Using Artificial intelligence (AI) in business is not new—companies utilize AI technology to cut costs and improve productivity. As of August 2024, 91% of well-known companies invest in AI, while 44% of private sector companies plan to invest in this technological invention.
In addition, the AI market is expected to grow by $267 billion in 2027. This shows that the AI industry is expanding, and more companies are using AI to upgrade their services.
In this article, learn some fascinating AI usage statistics as of 2024, its benefits, and AI's future in the corporate world. Read on.
Editor's Choice:
- Over 88% of companies worldwide have utilized AI technology in HR processes, including recruitment.
- Using AI in customer service saves up to 30% of company operation costs.
- Employees using AI save 2.5 hours on average of their working time as of 2024.
- AI applications in the healthcare system could reduce annual healthcare costs in the United States by $150 billion.
- By 2026, it is anticipated that the AI market for manufacturing will increase from $1.1 billion to $15.7 billion.
How Many Companies Use AI?
The latest 2024 AI adoption rate shows that about 35% of global companies use AI in their business. The benefits of AI to businesses have driven companies to explore the use of AI in their operations. These benefits include:
- Reduction in operation time
- Personalize customer service
- Reduction in human error
- Workflow automation
- Greater business insight
- Increase in productivity
- Reduction in costs
These amazing benefits have led to a rapid increase in the adoption by companies in the past few years. At the same time, over 50% of companies plan to incorporate AI technologies. Among the AI software making waves globally are the most popular voice search assistants; Amazon's Alexa and Apple's Siri.
The statistics below will highlight the growth in AI usage and the number of companies using AI per industry in 2024.
How Many Companies Use AI Per Industry?
Over 70% of companies, a total of 250 million worldwide, use AI across all industries. AI is quickly becoming a household name for companies in:
- Cybersecurity
- Fraud management
- Content production
- Customer support
The latest statistics on AI adoption rate, business and sector applications, and future direction are listed below.
1. Over 88% of companies worldwide have utilized AI technology in their HR processes, including recruitment.
(Mercer 2, The Guardian)
Due to the significant benefits of AI in hiring, 88% of companies use AI technology. AI helps analyze job descriptions and provide suggestions to help recruiters create more inclusive and effective job postings.
AI can also reduce human bias in hiring by streamlining and standardizing the hiring process. Companies also integrate AI into other business processes. Below are the areas of application of AI by organizations and industries in various business operations.
| Business Activity | Percentage |
| Audience Segmentation | 24% |
| Recruitment and Talent Sourcing | 26% |
| Supply chain operations | 30% |
| Accounting | 30% |
| Product Recommendation | 33% |
| Content Production | 35% |
| Inventory Management | 40% |
| Virtual Assistance | 47% |
| Customer Relationship Management | 46% |
| Cybersecurity and Fraud Management | 51% |
| Customer Service | 56% |
2. Using AI in customer service saves up to 30% of company operation costs.
(IBM)
By integrating AI-powered solutions, businesses can save up to 30% in customer support costs. Implementing AI software can efficiently handle daily repetitive tasks, reducing the need to hire many customer service representatives.
| đź’ˇ Did You Know? Poor customer service costs firms $75 billion to $1.6 trillion per year. In comparison to aggressive marketing and advertising, providing excellent customer service saves firms a lot of money. |
3. AI-powered personalized product recommendations have increased sales by up to 30% in the retail industry.
(LinkedIn)
According to sales and business analysts, AI-powered personalized product recommendations can boost retail sales by 30%. AI-powered personalization uses algorithms for in-store customer service.
AI helps in profiling to collect data on customers' preferences and behaviors to give them a personalized shopping experience. Its ability to provide tailored recommendations and promotions based on the customer's needs and preferences makes buyers feel valued, boosting sales revenue.
4. As of 2024, the AI global market is worth $207.9 billion.
(NextMSC)
The AI market is quickly growing as companies seek the right solutions for their customers’ needs. The demand for simplified and cost-effective processes streamlines the need for AI adoption. This leads to the growth of the AI global market; as of 2024, it is worth $207.9 billion.
In addition, AI revenue will reach $420.5 billion by 2025, growing by 36.6% annually. Given the widespread adoption of AI across all business operations, it is clear that the demand for AI technology will become more significant.
| 💡 Did You Know? Many experts agree that AI technology is a massive leap for human civilization. Britain’s chief scientific adviser, Sir Patrick Vallance, has said the AI technology could be as transformative as the Industrial Revolution. On the other hand, Google CEO Sundar Pichai stated that AI would be more transformative to humanity as a species than fire and electricity. |
5. Over 9 in 10 top organizations, as of August 2024, invest in AI.
(Techopedia)
According to the NewVantage Partners Annual Survey of 2022, 91% of top organizations will invest in data and AI-related innovations in 2024, while 92% will already earn their returns.
The benefits of businesses have garnered the interest of private companies, such that about 44% of private sector companies plan to invest in this technological invention.
| 🎉 Fun Fact: In the first quarter of 2024, investments in AI-related startups exceed $31 billion. Compare that to the $62 billion put in at the beginning of 2022—a reduction of 50%. |
6. China has the highest AI global adoption rate of 58% as of 2024.
(IBM, Statista)
China has the highest AI adoption rate (58%) and exploration rate (30%) among major technologically advanced countries. AI significantly boosts productivity, and they believe not using AI will hinder China's progress when competing with other countries.
Many countries are also adopting AI. Coming closely behind China is India, with an AI adoption rate of 57% and an exploration rate of 27%. See the table below for the top 5 countries with the highest AI adoption rate.
| Country | Deployed | Exploring |
| China | 58% | 30% |
| India | 57% | 27% |
| Italy | 42% | 41% |
| Singapore | 39% | 46% |
| UAE | 38% | 40% |
7. Employees using AI save 2.5 hours on average of their working time as of 2024.
(Hubspot)
Artificial intelligence significantly increases business efficiency by saving employees 2.5 hours daily, thus increasing output and productivity. Employees with AI skills can be more efficient compared to those who do not have them.
In addition, employees who have AI skills are in high demand in the labor market. About 66% of business owners and executives have already hired employees to implement new AI or leverage existing AI processes.
8. By 2025, as many as 97 million people will work in AI Industry.
(Forbes)
The World Economic Forum's "The Future of Job Reports in 2020" stated that AI will replace 85 million jobs worldwide by 2025. At the same time, it will simultaneously create 97 million new jobs in the next 3 years.
Although AI is taking over some jobs, it also creates a demand for developing new technology. This increases the need for more people to participate in handling these technologies.
9. AI applications in the healthcare system could reduce annual healthcare costs in the United States by $150 billion.
(My Horizon Health, NCBI)
By the year 2026, applications of AI in the healthcare system are expected to help reduce annual healthcare costs by $150 billion. Many of these cost reductions stem from changing the healthcare model from reactive to proactive, focusing on health management rather than disease treatment.
Machine learning algorithms are helping doctors develop personalized treatment plans for patients, diagnose diseases, develop customized treatment plans, and predict outbreaks. These algorithms can identify patterns and predict the most effective treatments by analyzing large amounts of patient data.
10. By 2026, it is anticipated that the AI market for manufacturing will increase from $1.1 billion to $16.7 billion.
(Simplilearn)
Manufacturers increasingly utilize artificial intelligence (AI) solutions such as machine learning (ML) and deep learning neural networks to analyze data better and make decisions. AI analyzes production data to improve failure prediction and maintenance planning.
Through this process, manufacturers can save on maintenance for production lines. For this reason, many manufacturers are looking into using AI. This results in the increase of the AI market for manufacturing.
| đź’ˇ Did You Know? Researchers at Google DeepMind claimed they created an AI that can design computer chips in less than 6 hours. Human engineers would take months to do the same task. |
Final Words
AI is transforming the world with its time and cost-saving benefits, leading to its exponential growth. The percentage of companies using AI continues to grow as businesses see these significant impacts.
While there are concerns about its impact on jobs, AI is also creating new job opportunities. Thus, the future of AI is very optimistic and will likely continue to grow.
FAQs on How Many Companies Use AI
Which industry will gain the most from AI?
Office and administrative support benefits the most from AI-driven automation at 46%. This transformation could impact data entry, scheduling meetings, and document management tasks.
How are companies using AI today?
As of 2024, about 70% of companies are using AI, while 42% of companies are exploring AI for its implementation in the future.
Which AI companies do well?
Some of the top AI companies in 2024 include NVIDIA, Google, UiPath, Microsoft, and Amazon.
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