In recent years, Artificial Intelligence (AI) has become a hot topic among tech enthusiasts, corporations, startups, investors, the media, and the general public. From chatbots and robots to automated vehicles and virtual assistants, the Science Fiction of yesterday quickly became reality. To illustrate just how interesting, useful, and ubiquitous AI already is, we’ve compiled 5 figures and statistics any tech enthusiast should know.
38% of US jobs will be automated by 2030
By the early 2030s, robots could replace 38% of human-staffed jobs in the US, according to a PwC report. The research found that more jobs are at risk in the US when compared to other major producing countries around the world – 30 percent of UK jobs, 35 percent in Germany, and 21 percent in Japan. Of course, this doesn’t mean these jobs will disappear altogether by then. For the most part, this indicates certain vulnerabilities for certain industries.
The jobs that robots will most likely replace in the future include customer service executives, receptionists, bookkeepers, proofreaders, retail services experts, doctors, soldiers, market research analysts, security guards, and couriers.
AI-powered voice assistants are taking over the world
One of the most popular uses of AI has come in the use of voice-assisted devices. This trend will only grow in the coming years. Juniper Research analysts estimate there will be 8 billion digital voice assistants in use by 2023, up from the 2.5 billion assistants in use at the end of 2018. This is more than the global population, an indication that users of voice assistants are likely to own more than one such device.
Industry experts estimate that in the US alone, there are over 110 million users of virtual assistants, with devices like smartphones and smart speakers proving to be very popular. One common usage of these AI-powered voice assistants is for online shopping.
30,000 lives could be saved every year in the US thanks to AI
Driverless cars promise to eliminate the vast majority of fatal traffic accidents, the technology promising to rank among the most transformative public-health initiatives in human history.
More than 30,000 Americans die every year in traffic accidents, not to mention millions of injuries and hundreds of billions of dollars in property damage and other expenses. In the future, the number of traffic fatalities could drop as progress increases and the ubiquity of autonomous cars that, unlike human drivers, are not distracted and are less likely to crash into each other. The life-saving estimates for driverless cars are on par with the efficacy of modern vaccines.
The global AI market value is expected to reach $360 billion by 2027
According to Fortune Business Insights analysts, the global AI market is projected to grow from $47.47 billion in 2021 to $360.36 billion in 2028 at a CAGR of 33.6% in the forecast period. The IT and Telecom segment is set to dominate the market share during the forecast period, but retail is expected to showcase rapid growth owing to the increasing focus on providing an enhanced shopping experience.
North America held a significant share of the market in 2020, with the US being a major contributor owing to rising government initiatives and investments in the market. The presence of various market players in the US is expected to boost AI market growth, the paper shows.
Netflix saves $1 billion annually by using Machine Learning
A regular customer gives up on a search after 60 to 90 seconds, according to research conducted by Netflix. With this data in mind, in 2017 Netflix implemented a working machine learning algorithm that automatically recommends personalized movies and TV shows to subscribers. Netflix estimates it could lose close to $1 billion every year from subscribers quitting its service if it didn’t use the AI-powered recommendation engine.
Today, nearly every major streaming platform (Netflix, Hulu, Disney+, HBO Max, Amazon Prime) uses its unique algorithm that combines human knowledge and machine learning to create a decision-making process that will guide the viewer. The ultimate goal is to reduce the number of subscribers who cancel the service, increase viewing time, and keep viewers’ interest.
AI is one of the most impactful trends in business, industries across the globe rapidly incorporating the new technology into their processes to improve operations and customer experience. It would be a mistake to think that only big corporations are looking towards AI. Figures show that small and medium businesses are also investing in AI-powered solutions to optimize the functionalities and up performances at a minimal cost.
