For decades, artificial intelligence has been a source of dispute among researchers, scientists, policymakers, and the general public. While every argument has a point, some are highly exaggerated. Artificial intelligence has some risks, especially for the labor force, but many industries have also benefited from it. The question we all need to answer is how much the benefits outweigh the risk and if it’s all worth it. To do that, let’s delve into some AI statistics that are unknown to many people. Hopefully, by looking into these artificial intelligence facts, we can make better conclusions and more informed decisions about AI.
Fascinating AI Facts (Editor’s Choice)
- Stanford researchers developed AI that can predict death with 90% accuracy.
- Self-driving cars can reduce fatalities by as much as 94%.
- MIT research has found that a single robot can replace 3.3 human jobs in the US.
- An estimated 2 million new net jobs will be created by 2025 due to AI.
- Advanced robots could reduce labor costs by 18%.
- 57% of US employees trust robots more than their managers.
- AI healthcare statistics showed that artificial intelligence performed better 11.5% of the time than radiologists in detecting breast cancer among women.
- A new model in weather forecasting developed through machine learning can predict 64% of severe weather.
Interesting Facts About AI
1. Stanford researchers developed AI that can predict death with 90% accuracy.(BGR Media) One of the most morbidly fascinating applications of artificial intelligence today was designed by Stanford University researchers. They’ve recently developed a model that aims to forecast a patient’s death. The algorithm has been trained using over 2 million patient records to discover patterns that humans wouldn’t be able to distinguish. When they used the algorithm for patients in palliative care, the model determined when a patient would die with 90% accuracy.
2. Robots shipped in the US increased by 7% from 2017 to 2018.(Association for Advancing Automation) Artificial intelligence growth is only getting faster year after year. This is evidenced by the 7% increase in shipment of robots to the US from 2017 to 2018. That amounts to a total of 35,880 units in 2018. Surprisingly, the automotive industry accounted for only 53% of this shipment. Growth has been recorded in other areas like electronics, life sciences, plastics and rubber, and consumer goods. This shows that other industries are starting to appreciate the benefits of automation.
3. Self-driving cars can reduce fatalities by as much as 94%.(ZD Net) According to the Department of Transportation, about 37,461 deaths were caused by vehicular accidents in the US in 2016. As the department’s data suggests, 94% of these deaths were caused by human error. By fully utilizing autonomous cars, 94% of deaths in traffic collisions can be avoided since human errors will be eliminated.
4. 30% of consumers think chatbots can address customer service problems.(Forbes, Chatbots Life) A survey conducted among 1,000 US consumers found that only 30% of customers are comfortable chatting with chatbots to resolve specific customer issues. However, according to these AI statistics, 86% still prefer communicating with customer support representatives. Yet, another survey revealed that 55% of consumers like to engage with bots when having online business transactions.
5. There will be over 8 billion digital voice assistant devices by 2023.(Search Engine Land) Artificial intelligence trends have paved the way for 1.5 billion virtual assistants to be integrated into devices in 2019. Google has reported over a billion voice assistants installed on devices, especially smartphones. Meanwhile, Apple has over 500 million active Siri users, whereas Amazon has sold over 100 million Alexa devices.
6. Analysts suggest that the US government invests $25 billion in artificial intelligence research every year.(National Defense Magazine) Analysts insist that the US government doesn’t spend enough on research and development in artificial intelligence. The current budget for artificial intelligence is only $4 billion. They suggest that the government increase the funding to $25 billion, which is less than 19% of the amount requested for unclassified research and development under the Trump administration. Researchers argue that the AI industry will soon change the landscape of the global economy and security. This makes it fundamentally important to invest all the more in AI.
AI Replacing Jobs Statistics
7. MIT research has found that a single robot can replace 3.3 human jobs in the US.(MIT) There is no doubt that developments in automation bring many advantages to society. Artificial intelligence technology can potentially improve human lives and increase the efficiency of many industries. However, MIT professor Daron Acemoglu urges lawmakers to proceed cautiously with policy creation regarding AI. He has found that a single robot has the potential to replace 3.3 human jobs in the country.
8. If the current AI trends persist, an estimated 2 million AI-related jobs will be created by 2025.(Gartner) Researchers are confident that automation will increase businesses and companies’ productivity, especially when AI is used to augment workers’ skills. Though advances in AI have led to job losses for some low and middle-level income earners, there’s also considerable potential to create new positions for highly skilled workers, according to AI career stats. It’s estimated that 2025 will see 2 million new net jobs due to AI.
9. One in five job seekers fears losing their job to AI in the future.(Zip Recruiter) A survey conducted among 11,000 job seekers in the US showed that 20% are afraid they might become redundant due to AI, despite the new jobs artificial intelligence will potentially create in the future.
10. Economists estimate that 42% of jobs lost at the height of the pandemic are gone forever.(Time) Automation has cost people a lot of jobs in the past. From 1990 to 2007, an estimated 400,000 human-held jobs in US factories fell to the wayside due to automation, as reported by AI factory statistics. This time, the pandemic-induced job losses are a cause for more concern. At the height of the pandemic, about 40 million US workers lost their jobs. While some are going back to work, economists fear that 42% may never be able to do so since they’ve already been replaced by automation.
11. Women hold 58% of jobs that are at risk of automation.(Bloomberg) The longstanding debate on automation displacing jobs has primarily centered around men. This is because most low-income jobs were held by men, such as truck drivers and factory workers. However, it should be noted that women comprise half of the labor force. And based on research, 58% of jobs at risk of automation are held by women.
AI vs. Human Statistics
12. 38% believe that humans can deliver better customer service than artificial intelligence.(Pega) With recent AI trends and developments, there is little doubt that artificial intelligence can improve customer experience. In a survey conducted among 6,000 consumers, about 40% anticipate the time when artificial intelligence will make customer experience a lot better. Regardless of this potential, 38% of consumers today are still doubtful that artificial intelligence can deliver a better service than an actual human being.
13. According to AI statistics, 57% of US employees trust robots more than managers.(Robotics Business Review) Artificial intelligence is redefining the way things are done in the workplace. Since companies are implementing automation more, artificial intelligence takes on more tasks. As a result, artificial intelligence is reinventing key relationships at work, as well as employee roles. This is made more evident in the survey conducted among 8,370 respondents, where 57% of US employees said they trusted robots more than their managers. What’s more, 50% said they were more likely to ask robots for advice than their managers.
14. AI healthcare statistics showed that artificial intelligence performed better 11.5% of the time than radiologists in detecting breast cancer among women.(New Scientist) Early detection of cancer is crucial for a patient’s chance of survival. It’s also important that clinicians and radiologists make fewer mistakes when detecting lesions in mammography screenings. Sadly, over half of US women who have undergone screening will have a false-positive result. This problem led to an experiment where AI was pitted against radiologists. They found some promising AI trends. The robot outperformed radiologists 11.5% of the time, even when they were given the patient’s history.
15. Bloomberg has used automated technology for one-third of its content.(New York Times) There’s no question that machines write faster with fewer errors. This is why Bloomberg is now utilizing automated technology that helps journalists churn out thousands of articles. In fact, one-third of Bloomberg’s content comes from automated technology. Although this means efficiency for this media giant, it begs the question of how many writers will be left unemployed because of the new system.
16. Current AI technology paved the way for artificial intelligence to detect legal issues with 94% accuracy.(Interesting Engineering) In an experiment where bots were pitted against lawyers in identifying and highlighting proposed legal issues in five standard non-disclosure agreements, bots outperformed humans. They were able to identify legal issues with a 94% accuracy rate and in just 26 seconds. The humans had an accuracy rate of 85%, and it took them between 51 minutes and 2.5 hours.
Why Is Artificial Intelligence Important?
17. By 2021, 75% of healthcare delivery organizations will invest in AI to improve clinical outcomes.(Gartner) The development of artificial intelligence in the healthcare industry is rapid. This is due to the round-the-clock efforts of researchers, innovators, data science companies, and technology vendors focused on improving diagnosis and treatment. The potential of artificial intelligence for healthcare industry improvements is so high that AI stats show that 75% of healthcare delivery organizations will invest in artificial intelligence by 2021.
18. Precision agriculture is expected to help reduce farming costs by $100 billion by 2030.(Fortune) Precision agriculture is a farming method that utilizes artificial intelligence and robotics for optimal crop health and productivity. It reduces the probability of waste and unnecessary losses in farming, translating into significant savings for the agriculture industry. It’s expected to reduce the cost of farming by as much as $100 billion and save 180 billion cubic meters of water by 2030. This is one example of the significant impact of artificial intelligence on society.
19. A new model in weather forecasting developed through machine learning can predict 64% of severe weather.(Science Daily) Researchers at Penn State and the University of Almeria developed a new model for detecting severe weather conditions. Using computer vision and machine learning, the researchers programmed computers to detect comma-shaped clouds associated with cyclone formations that lead to hail, blizzards, thunderstorms, and high winds. With this new technique, researchers can detect 99% of comma-shaped clouds and predict 64% of severe weather conditions. Also, they’ve found that the current method can outperform all other existing weather forecasting methods.
20. 44% of businesses reported that artificial intelligence helped them reduce costs.(McKinsey) According to the Global AI Survey, there is considerable growth in the adoption of artificial intelligence in business processes. The increase recorded was an astounding 25% year-over-year. Executives further reported that their companies experienced a surge in revenues and reduction in operating costs.
21. With full autonomy, operating costs could be reduced by 45%.(McKinsey) As much as 65% of consumer goods in the country are trucked to market. According to estimates, if trucking becomes fully automated, the trucking industry will save between $85 billion and $125 billion. These potential savings could mean lowered prices of consumer goods.
22. A new AI model can identify 98.5% of people infected with COVID-19.(MIT) One of the paramount uses of AI at present is the detection of COVID-19. MIT researchers have recently developed a model that can identify if a person is infected or not. They found that the model can determine a difference in the way infected people coughed. When they tested the model and introduced new cough readings, it was able to identify 98.5% of coughs from infected individuals and 100% from asymptomatic people. Researchers are hopeful that once they develop an FDA-approved user-friendly app, their model could be a convenient and accurate pre-screening tool.
AI Industry Statistics
23. The US media and entertainment industry is expected to spend $1.86 billion by 2025 on AI.(Business Wire) A study on US media and entertainment expenditure shows that the industry is set to spend $1.86 billion by 2025 on AI. From 2019 to 2025, the expenditure is expected to yield a compound annual growth rate of 28.1%. Expenditures will cover gaming, fake story detection, plagiarism detection, product planning and management, personalization, sales and marketing, and talent identification.
24. The number of artificial intelligence jobs has grown by 74% in the past four years.(LinkedIn) According to LinkedIn, the top emerging role in the US is an artificial intelligence specialist. The current state of artificial intelligence has resulted in demand for the job, growing by 74% between 2016 to 2019.
25. Investment in AI is expected to reach $6.6 billion by 2021.(Forbes) Researchers are optimistic about the benefits the healthcare industry will soon reap from artificial intelligence investment. They predict that by 2021, the total investment by both the public and private sectors will reach $6.6 billion. The top AI applications may result in $150 billion in annual savings by 2026. This is not surprising since AI has been revolutionizing diagnosis according to AI and diagnosis statistics, providing efficiency and accuracy that cuts the healthcare industry’s losses.
26. Only 23% of clients are comfortable with sharing personal data with InsurTech.(Vertafore) Despite the growing popularity of AI in several industries, a survey conducted among consumers shows that they aren’t that receptive to chatbots and AI when it comes to insurance. Only 23% are willing to disclose personal information to AI for lower rates, and as many as 78% of consumers prefer filing insurance claims with an actual person. This is a clear indication that consumers aren’t ready to replace insurance agents with AI.
27. 83% say they couldn’t counter cyberattacks without the help of AI.(Statista) Perhaps out of all the advantages of AI, artificial intelligence in information technology and cybersecurity is one of the most critical aspects. In the US, over 83% of the survey respondents have acknowledged that they rely heavily on AI to counter potential cyberattacks.
28. According to business executives, chatbots have increased sales by 67%.(Forbes) One of the most significant facts about artificial intelligence is that chatbots have played an essential role in businesses. They have increased sales by 67%, where 26% of sales started through chatbot interactions. Some benefits of having chatbots in business include closing sales, routing website visitors, collecting vital information, and speeding up response time. The result is a 24% increase in customer satisfaction.
ConclusionThere has been much debate among researchers and scientists on how to proceed with artificial intelligence. The main issue is the risk of job loss for millions of people as AI will make some roles obsolete. However, similar questions have already been raised in the past, but none came close to the worst-case scenario. While it’s true that AI replaced many workers, it also created new jobs. According to AI statistics, 2 million new net jobs will be created in the next four years, thanks to AI. The real issue is that many workers don’t have the necessary skills for newly created job roles. This makes training employees for new skill sets necessary as most industries will start implementing AI. We’ve also seen from some artificial intelligence statistics above how beneficial this technology can be in industries. It’s proven to increase efficiency and productivity and reduce operating costs. It can provide a higher accuracy rate in the healthcare industry that can significantly help patients’ recovery. It’s safe to say that the benefits of implementing AI across industries greatly outweigh the risks, which are unlikely to happen anyway.
FAQWhat percentage of businesses use AI? Despite the substantial investment businesses are projected to pump in artificial intelligence, only 29% of companies use AI regularly. This is according to a survey conducted on 500 US businesses and technology professionals. The result implies that uncertainties still exist when it comes to utilizing AI consistently. How much money does AI save? The efficiency and increased productivity that AI offers will translate into savings for companies, big and small. While the amount varies for different companies, a rough estimate for a company with 500 employees is $4 million in savings per year due to automation. For instance, IBM has been able to save $1 billion since 2011 because of machine learning. Is AI expensive? Machine learning and artificial intelligence aren’t as expensive as they used to be. While the cost of developing an algorithm depends on its complexity and size, companies that develop algorithms usually charge between $100,000 and $300,000. How does AI save time? One of the critical strengths of AI is the time it can save businesses. AI can save time by automating essential and iterative tasks. It can gain crucial insights by processing a large amount of data. What’s more, it can do all that in less time than a human employee. Although the time it takes for AI to complete a task depends on the complexity of that task, AI statistics show that AI is faster than humans on all accounts. For example, a robot developed in the US could solve the Rubik’s cube in just 0.38 seconds. Why are companies using AI? With the recent developments in AI, companies are eager to jump on the bandwagon. They are optimistic that AI can reduce operational costs, increase revenue and efficiency, and improve the customer experience in the long run. Sources
- Association for Advancing Automation
- BGR Media
- Business Wire
- Chatbots Life
- Interesting Engineering
- National Defense Magazine
- New Scientist
- New York Times
- Robotics Business Review
- Science Daily
- Search Engine Land
- Tech Republic
- ZD Net
- Zip Recruiter