The State of AI: 35 Statistics and Facts for 2024

July 16, 2024

Artificial intelligence (AI) is rapidly transforming businesses and economies in 2024. As technologies like generative AI surge in popularity and capabilities, organizations across industries are exploring how to effectively adopt and optimize AI while developing the necessary AI skills in their workforce. Understanding the key trends, AI statistics, and facts about AI is crucial for business leaders—and workers—to stay competitive in this evolving landscape.

This article highlights the most important AI statistics and facts to know in 2024, grouped into four key categories:

AI adoption and usage
Hiring and AI skills
AI productivity
AI financial forecasts

By staying informed about the latest data and AI trends in each of these areas, company leaders and workers can make smart strategic decisions to position their organizations—and themselves—for success in an AI-driven future.

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AI adoption and usage stats

AI adoption is now a business imperative for organizations that want to remain competitive. Companies that fail to incorporate AI technologies risk falling behind as their industry peers leverage AI to innovate products and services, streamline processes, and deliver superior experiences to customers and clients. At the individual level, workers who don’t use AI tools are likely to struggle to keep up with the efficiency and capabilities of their more AI-fluent peers and colleagues. In short, embracing AI adoption across the enterprise is key to thriving in 2024 and beyond.

Important stats about AI adoption and usage include:

Work innovators are 2.2x more likely to actively incorporate generative AI into their daily operations: Nearly half (47%) of high-performing business leaders are incorporating generative AI into their daily operations, compared with 21% of typical professionals.
42% of business leaders say generative AI is primarily an augmentation tool, while 58% say they view it as an automation tool.
Independent talent are more than 2 times more likely to regularly use generative AI frequently in their work compared to traditional employees.
72% of companies have adopted AI in 2024, a significant jump from around 50% in previous years. (McKinsey, May 30, 2024)
75% of knowledge workers use AI at work today. (Microsoft and LinkedIn, May 8, 2024)
45% of firms are still in the exploration phase of AI integration, 33% are engaging in limited implementation, and 22% are aggressively pursuing integration across products and workflows. (CompTIA, December 2023)
22% of Americans say they interact with artificial intelligence almost constantly or several times a day. (Pew Research, March 26, 2024)
OpenAI’s ChatGPT, released in late November 2022, reached more than a million users in five days, and 100 million two months after its release, becoming the fastest-growing consumer app in history. (Statista, June 7, 2024)
In an assessment of 125 countries, readiness for AI adoption is highest in Singapore, Denmark, and the United States. (IMF, January 14, 2024)
68% of people globally who have used AI in the past year report they are excited about its possibilities. (Google, January 15, 2024)

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Hiring and AI skills

As AI adoption accelerates, a new skills gap is emerging that will further impact the job market. Organizations need skilled talent with the knowledge and capabilities to work productively alongside AI systems. At the same time, individuals who develop AI skills can boost their career prospects and command wage premiums. Both technical AI skills like machine learning and soft skills involving data literacy and human-AI interaction are in high demand. Upskilling the workforce with AI competencies is a major priority for future-focused companies.

Key AI hiring and skills stats include:

66% of leaders say they wouldn’t hire someone without AI skills. 71% say they’d rather hire a less experienced candidate with AI skills than a more experienced candidate without them. (Microsoft and LinkedIn, May 8, 2024)
One in five organizations report they do not have employees with the right skills to use new AI or automation tools and 16% cannot find new hires with the skills to address that gap. (IBM, Jan. 10, 2024)
41% of workers would consider overstating their generative AI skills to secure a work opportunity. (Salesforce, Nov. 15, 2023)
Jobs requiring AI specialist skills carry up to a 25% wage premium in some markets. (PwC, May 21, 2024)
32% of leaders see talent scarcity, due to skill gaps or unawareness, as a major barrier in utilizing gen AI. (Accenture, January 16, 2024)
65% of executives admit they lack the technology expertise required for gen AI-led transformation. (Accenture, January 16, 2024)
63% of postgraduates and 57% of college graduates say they interact with AI at least several times a week. (Pew Research, March 26, 2024)

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AI productivity stats

One of the greatest promises of AI is its potential to significantly boost productivity. By automating routine tasks, augmenting human capabilities, and enabling innovative new ways of working, AI can help employees and freelancers focus on higher-value activities. Organizations that strategically use AI throughout their workflows will likely see significant productivity gains compared to late adopters. Realizing those productivity benefits, however, requires providing workers with the right AI training and tools.

These AI stats reveal the impact of AI on productivity:

54% of business leaders agree that generative AI can help teams innovate, beyond just speeding up repetitive tasks.
Sectors with the highest AI exposure are seeing almost fivefold (4.8x) greater labor productivity growth. (PwC, May 21, 2024)
89% of daily generative AI users report productivity gains. (Asana’s Work Innovation Lab and Anthropic, June 2024)
Around 80% of those using AI say that this technology is already improving their productivity. (Slack, Feb. 27, 2024)
72% of respondents who use AI extensively report high organizational productivity, compared to 55% of respondents who use AI to a limited extent. (Tech.co, May 7, 2024)
Users say AI helps them save time (90%), focus on their most important work (85%), be more creative (84%), and enjoy their work more (83%). (Microsoft and LinkedIn, May 8, 2024)
Desk workers at companies that have issued guidelines for how AI can be used are nearly six times more likely to have experimented with AI tools, compared with desk workers whose companies have no guidelines around AI usage. (Slack, Feb. 27, 2024)
89% of daily GenAI users report increased productivity compared to just 39% of monthly GenAI users. (Asana’s Work Innovation Lab and Anthropic, June 2024)

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AI investments and financial forecasts

With AI poised to continually reshape the business landscape, analysts are making a range of predictions about AI’s financial impact in the coming years. Across sectors, AI is forecast to drive immense economic value as companies harness the technology to cut costs, boost revenues, and open up new market opportunities. On a macro level, economists expect AI to significantly accelerate growth and emerge as a key driver of GDP. The nations and industries that lead in AI development and adoption may see especially outsize financial gains.

The following AI stats cover projections about the potential financial impact of AI:

Companies can unlock an estimated additional $10.3 trillion in global economic value by 2038 by adopting responsible, people-centric approaches to gen AI. (Accenture, January 16, 2024)
By 2027, the productivity value of AI will be recognized as a primary economic indicator of national power. (Gartner, Nov. 23, 2023)
By 2027, GenAI tools will be used to explain legacy business applications and create appropriate replacements, reducing modernization costs by 70%. (Gartner, Nov. 23, 2023)
Global funding for generative AI surged in 2023, nearly octupling from 2022 to reach $25.2 billion. (Stanford HAI, April 15, 2024)
The first quarter of 2024 saw $12.2 billion invested globally in venture-backed AI startups in 1,166 deals. (Crunchbase, April 29, 2024)
The market for AI grew beyond $184 billion U.S. dollars in 2024, an increase of nearly $50 billion compared to 2023. This staggering growth is expected to continue with the market surpassing $826 billion U.S. dollars in 2030. (Statista, June 19, 2024)
Generative AI is estimated to grow into a $1.3 trillion market by 2032. (Bloomberg Intelligence, June 1, 2023)

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The Future of AI

These statistics paint a clear picture: AI is and will continue to be one of the most transformative forces in business the world has ever seen. Forward-thinking organizations are rapidly adopting AI technologies, investing in AI skills development, and forecasting AI’s impact on their bottom line. While much remains uncertain about the future of AI, leaders who stay on top of the key trends and data points will be best positioned to navigate the risks and opportunities of this exciting technological frontier.

In addition, businesses that can tap into the expertise of AI-fluent professionals will have a significant advantage. These experts can help organizations understand the capabilities of AI, develop effective strategies for AI implementation, and ensure that AI systems are designed and deployed in an ethical and responsible manner. By leveraging the knowledge and skills of AI specialists, companies can harness the full potential of AI. Those that invest in AI talent and expertise will be better equipped to navigate the complexities of this transformative technology and reap its benefits in the years to come.

This article originally appeared on Upwork.com and was syndicated by MediaFeed.org

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