Overview of Global Application

The growth of AI in the global context is massively capturing many industries daily. This particular post of this article screens some and gives space to expand the ideas in the future.

In understanding changes, in employment laws, there has been a recent trend toward emphasizing the “universal”, with economics and psychology serving as the preeminent disciplinary frameworks. Many people take it for granted that “globalization”, in the shape of the internationalization of markets and developing technology, has not only been the primary force behind the change but has also “determined” outcomes (Stephen, 2005). So, globalization itself takes Artificial Intelligence as the needed resource of all firms. in the future, it may cover all. The following diagram forecasts the future.

Source: Ralf and Marie (2020, p.2), Forecast of turnover with enterprise applications in the field of AI – Worldwide from 2016 to 2025 (in US $ million)

The above figure is indicating that the global economic effects triggered by Artificial Intelligence. And the greatest challenge of AI is still the comprehensive reproduction of the human brain (Ralf and Marrie, 2020). The world will slowly move to the control of AI in the future. 

Particularly in the US and China, AI attracted a sizable amount of investment. The situation is still fairly uneven in Europe, with some of those nations having a favorable climate for AI while having a favorable environment for AI while others lag behind. Initiatives to advance AI development in Europe have been put in place by European governments (Nasser, Anis and Ananda, 2021).

Banking Industry

From a global view, the banking industry is a well-known AI implementor today. The banking sector has adopted AI to encourage faster customer service, as well as to enable institutions to better manage data and create strategic goals. According to the PwC report, AI contributed 2 trillion dollars to GDP in 2018 and it will reach 15.7 trillion dollars by the year 2030 (Nasser, Anis and Ananda, 2021). It shows the contribution of AI to the Global economy.

Apart from that, United Services Automative Association (USAA) is the first bank to accept smartphone deposits from customers and has also agreed to invest in artificial intelligence technology that will help to detect probable abnormalities through apps related to fraud prevention and fraudulent activity (Nasser, Anis and Ananda, 2021).

In addition, Virtual Assistants regularly gather information about commercial banks by observing their previous transactions and surfing patterns in order to provide a highly tailored user experience. The HDFC Bank-developed EVA (Electronic Virtual Assistant) chatbot has handled more than 2.7 million customer requests, communicated with more than 530,000 different customers, and participated in 1.2 million dialogues. iPal was launched by the ICICI Bank for around 6 million inquiries and the chatbot had 90% accuracy when interacting with 3.1 million users. Citibank has also invested more than 11 million dollars in a new anti-money laundering system and used machine learning and big data (Nasser, Anis and Ananda, 2021).

UNDP’s highlights of the other industries

AI use in Medical Industry,

“In medicine, AI is already more accurate when it comes to designing personalized treatments or predicting heart attacks. When AI is combined with human diagnosis, the error rate is only 0.5 percent - compared to 3.5 percent for human doctors. According to WHO, non-communicable diseases cause approximately 89 percent of premature deaths in the European region, thus better diagnostics could help save millions of lives” (Milica, Alex and Lejla, 2018).

AI use in Farming Industry,

“Indian farmers are using AI, which takes into consideration data, like changing weather patterns, production, and sowing area, to inform their decisions about when to sow. This increased their yield by 30 percent per hectare, reduced pest-related risks, and predicted prices up to three months in advance.

Precision farming, through tools like the LettuceBot, can identify and differentiate sprouts from weeds, and isolate weeds for spraying” (Milica, Alex and Lejla, 2018).

Artificial Intelligence Statistics and Facts for 2022

Source: Ashley, 2022 (CompTIA)

            The State of AI in Business:

86% of CEOs report that AI is considered mainstream technology in their office as of 2021.

            91.5% of leading businesses invest in AI on an ongoing basis.

           Customer satisfaction is expected to grow by 25% by 2023 in organizations that use AI.

50% of enterprises plan to spend more on AI and machine learning in 2021 and 20% report a significant increase in their budgets.

            Voice Search and AI stats:

            40% of adults use voice assistants to search on a daily basis.

            50% of all searches were the result of a voice search in 2020

            43% choose digital voice assistants because they are faster than type search.

Machine Learning and AI stats:

76% of enterprises surveyed in Algorithmia’s 2021 report plan to prioritize AI and machine learning initiatives over other IT goals in 2021.

83% of organizations have increased their AI and machine learning budgets YOY since 2019

            Impact of AI on the Jobs and Employment Market:

            38% of employees expect their jobs to be automated by 2023

            13% expect AI to eliminate positions entirely in their industry.

AI technology was expected to create 500,000 more jobs than it was expected to replace in 2020.

Jobs are anticipated to be in high demand with 97 million specialists needed in the AI industry by 2025.

            Usage of AI by industry:

            Other 22% /Technology 17% /Financial Services 15% /Healthcare 9% /Education 8%

            Government/ Public sector 6% /Telecomm 5% /Manufacturing 4% /Media 3%

Defense/ Security 3%

            Stats about AI in the Retail Industry:

Expected to reach $20.05 billion by 2026, a compound annual growth rate of 39% since 2019.

80% of retail executives expect their companies to adopt AI-powered intelligent automation by 2027.

            A growth of 230% in machine learning spending between 2019 and 2023.

            Chatbots and AI Facts and Figures:

           89% found chatbots to be useful or very useful for personalizing customer interactions.

            69% reported reduced operational costs due to chatbot usage.

            63 preferred to speak with a chatbot over a human

            48% reporting customer frustration and churn due to chatbot usage.

47% finding that significant IT involvement is needed to personalize experiences with chatbots.

            AI Market statistics:

            The global market size of $327.5 billion in 2021.

            AI market share in the US is expected to value $190.61 billion by 2025.

            China is expected to become an AI industry leader in the coming years.

            AI Growth:

            AI software will reach $62 billion in 2022 alone, an increase of 21.3% from 2021

            The forecast annual growth rate of AI between 2020 and 2027 is 33.2%.

            Virtual Assistants:

            50% of knowledge workers will use a virtual assistant by 2025.

            Spend on virtual assistants will reach $3.5 billion in 2021

            AI in Customer service:

80% of marketers in 2020 already had chatbots as part of their customer experience strategy.

            40% of businesses say that customer experience is their top motivator for using AI.

            80% of customer service interactions were responded to by chatbots.

            AI in Marketing:

48% of marketing leaders cite AI as making the most significantly different in how customers interact with them.

            51% of eCommerce companies use AI to provide a seamless experience.

            64% of B2B marketers consider AI to be valuable in their marketing strategy.

          

The other updated (Nov 26, 2022) AI statistics from Nick G. (2022)

            AI-powered voice assistants to reach 8 billion by 2023.

            By 2025, the global AI market is expected to be almost $60 billion

The highest number of Alexa’s inventory skills are accessible in the US – about 66,000 skills.

Global GDP will grow by $15.7 trillion by 2030

            AI can increase business productivity by 40%

            The number of AI startups grew 14 times over the last two decades.

            Investment in AI startups grew 6 times since 2000.

Already 77% of the devices use feature one form of AI or another

The overall view of global application, according to PwC’s FinTech Trends India Survey, the amount of money invested globally in artificial intelligence surpassed $5 million in 2017, rose to $41.1 billion in 2018, and is predicted to reach $300 billion by 2030 (Nasser, Anis and Ananda, 2021).

 

 

 

References:

Ashley Watters, 2022, 30+ Artificial Intelligence Statistics & Factors for 2022, CompTIA, viewed 30 November 2022,

< https://connect.comptia.org/blog/artificial-intelligence-statistics-facts>

Milica Begovic, Alex Oprunenco and Lejla Sadiku 2018, Let’s talk about artificial intelligence, UNDP, viewed 30 November 2022,

< https://www.undp.org/blog/lets-talk-about-artificial-intelligence>

Nasser Rashad Al Mwali, Anis Moosa Al Lawati and Ananda S (edts) 2021, Fourth Industrial Revolution and Business Dynamics: Issues and Implications, Palgrave Macmillan, Singapore

Nick G. 2022, 101 Artificial Intelligence Statistics [Updated for 2022], techjury, viewed 30 November 2022,

<https://techjury.net/blog/ai-statistics>

Ralf T. Kreutzer, Marrie Sirrenberg 2020, Understanding Artificial Intelligence: Fundamentals, Use cases and Methods for a Corporate AI Journey, Spinger Nature, Switzerland

Stephen Bach 2005, Managing Human Resources, Blackwell Publishing, Australia