Companies have used artificial intelligence to cut costs and increase productivity for years. Still, the recent surge in the generative AI market has helped it become a mainstream business technology.
But how impactful is AI on business growth, and what is the level of adoption by companies? In this article, we will detail how many companies are utilizing this technology and the impact it will have on their businesses.
How many companies have integrated AI?
It’s a no-brainer! Companies that have reported using AI in their business have said it has helped them boost efficiency, make smarter choices, and even level up their interactions with customers.
For example, AI engines like GPTZero can be used to upgrade what we write to ensure data created from their data labels5 is free of any third-party LLM usage by cleaning the AI-generated text from their human training data.
Presently, around 40% of companies worldwide are using AI in their businesses, and an additional 42% are actively exploring the idea of integrating it, considering its future benefits.
This means that 82% of companies worldwide are either utilizing AI or hope to implement the technology soon.
With an estimated 333 million companies in the world, as many as 266 of them are leveraging AI or investigating the adoption of the technology in their daily operations.
This signifies a staggering surge in companies’ use of AI, especially considering that just a few years ago, in 2017, the figure was only 20% of AI usage in products and services.
That said, even during that period, 72% of the companies foresaw that AI would play a significant role in shaping their businesses in the years to come.
As a result, the adoption of AI sharply rose by as much as 38% between 2017 and 2019.
Global adoption of AI by companies
India heads the table of global adoption of AI in business, with 59% of companies using AI in their operations. It is closely followed by the UAE, where AI is being used by 58% of companies.
The USA, despite being an AI hub, lags far behind at 33%, one of the lowest percentages among major economies. This highlights the high gap in its inability to implement AI in its businesses.
Key takeaways
- As compared to 2017, AI adoption has increased by 250%
- 94% of business leaders think that AI is critical to company success
- 52% of the companies have set aside 5% of their budget for AI adoption
- AI will take jobs but also create new ones
- 99% of Fortune companies are utilizing AI technology
Conclusion
The growth of AI is showing no signs of slowing down. The market is set to soar to a potential $826 billion in 2030 from $184 billion in 2024, indicating the continuous transformation of companies through AI.