Artificial Intelligence (AI) and the 13 Stats That Prove the Future Is Here

One of the most talked about topics in the tech world today is artificial intelligence (AI) and the technology’s potential to change the professional sphere, as well as our personal lives. Perhaps the most notable example of artificial intelligence in our daily lives comes in the form of smart home digital voice assistants such as Alexa, Google Home and Siri, as well as home security devices and speakers that can be accessed remotely. The devices that carry these artificial intelligence bots learn patterns about our lives and offer us recommendations based on our likes and dislikes.

The technology is also making great strides in the professional world as virtually every industry is using artificial intelligence to streamline work processes and automate operations. From marketing to healthcare and the sciences, artificial intelligence is playing an important role in helping us do our jobs better and reduce the amount of time spent working on manually-intensive tasks. Intelligent automation company WorkFusion has a Robotic Process Automation platform called RPA Express that can help you automate up to 90% of all work processes.

Here are 13 stats that prove just how far we’ve come with artificial intelligence and where it’s headed in the coming years:

• Bank of America predicts that the robots and AI solutions market will increase by $153 billion by the end of 2020, $70 million of which will be made up of AI-based analytics and the other $83 billion for robots and robotics.
• The institution also estimates $9 trillion of cuts in employment costs through AI-enabled automation of knowledge work.
• AI could also boost productivity by 30% in many industries, while also cutting labor costs by 18% to 33%.
• A Gartner report estimates that by 2020, companies will dedicate up to 20% of their workforce to neural networks. These need to be maintained, monitored and retrained constantly to attain the most fulfilling results.
• Tractica predicts that the AI software market will reach nearly $59.8 billion by 2025.
• Plus, the same group also estimates that an estimated $15.7 trillion will be added to the global GDP thanks to artificial intelligence.
• Bank of America also projects that there will be $14 trillion to $33 trillion in annual creative disruption impact over the next decade.
• Out of this disruption, the bank expects $8 trillion to $9 trillion of cost reductions across manufacturing and healthcare.
• About 4 billion devices will carry AI-powered voice assistants this year, according to research firm IHS Markit.
• Scientists at MIT’s Computer Science and Artificial Intelligence Laboratory developed an AI-powered system that could reportedly foil up to 85% of possible cyberattacks.
• The adoption of cognitive systems and AI will increase worldwide revenues from $8 billion in 2016 to $47 billion in 2020, according to IDC.
• The Economist Intelligence Unit found that 75% of executives say that artificial intelligence will be actively implemented in companies within the next three years.
• About 3,500 marketing leaders say that AI is the leading technology that marketers see as growing the most over the coming two years, according to Salesforce.