21% | 31% |
| Improved security | 54% | 47% |
| Improved speed and efficiency of existing processes | 42% | 29% |
| Increased level of innovation | 29% | 39% |
| Increased productivity | 45% | 35% |
| Increased sales | 27% | 18% |
| Increasing revenue streams | 39% | 32% |
| New product creation | 50% | 44% |
Source: Statista
- Marketing and Sales could benefit the most from an added value between $760 billion and $1,200 billion.
Generative AI could generate significant value when deployed in different industries. Based on the use cases of generative AI in businesses, the high-tech sector generates the highest added revenue with the help of generative AI.
Meanwhile, the software engineering function witnessed the second highest added range of $580 billion to $1,200 billion.
The following table displays the potential impact of generative AI on the productivity of employees worldwide as of 2023 by business functions.
| Business Function | Low | High |
|---|---|---|
| Marketing and sales | 760 billion | 1,200 billion |
| Software engineering | 580 billion | 1,200 billion |
| Customer operations | 340 billion | 470 billion |
| Supply chain and operations | 290 billion | 550 billion |
| Product R&D | 230 billion | 420 billion |
| Risk and legal | 180 billion | 260 billion |
| Strategy and Finance | 120 billion | 260 billion |
| Talen and organization | 60 billion | 90 billion |
| Corporate IT* | 40 billion | 50 billion |
Source: Statista
- 42% of businesses consider measuring and proving the business value of AI solutions to be the biggest challenge.
It is one of the major challenges faced by a large share of businesses.
On the other hand, just 5% of businesses lack investment in AI adoption, while 4% of businesses do not have committed senior management to using AI.
The following table displays the leading challenges businesses face in adopting AI.
| Leading Challenges of Adopting AI in Businesses | Percentage of Businesses |
|---|---|
| Challenges in measuring and proving the business value of the AI solution | 42% |
| Lack of technological infrastructure to support AI | 38% |
| Storage of skilled AI talent | 32% |
| Lack of clean data | 24% |
| Lack of trust towards AI-based decisions | 22% |
| Algorithm/model failure | 19% |
| Inability to find the right data | 17% |
| Legal concerns, risks, or compliance issues | 14% |
| Lack of skills to exploit the results | 11% |
| Lack of clear strategy/clarity of success metrics | 9% |
| Lack of new use cases across the business | 7% |
| Lack of ongoing investment | 5% |
| Lack of senior management commitment | 4% |
Source: Statista
- In 2023, sustainable AI cost savers had an impact of at least 40% on enterprise costs.
The lowest impact was witnessed in the lower carbon footprints, while the highest impact was recorded in the better optimization of workloads across IT execution venues.
Here is a table that displays AI sustainability based on the cost savers in enterprises as of 2023.
| Leading Sustainability-based AI Drivers | High Impact | Medium Impact | Low Impact | No Impact |
|---|---|---|---|---|
| Lower carbon footprint | 42% | 39% | 17% | 1% |
| Improving energy monitoring and management | 47% | 41% | 12% | 1% |
| Better optimize workloads across IT execution venues | 48% | 39% | 12% | 1% |
Source: Statista
- 41% of the CEOs stated that they have hired new employees with AI skills.
At the same time, 46% of the CEOs stated that they are hiring new talents with AI skills.
On the other hand, 40% of the CEOs have already established AI partnerships with multiple companies, while 47% are in the process of establishing partnerships.
Here is a table displaying the CEO perspectives on the current state of AI at their organization worldwide 2023
| CEO Perspectives | Completed | In Progress | Not Started |
|---|---|---|---|
| Assessed how to effectively govern the risks unique to AI | 38% | 48% | 13% |
| Determined which data will create a competitive advantage through AI | 40% | 48% | 11% |
| Developed a vision for how AI may change our busines long-term | 40% | 48% | 11% |
| Established AI partnerships with multiple companies | 40% | 47% | 12% |
| Established an AI task force with a direct line to the C-suite | 38% | 48% | 14% |
| Established tracking of AI regulations | 39% | 47% | 13% |
| Hired new talent with AI skills | 41% | 46% | 12% |
| Invested in capabilities to augment third-party AI with our data | 34% | 53% | 13% |
Source: Statista
- Just 4% of organizations stated that a large share of their employees are using AI at every level of their organization.
On the other hand, 26% of the surveyed organizations stated that AI is not being utilized in their business.
Besides, 8 out of 100 employees in the organization stated that a large share of employees are using AI, but only in certain business departments.
Here is a table displaying the adoption of AI usage in organizations and businesses worldwide.
| Utilization of AI in the Organization | Percentage of Organizations |
|---|---|
| A high number of employees at every level of our organization are using AI | 4% |
| AI is being utilized by a high number of employees, but only within certain departments | 8% |
| Ai is only being used by a small number of employees within my organization | 61% |
| AI is not being utilized | 26% |
Source: Statista
- With the adoption of AI, 3 in 10 organizations have little or no change in the number of employees.
Meanwhile, after the adoption of AI, the number of employees increased by over 20% in just 3% of organizations.
On the other hand, the number of employees in one-fourth of the organizations decreased by 3% to 10%.
Here is a table displaying the increase or decrease in the number of employees observed by businesses or organizations after the adoption of AI.
| AI’s Impact on Employee Numbers | Percentage of Organizations |
|---|---|
| Don’t know | 12% |
| Increase by >20% | 3% |
| Increase by 11-20% | 4% |
| Increase 3-10% | 8% |
| Little or no change (decrease or increase by ≤2%) | 30% |
| Decrease by 3-10% | 25% |
| Decrease by 11-20% | 10% |
| Decrease by by >20% | 8% |
Source: Statista.
- With the adoption of AI in their businesses, 38% of organizations decided that they needed to reskill more than 20% of their employees.
Meanwhile, 2 in 10 organizations stated that they need to reskill just 5% or fewer employees with the adoption of AI in their business processes.
Here are further details about the share of employees that organizations need to reskill after adopting AI in their business processes.
| Share of Employees that Need to be Reskilled | Percentage of Organizations |
|---|---|
| Don’t know | 8% |
| >20% | 38% |
| 11-20% | 18% |
| 6-10% | 17% |
| ≤5% | 20% |
Source: Statista
- 65% of the consumers stated that they would still trust the businesses that use AI.
On the other hand, 14% of their businesses stated that they would not trust a business if it started using AI. Meanwhile, 21% of consumers have no view of a business’s usage of AI.
These numbers prove that if AI is used responsibly and effectively, businesses can maintain consumer confidence and make use of AI’s potential to improve consumer experiences.
Source: Forbes.
Additional AI in Businesses Statistics:
- On average, businesses are more likely to witness a 6% to 19% increase in revenue from the adoption of AI.
- 47% of businesses consider the usage of AI over hiring new employees.
- By the end of 2024, a third of businesses are likely to replace employees with AI.
- 44% of the businesses stated that they have used AI to generate content.
- 79% of the businesses stated that they had noticed an increase in content quality when using AI.
- 43% of the small businesses that use AI stated that their SEO performance has moderately improved.
- 24% of the business owners stated their concern that AI might decrease their business’s visibility on search engines.
- According to 72% of businesses, AI is more likely to become one of their most significant advantages.
Source: Tech.co, Resume Builder, Influencer Marketing, Statista, Stynthesia.
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Conclusion
AI has transformed industries worldwide, actively impacting various business processes. As a result, businesses are able to improve efficiency, productivity, consumer experiences, hiring processes, and recruitment speed.
Besides, over 11 out of 20 businesses have utilized AI to smoothly carry out their processes. AI efficiently handles repetitive tasks, freeing employees to focus on more strategic tasks.
Above all, experts predict that AI will be adopted in a large share of businesses, and a significant share of business processes are likely to be automated by AI in the next decade.
