“We’re in the golden age of AI and are solving problems that were once in the realm of science fiction”

Jeff Bezos

On a general note, all technologies were introduced just with the purpose to serve human needs. Artificial Intelligence is one such tech, introduced exclusively to reduce the manual workforce. After AI’s birth at Dartmouth University, some took it as science fiction, for some the overall AI concept was sounding hilarious, and everybody had different perspectives. 

However, none could stop AI from moving at a rapid pace. Many top-level firms were painting their own art with AI in their operations. You might have heard about AI applications in self-driving cars, fully-automatic washing machines, and so on. 

Not only well-established firms but AI also serve small businesses. In customer service, logistics, marketing, and many areas, small businesses are leveraging the perks of AI.

For us talking about AI is like eating a full-size choco pie, which we’ll never like to take away from our mouth. At ColorWhistle, we’ve collected a bag full of AI statistics for small businesses and put them all here. Trust us, you’re going to have a good time reading this post.     

Ready to get lost in the world of AI stats?? Let’s get started.

AI for Small Business

• Up to 29% of small businesses have already adopted AI
• 37% of businesses cite lack of expertise as the main problem with the adoption of AI in business
• A survey of 1,467 CEOs of small and mid-sized businesses (SMBs) found that out of all the current technologies, AI has had the maximum impact on their business
• However, 41% of small companies are developing an AI strategy for the future.
• A study from Deloitte and Stanford University, found that 25% of small businesses are currently using AI in some form or another that was reported by PCmag.
• 85% of small business owners say technology helps them succeed.The report shows that small business owners are using technology to their advantage.

Small Business Plans with Artificial Intelligence and Machine Learning

• More than 80% of small businesses in India and Brazil say WhatsApp helps them improve customer service and grow business
• A recent survey shows, 13.6% of small-medium business owners have already invested in AI marketing solutions, with this percentage estimated to rise soon as the return on investment becomes clearer. 29.5% of small-medium business owners believe AI will have the greatest impact on their business in the next year
• Unsupervised backed all that up with its own survey of 520 small to midsized business (SMB) owners querying their attitudes towards implementing AI in their operations
• The most popular AI chore for smaller businesses is creating content for marketing emails and advertising, with 47% of business owners saying they engaged in this practice

AI Statistics and Trends for 2024

• The Artificial Intelligence Market size was valued at USD 51.08 Billion in 2020 and is projected to reach USD 641.30 Billion by 2028, growing at a CAGR of 36.1% from 2021 to 2028
• The global AI market value is expected to reach $267 billion by 2027
• AI is expected to contribute $15.7 trillion to the global economy by 2030
• 37% of businesses and organizations employ AI
• Nine out of ten leading businesses have investments in AI technologies, but less than 15% deploy AI capabilities in their work
• The rise of AI will eliminate 85 million jobs and create 97 million new ones by 2025
• More than three billion voice assistants are now in use, and eight billion will be by 2023
• The AI industry will be earning $126 billion a year by 2025
• 67% of Americans believe self-driving cars are safer than regular cars
• 25 countries are now working on designing autonomous vehicles
• The self-driving car industry could be worth more than $600 billion over the next five years 
• A study by Harvard Business Review found that companies using AI for sales can increase their leads by more than 50%, reduce call time by 60-70%, and have cost reductions of 40-60%.
• A Deloitte study reveals that over 50% of organizations will incorporate AI and automation tech in 2023.
• Tractica shows that the artificial intelligence software market will shoot up to $118.6 billion annually by 2025.

Revenues from the Artificial Intelligence (AI) Software Market Worldwide

According to recent AI statistics, the revenues from the global Artificial Intelligence (AI) software market have been steadily increasing, presenting significant opportunities for small businesses. AI technology is revolutionizing industries across the board, from healthcare and finance to manufacturing and retail.

Small businesses are leveraging AI-powered solutions to streamline operations, enhance customer experiences, and gain a competitive edge. In fact, studies show that 72% of small business leaders believe that AI technology can offer a competitive advantage in the market.

With advancements in machine learning, natural language processing, and computer vision, AI software is becoming more accessible and affordable for small businesses, enabling them to harness the power of data-driven insights and automation. Embracing AI-driven innovations can empower small businesses to make informed decisions, improve productivity, and drive growth in today’s dynamic business landscape.

AI Market Size Growth Predictions

The AI market has witnessed remarkable growth in recent years, and predictions indicate a continued upward trajectory. According to AI market size growth statistics, the global AI market is expected to expand exponentially in the coming years. The increasing adoption of AI technologies across various industries, including healthcare, finance, manufacturing, and retail, is driving this growth.

The growth can be attributed to several factors, such as the rising demand for AI-powered solutions to improve operational efficiency, enhance customer experiences, and drive innovation. Additionally, advancements in deep learning, neural networks, and natural language processing are fueling the development of more sophisticated AI applications. As businesses recognize the transformative potential of AI in driving growth and gaining a competitive edge, investments in AI technologies are expected to soar. With the continuous evolution of AI capabilities, the market size growth predictions indicate a promising future for AI-powered solutions and their widespread integration into various sectors.

Source

AI Year-Over-Year Growth

AI has been experiencing significant year-over-year growth, solidifying its position as a transformative technology. Year-over-year AI growth statistics indicate a consistent upward trend in the adoption of AI-powered solutions across industries. The demand for AI-driven innovations is driven by the need for improved efficiency, enhanced decision-making, and automation. Studies reveal an impressive year-over-year growth rate for the AI market, fuelled by advancements in machine learning, natural language processing, and computer vision.

As businesses recognize the potential of AI to drive productivity, innovation, and competitive advantage, investments in AI continue to surge. Year-over-year growth in AI signifies a promising future, with the technology poised to revolutionize industries and reshape the way we work and live.

Source

We’ve picked all these statistics from different sources like HubSpot, Statista, Gartner, Smallbizgenuis, SEM rush, and others. You’ll be able to look at the sources in their respective sections. Hope you had a good time reading these AI statistics. 

We frequently post curated blog posts like these on our website, so stay tuned to get regular updates.