With ingenuity and rapid automation driving the forefront of the Artificial Intelligence campaign, the AI market is expanding remarkably fast and is expected to embrace new users in the forthcoming months.
According to Stocklytics.com, the number of AI tools users will topple over the 500 million mark by 2027, highlighting the heightened demand for these tools on account of expediting productivity and enhancing digitalization.
Financial analyst Edith Reads from the site remarks, “The anticipated surge in the AI market is hardly surprising, considering that AI-based tools are now integrated into nearly every major sector of the economy, spanning finance, healthcare, and communication services.
“The projected increase in users indicates that the AI industry is expanding at a rate exceeding expectations and will play a crucial role in enhancing productivity and reducing errors, thereby streamlining tasks.”
Global Artificial Intelligence adoption
In 2023, the AI market surged ahead, boasting over 250 million users, setting a dynamic pace for the years ahead. The number of users will be over 700 million in a decade, hinting at fast-paced AI adoption globally.
The Indian and Chinese ecosystems are the most receptive to AI tools, with approximately 60% of IT professionals confirming using AI applications in their organizations. While these two countries lead in enthusiasm for artificial intelligence, other nations are also showing renewed interest. In 2017, only about 20% of people globally were open to integrating AI in at least one business area. This number has steadily increased, reaching 50% in 2022, although it peaked at 58% in 2019.
These figures will likely escalate significantly by 2025, projecting that AI will drive 95% of customer interactions, with AI assisting in 19 out of every 20 interactions.
AI tools presence and receptive rate
Generative AI sparked remarkable interest among global audiences, with OpenAi’s chat GPT leading the charge. By January 2023, ChatGPT had already garnered over 100 million active users, beating other popular applications like Facebook, Instagram, and Netflix as the fastest growing. Moreover, 97% of business owners trust the app’s potential to benefit their businesses and augment their profits.
AI is also driving the sales of wearable technology and chip solutions, with tech firms like Apple and Google committing to incorporating AI technology. Popular products like the Apple Watch Series and Fitbits directly benefit from AI progression. Additionally, about 8.4 billion digital voice assistants will flood the market by the end of 2024.
The automation of cars is also pegged to AI progression. 10% of vehicles will be driverless, with most of them being robo taxis by 2030. Fully automated cars will accumulate nearly $14 billion by the same period.
Impact of AI tools use
AI tools will boost business productivity and influence economic gains. By 2035, analysts are projecting a 40% increase in productivity. Moreover, AI is expected to account for almost 70% of the global economy, with about $10.7 trillion in revenue gains expected by 2030.
Additionally, 64% of business owners believe AI will help build great customer relationships, promoting good producer-consumer relationships bound to elevate business gains.
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