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It was hard to miss the hype surrounding generative AI throughout 2023. Some might have dismissed it as a passing trend, but the latest statistics tell a different story. It’s clear now that artificial intelligence (AI) is rapidly transforming the business landscape.
AI solutions have applications across all functions of a business. They can significantly boost productivity in areas like finance, customer support and software development, leading to cost savings and increased output. AI-powered data analysis also yields actionable insights that can inform more strategic business planning.
Here, we’ll dive into 80 artificial intelligence statistics and trends for 2024 that illustrate the current state of AI adoption across multiple industries and its impact on the future of business and work.
The following AI statistics reveal how businesses actively integrate AI into their daily operations — 55% of business leaders in one study reported that their organizations have already adopted AI to gain a competitive edge.
1. J.P. Morgan analysts tracking investment interest in GenAI models estimated that market capitalization grew by $1.4 trillion and corporate profits jumped 45% — all within the first four months of 2023.1
2. Reducing manual or repetitive tasks is the reason 65% of global businesses have adopted AI.2
3. The most receptive employees are young tech professionals between the ages of 18 and 25, who had a 75% weekly adoption rate of AI tools in 2023.3
4. There were more than 250 million users of AI tools around the world in 2023, which is more than twice the quantity tracked in 2020. Estimates expect the number to surpass 700 million by 2030.4
5. As of January 2024, 1 in 4 desk-based employees say they have experimented with AI tools for their work tasks, an increase from the 1 in 5 reported six months earlier.5
6. Chief Financial Officers (CFOs) are focused on implementing AI workflow initiatives because 83% say they’re too busy to do more than their regular daily responsibilities. However, 44% noted a workflow automation skills gap among their teams.6
7. Only 5% of finance teams prioritize AI and machine learning (ML) skills for their financial planning and analysis (FP&A), based on Vena’s 2022 Industry Benchmark Report.
8. Seventy-three percent of companies continue to waste time on manual and error-prone tasks, such as data entry and validation, for their planning and budgeting processes, according to the Vena Benchmark Report.
One of the most exciting promises of artificial intelligence is its potential to revolutionize how we work. But with all the hype, it's important to ask: How does AI translate to a more productive workforce?
As Robert Kugel, executive director of business research at Ventana Research, has noted, “Simple applications [of AI] are likely to produce an underappreciated boost to productivity.”
9. Eighty percent of staff who use AI and automation tools for their jobs say that their improved productivity is thanks to the new technology.5
10. A study examining the impact of AI tools on productivity revealed that customer service support agents handled 13.8% more customer inquiries per hour, business professionals could write 59% more work-related documents per hour and programmers could code 126% more projects each week.7
11. Workers’ throughput of realistic daily tasks increased by 66% when using AI tools, the equivalent of 47 years of natural productivity gains in the United States based on the average U.S. labor productivity growth of 1.4% per year.7
12. Significant benefits of implementing AI tools are greatest among less experienced and lower-skill workers, who experienced a 35% improvement, while their fellow top-performing colleagues saw little to no negative effect.8
13. A Harvard study found that management consultants who incorporated AI tools into their work were more productive, completing tasks 25.1% more quickly, an average of 12.2% more tasks in total and with over 40% higher quality compared to a control group.9
14. Goldman Sachs estimates that GenAI has the potential to improve productivity growth by 1.5% and raise the global GDP by 7%, the equivalent of $7 trillion, over the next 10 years.29
Artificial intelligence is changing the landscape across a diverse range of sectors. We'll explore statistics that illuminate the trends in AI adoption in several key industries, including:
The data illustrates just how AI is driving innovation, streamlining processes and unlocking new possibilities for a variety of businesses.
From marketing automation vendors to cloud-based customer relationship management (CRM) platforms, the software-as-a-service (SaaS) industry thrives on innovation. Recent SaaS statistics reveal how much AI is transforming the industry, illuminating trends in areas like intelligent automation, data-driven insights and personalized user experiences.
As the above graphic illustrates, SaaS is the top adopter of AI — perhaps not surprising because they’re actively integrating AI into their internal operations, as well as into their product offerings. Here we'll delve into how AI enables SaaS companies to streamline operations, enhance customer value and stay ahead of the curve.
15. A survey revealed that 86% of cloud companies intended to incorporate an AI-driven feature by December of 2023. That percentage jumped to 90% when looking solely at SaaS developer companies, a 30% increase from June of 2023.10
16. The AI SaaS market is predicted to amount to $1.5 trillion by 2030, with a compound annual growth rate (CAGR) of 37.66% between 2022 and 2030.11
17. Three out of four (76%) SaaS companies are currently using or exploring adopting AI to improve their operations.12
18. SaaS firms have shown enthusiasm for the ongoing evolution of AI, with 38% having already implemented generative AI capabilities.12
19. In an effort to incorporate data-driven functionality into their products, 28% of SaaS businesses are currently testing the use of predictive analytics.12
Case Study: Spotify
Music streaming giant Spotify uses AI to tackle a major industry challenge: fraudulent streaming activity. Spotify deployed a sophisticated AI system that analyzes listening patterns in order to identify anomalies that suggest artificial streams. As a result, Spotify has removed millions of fake streams and protected payouts for legitimate artists. AI also allows Spotify to personalize music recommendations, leading to more engaging user experiences.
Actionable Tip: Drawing from Spotify's success, businesses can explore leaning on AI for data analysis to identify and mitigate fraud within their own industries. Implementing AI for anomaly detection can safeguard operations and ensure the legitimacy of data used for decision-making.
When it comes to the banking and financial services industry, AI tools have the potential to revolutionize everything from fraud detection to risk and wealth management. Statistics reveal the growing impact of artificial intelligence on financial institutions and illustrate how these tools enhance efficiency, security and the overall customer experience.
20. Recent banking trends reveal that the operating profits of the U.S. banking sector could grow by $340 billion with the use of generative AI.
21. 44% of hedge fund managers surveyed by BNP Paribas report they use ChatGPT within their professional work.13
22. Hedge fund managers are mostly using ChatGPT to create marketing text (35%) or summarize lengthy reports or documents (36%).13
23. JP Morgan Chase has built an extensive roster of employees working with AI, with 200 people in an AI research group, more than 900 data scientists, 600 machine learning engineers and over 1,000 handling data management.14
24. The European Central Bank has successfully implemented AI to sort and classify data collected from over 10 million legal entities across Europe, including financial institutions, the public sector and non-financial corporations.15
Case Study: Pentagon Federal Credit Union
Pentagon Federal Credit Union (PenFed) had a growing customer demand for personalized experiences so they leveraged Genesys AI, a cloud-based platform, to personalize interactions. This included chatbots designed to answer member inquiries, automated loan applications and targeted marketing campaigns. PenFed now reports a 20% increase in loan applications completed through the AI-powered chat interface, and customer satisfaction with loan applications improved by 30%.
Actionable Tip: Banking and financial services can leverage automation for repetitive and customer-facing tasks like loan processes, answering frequently asked questions and providing 24/7 customer support. Although banking and financial services have the lowest adoption of AI — most likely due to the importance of risk mitigation in this sector — these applications show that there’s value in exploring the use of AI.
The healthcare sector, long known for its constant innovation, is embracing AI at an impressive pace, and its impact is transforming health care. In areas like diagnosis, treatment and patient care, AI improves efficiency, accuracy and accessibility within the medical field.
25. The value of the global AI in healthcare market size is estimated at $32.3 billion in 2024, with an anticipated 36.4% CAGR from 2024 to 2030, leading to a revenue forecast of $208.2 billion in 2030.16
26. North America represented the highest revenue share (57.7%) in the world’s healthcare AI market in 2023, partly due to the widespread adoption of new technologies, favorable government initiatives and being home to several of the market’s largest players.16
27. AI adoption in health care has progressed steadily, with 40% of healthcare organizations having implemented AI models, 34% experimenting or evaluating AI options and 26% not considering AI solutions.17
28. One hundred percent of healthcare payer CIOs and tech executives report that AI and ML tech will be implemented in their systems by 2026, while 79% of them said they’d also adopt generative AI tools by then.18
29. Only 10% of adults claim to have a good understanding of the use of AI in patient health scenarios.19
Case Study: Moderna
Biotechnology leader Moderna leverages AI for the traditionally slow and expensive process of drug discovery. The company now employs a proprietary AI platform that analyzes vast datasets of genetic information and protein structures. This allows them to identify promising drug targets and efficiently design mRNA therapeutics, drastically accelerating vaccine development timelines. A prime example is their rapid development of a COVID-19 vaccine candidate in record time.
Actionable Tip: Moderna's groundbreaking work showcases the life-saving power of AI in healthcare. Businesses in various industries can take inspiration from this example: even if your field isn't healthcare, you can harness large language learning models to analyze vast datasets, identify patterns and accelerate innovation.
Whether it’s through more personalized marketing outreach, payment options using digital wallets like Apple Pay or chatbots handling customer assistance requests, AI has been rapidly increasing its impact on the world of retail.
30. The 2024 AI in retail market size was valued at $7.14 billion in 2023 and is projected to increase by a 31.8% CAGR from $9.36 billion in 2024 to $85.07 billion in 2032.20
31. Of the 29% of e-commerce teams that have adopted AI into their daily workflows, they’ve experienced an average time savings of 6.4 hours per week.21
32. Twenty-nine percent of e-commerce organizations have adopted AI tools, 48% are currently experimenting with AI integration and 20% are evaluating how it can best serve their needs, while only 3% have no existing AI plans.21
33. A total of $199 billion in holiday shopping orders were influenced by AI during November and December 2023, representing 17% of all holiday orders.21
34. Consumers are interested in discovering how AI can improve their shopping journey, with 86% wanting to research products or get product information, 79% looking for deals and promotions and 82% interested in reaching customer service, asking questions and resolving issues.22
Case Study: Nordstrom
Department store giant Nordstrom uses sophisticated AI to optimize their inventory management, ensuring stores have the right products in stock to meet customer demand. They've also developed a robust AI platform, leveraging customer data and fashion trends to personalize the shopping experience. This allows them to provide targeted product recommendations, curate personalized style boards and power chatbots that can answer fashion-related questions. This translates to increased sales and customer satisfaction.
Actionable Tip: Nordstrom's success story demonstrates a powerful use case for leveraging artificial intelligence in managing large quantities of inventory and personalizing the customer journey. AI systems can organize your product data, analyze customer information, personalize product recommendations and curate targeted marketing campaigns
The implementation of AI tools throughout the manufacturing process, including production, testing and engineering, can bring a multitude of benefits throughout the manufacturing value chain. These include decreased operational costs, 24/7 production, predictive maintenance, reduced downtime, improved quality control and improved safety.
35. The growing AI in manufacturing market achieved a value of $3.5 billion in 2023, with projections estimating its increase to $58.45 billion by 2030, with a CAGR of 48.1% from 2024 to 2030.23
36. Almost all supply chain execs (92%) admit they make gut decisions at times because their reports don’t provide predictive guidance, which they could achieve through AI.24
37. AI solutions contribute to manufacturers’ core production processes: 24% to assembly/quality testing, 23% to product development and engineering, 20% to procurement, 20% to order management, 20% to logistics and 19% to end-to-end supply chain management.25
38. Based on a Deloitte survey of manufacturing companies, 83% of respondents believe that AI has already had, or will have, a practical and measurable impact on their company. Among this subset of people, 27% felt their AI projects already delivered value to their companies, and 56% think it’ll take two to five years to reveal their true value.26
39. Over half (52%) of manufacturers have adopted AI tools, while 35% are planning to implement them and 13% have no plans to invest in AI.26
Case Study: Rockwell Automation
Manufacturer Rockwell Automation developed a suite of AI-powered tools to streamline the manufacturing process, including machine learning algorithms that analyze sensor data to predict equipment failures and recommend preventative maintenance. Additionally, they're integrating AI-powered robots to automate complex tasks and create more efficient production lines. This enables manufacturers to reduce downtime, minimize waste and optimize production schedules, which translates to significant cost savings and increased output.
Actionable Tip: Drawing inspiration from Rockwell Automation, companies can explore how to implement artificial intelligence to optimize their operations on multiple levels. This could involve deploying AI-powered predictive analytics tools or leveraging AI for data-driven decision making at the ground level.
Businesses are collecting more data than ever. While great in theory, this actually makes the jobs of the keepers of that data—departments like finance and operations—harder.
It creates more work for them because the true value of the data lies in transforming it into actionable insights — clear, data-driven findings that can inform strategic decisions and drive positive outcomes. Doing this manually is laborious, time-consuming and runs the risk of human error.
This section will explore how businesses can leverage artificial intelligence to unlock the true potential of their data, along with examples of how a few companies did this to extract actionable insights that optimized their operations, ultimately fuelling business growth.
40. Business intelligence (BI) platforms are able to simplify complex unstructured data, which represents 80% of all available data, to develop actionable insights that create more efficient workflows.34
41. Although only 20% of organizations empower their employees with access to AI-based data analytics tools and relevant training, they experienced an increase of more than 10% in annual revenue more often than those who continue to gatekeep data access.36
42. Researchers discovered that Netflix’s average user loses interest after only 60 seconds of perusing more than 10-20 titles in detail and built an AI algorithm to recommend more tailored suggestions.32
43. The U.S. Army Corps of Engineers used a combination of spatial analysis and AI to monitor waterways stretching over 25,000 miles and 400 ports, resulting in a savings of $100 million a year.33
44. During a proof of concept stage, developers at Goldman Sachs have written as much as 40% of their code automatically using generative AI.35
The rise of AI has sparked a heated debate about the future of work. Tech leaders like Elon Musk have made headlines with predictions that AI will surpass human intelligence within a few years. While such extreme scenarios may seem like science fiction, concerns about AI replacing human jobs are very real. Although most business leaders believe AI will create new jobs, many employees have concerns.
Statistics around AI job displacement, analysis of potential impacts across various industries and strategies for workforce adaptation in the age of AI serve to ground this ongoing discussion.
45. More than 93% of employers and 86% of workers anticipate using GenAI to automate repetitive tasks, improve creativity and innovation efforts and support increased learning within the next five years.27
46. Salesforce found that 28% of employees are currently using GenAI at work, but 55% of them are doing so without the formal approval or oversight of workplace management.28
47. The American Psychological Association found that 38% of American workers worry that AI may make their job duties either partially or completely obsolete in the future, while 25% are not concerned about AI’s impact.37
48. Among employees stressed about AI, 1 in 3 say their mental health is poor, and 2 out of 3 feel the mental health at their workplace is worse than their leadership believes.37
49. Positions facing the greatest risk of impact by AI automation include office and administrative work (46%) and those in the legal field (44%), most likely due to the work requiring an understanding of process and detailed work that has clear cut end results, which AI is well-equipped to handle.38
50. While upskilling is important for the future of AI in business, 82% of employers and employees don’t know which specific skills are worth pursuing, and 4 out of 5 of them are unaware of the outside training options available to them.27
51. Employees using GenAI for administrative and routine tasks are saving an average of 1.75 hours per day, freeing them up to focus on more strategic work.39
52. AI and machine learning specialists rank number one on the list of the fastest-growing jobs in the modern workforce, with bank clerks, data entry clerks, administrative secretaries and accounting, bookkeeping and payroll clerks among the positions declining the most.40
The pressure to reach the right customers with the right message at the right time is a constant goal for sales and marketing teams. Artificial intelligence has emerged as a game-changer in this respect, offering powerful tools to personalize outreach, automate repetitive tasks and optimize campaign performance. The intersection of sales, marketing and AI creates opportunities for businesses to leverage these advancements to generate leads, nurture prospects and close more deals.
53. Sixty percent of business owners predict that AI implementation will drive sales growth, while 64% believe it will improve customer relations and increase productivity.41
54. Employers surveyed by Amazon acknowledged they would be willing to pay a 43% higher salary on average for staff with AI skills in sales and marketing.27
55. By automating manual tasks with AI, sales pros are able to save two hours and 15 minutes a day — 78% agree that it helps them dedicate more time to the most critical aspects of their role.42
56. Roughly 3 in 4 (73%) of sales pros feel that they’re able to retrieve insights from data they otherwise wouldn't be able to find without the assistance of AI.42
57. Sales pros indicate that 18% of them use generative AI to create content, 16% use it for prospect outreach, 16% conduct research with it and 14% rely on it for data analysis and reporting.42
58. Fifty-three percent of marketers believe GenAI is a “game-changer” because it alters the ways they can analyze data, personalize content, build marketing campaigns and optimize SEO strategy.30
In today's competitive landscape, fostering quality customer experiences is a necessity. Studies show that a positive customer experience can yield significant benefits, including a 20% increase in customer satisfaction rates, a 10%-15% boost in sales conversions and even a 20%-30% rise in employee engagement.
Fortunately, AI offers a powerful set of tools to elevate customer interactions, personalize the shopping journey and ultimately drive business growth. This section explores how you can leverage AI to create exceptional customer experiences that foster loyalty and boost your bottom line.
59. Forty-two percent of AI decision-makers indicate that improving or personalizing customer experiences is a top priority, perhaps explaining why 50% of large global firms plan to experiment with customer-facing generative AI.43
60. Brinks Home used AI tools to optimize service call scheduling and improve cross-sell recommendations from call center reps, resulting in an increase in its average direct-to-consumer (DTC) package size from $489 to $968 over the course of two years. This led to a growth in overall revenue by 9.5%.44
61. Natural language processing (NLP), AI that can comprehend and respond to text or voice data inputs, is most commonly (38%) used to improve customer care.2
62. Roughly 9 out of 10 customers feel that they deserve to know when they're communicating with AI or a human, and 4 out of 5 say it's critical for humans to validate AI outputs.45
63. Approximately 75% of consumers now utilize multiple channels in their ongoing customer journey, so developing AI-supported digital self-service channels and agent-assisted AI options on social media can improve real-time quality outcomes.46
The surge of artificial intelligence adoption across industries is undeniable, and this trend is reflected in the market's explosive growth. The rapid development and expansion of AI offerings brought financial benefits for businesses that develop and support these technologies, but it has also created confusion about next steps and illuminated an important AI talent pool problem.
64. Market research indicates that the AI market will grow to almost $1.8 trillion by the year 2030, with an anticipated CAGR of 37.3%.47
65. Researchers project that by 2025, the total value of global investments in AI-related tech will reach nearly $200 billion.1
66. The largest economic gains due to AI are projected to benefit China, with $7 trillion, and North America, with $3.7 trillion, in GDP increases by 2030.48
67. An estimated 9.9% of GDP growth is anticipated for Northern Europe, while Southern Europe is expected to gain 11.5%, resulting in a combined value of $2.5 trillion.48
68. By 2030, the GDP of local economies around the world is projected to increase by up to 26% as a result of artificial intelligence.48
The practical applications of AI in the workplace is a topic that instills both excitement and apprehension. Understanding these contrasting perspectives is crucial for navigating the future of work.
69. Fifty-four percent of businesses that have implemented AI tools to reduce costs and drive efficiency report positive results of at least 1%, with 14% experiencing improvement of 11% or more.49
70. Almost 7 out of 10 employees believe generative AI will assist them to better serve their customers by creating an overall time savings of five hours a week on average, equal to over one month (32.5 days) of work hours for full-time staff each year.50
71. Seventy-three percent of employers say that onboarding AI-skilled talent is a priority, but 75% of them lament that the AI talent pool isn’t big enough, resulting in unfilled positions.27
72. More than 4 out of 5 (81%) of the general public believe all businesses should invest more in developing AI assurance policies to affirm that an AI application doesn’t present any unacceptable risks.51
73. Among the finance and operations professionals who attended Vena’s annual Excelerate Summit conference in May 2023, only 3% reported they had fully integrated AI into their function, 22% had implemented some AI tools within their team and 74% hadn’t adopted any AI tools to support their workflows.
74. A Cisco survey of more than 8,000 private sector, business and IT leaders revealed that 97% felt the urgency to deploy AI technologies within their organizations increase over the past six months.52
75. A 2023 survey of business executives found that 78% think the benefits of GenAI outweigh its risks.31
While AI offers a powerful toolkit for businesses, navigating its implementation comes with its own set of challenges. Factors like data bias, security vulnerabilities, unchecked generative AI accuracy and a lack of clear regulations can act as significant restraints.
Additionally, legal considerations surrounding AI are rapidly evolving, as evidenced by the growing number of lawsuits concerning algorithmic bias and data privacy violations. The AI Litigation Database from George Washington University's Ethical Tech Initiative provides opportunities to glean valuable insights from AI's legal landscape by providing a record of more than 100 AI-related lawsuits currently on legal dockets across the U.S.
76. IBM’s Global AI Adoption Index found that 60% of businesses using AI are not working to develop ethical AI policies, and 74% are making no efforts to reduce unintended biases.2
77. While interest in adding AI tools to their workflows is clear, more than half of employees surveyed by Salesforce believe generative AI outputs are biased (59%) and inaccurate (54%).50
78. Sixty-four percent of workers have presented work produced through generative AI work as their own, and 41% are willing to exaggerate their generative AI skills to land a job, contract or promotion.28
79. Almost 2 out of 5 (39%) American adults trust that current AI tech is actually safe and secure to use.51
80. The consensus (85%) of the general public is that a nationwide effort among government, industry and academia leaders is necessary to make AI safe and secure.52
In October 2023, the White House issued an Executive Order creating new standards for AI safety and security. It includes requirements for large AI developers to share safety test results with the government, develop standards and tools to test AI systems’ security and trustworthiness and the development of a cybersecurity program.
It’s clear that artificial intelligence is rapidly transforming the business landscape, and 2024 promises even greater advancements—but also new challenges. Preparing your business for a future with AI will empower employees to make smarter decisions, connect better with customers and navigate ethical considerations.
AI’s ability to analyze vast amounts of data to predict customer behavior, market trends and potential risks will continue to be refined. This enhanced foresight can empower you to make data-driven decisions with greater confidence. AI can help you forecast sales trends with high accuracy, anticipate supply chain disruptions and optimize marketing campaigns—just to name a few areas of opportunity.
It also enables you to proactively address customer needs. By predicting customer behavior, you can provide targeted recommendations, proactive support, and personalized experiences that drive loyalty and satisfaction.
By exploring AI solutions tailored to your industry's specific needs, you can gain a significant competitive edge.
As the presence of Generative AI has risen across industries, so have concerns about data privacy and security.
Businesses deploying AI must prioritize transparency in how they collect, store and utilize customer data. They also need to develop internal policies for how they intend to use tools like generative AI and how they'll validate its outputs to ensure accuracy.
Clearly communicating AI practices and empowering customers with control over their information builds trust and fosters long-term customer relationships. Offering clear opt-in and opt-out options for data collection and publicly prioritizing data security measures shows consumers you care about the ethics of AI use.
Forward-thinking business leaders need to stay informed about cutting-edge advancements like generative AI for gathering data, generating reports, analyzing trends, optimizing forecasts and answering complex business questions.
By staying up-to-date with these emerging trends, businesses can continue to unlock their company’s potential and gain a competitive edge.
From financial services and SaaS to manufacturing and health care, artificial intelligence empowers business leaders with sharper decision-making, a deeper understanding of customers and streamlined operations. By taking advantage of available AI technologies and educating the wider business on how to use it effectively, companies can:
Faced with a challenging business environment that requires you to do more with less, adopting and adapting to AI advancements with tools like Vena Copilot, a financial planning and analysis AI planning assistant, will be the key to staying ahead of the curve and achieving sustainable growth.
Sources:
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