AI Adoption Statistics in 2024: Use Cases in Different Industries

AI usage simply means the integration of artificial intelligence into the environment to enhance business operations and decision-making. When the AI technologies are adopted by organizations, it gets easier for organizations to automate various processes, analyze data and gain insight into various processes thus making the organizations to be efficient, accurate and productive. In this blog, we will talk about AI statistics 2024 and AI use cases in different industries.

It is being realized by companies at an increasing rate that AI has significant advantages, Let’s explore AI adoption statistics:

• Gartner believes that 75% of software engineers will be using code assistants by the end of 2025.

• More than 50% Americans think AI will change the fundamentals in the coming years. (Ipsos)

• According to Intercom, 74% of leaders believe that AI will completely change customer service careers in the upcoming 5 years.

AI processes can be as lowly as doing easy operations inherent in our line of work. Integrated intelligence can be applied to major decisions or viewing information.

Some Interesting Facts to Know About AI?

• Birth of AI: It took place in the early 1950s, when Alan Turing published Computer Machinery and Intelligence, which later proposed a test of ML, known as The Imitation Game.

• According to recent studies by National University, 77% of devices being developed and used have atleast some forms of AI in them.

• 90% of organizations support Artificial Intelligence for competitive advantage.

AI Adoption Statistics Use Cases in Finance

There are multiple use cases of finance. Let’s explore them with the AI adoption statistics:

1. Fraud Detection: The detection of frauds is carried out effectively by AI systems. The transaction patterns are analyzed, and they also identify discrepancies in the transaction patterns in real-time, which greatly minimizes the number of losses.

• JP Morgan uses AI in their payment validation screening and to help clients by showing them their transactional insights, such as cash flows, whenever they need it.

2. Algorithmic Trading: Through AI algorithms, trading decisions are made using market analysis and outperform regular models. This application has particularly formed a favorite with hedge funds and trading firms.

• In the past decade algorithmic trading has increased, in the US share market almost 70% of trading takes an initiative through algorithmic trading. (FIU Business)

3. Customer Service Automation: The agile and functional AI chatbots and voice-activated virtual assistants shall be used to handle many customer support calls and messages. This has enhanced efficiency in the delivery of services, better customers’ satisfactions and a reduction in the operational costs.

• JP Morgan’s AI chatbot, Finn, handles more than 1 million customer queries and answers per month, it shows the scalability of AI in customer service. (JP Morgan)

4. Personalized Financial Services: In the investment and financial products fields, the customers’ individual characteristics may be used with the help of Artificial Intelligence to provide personalized suggestions and recommendations to the customers which will, in turn, lead to high levels of customer satisfaction.

• According to a survey by NVIDIA, almost 46% of finance corporations using AI have reported better customer service experience.

AI Adoption Statistics Use Cases in Healthcare

There are multiple use cases of healthcare. Let’s explore them with the AI adoption statistics:

Following are the use cases, reported by hospitals with AI adoption in healthcare in 2023.

1. Medical Diagnosis and Treatment: Artificial Intelligence solutions are applied in diagnosing diseases and suggesting suitable treatments.

• According to Meticulous Research, 86% of healthcare providers and life science companies are currently using AI, indicating a commitment to integrating AI technologies into healthcare operations, particularly for medical diagnosis, which leads to improved AI adoption statistics.

• The overall growth rate of AI in the medical diagnostics market is anticipated to be a compound annual growth rate (CAGR) of 36.2%, reaching approximately $9.38 billion by 2029.

2. Medical Imaging Analysis: Machine learning shows a relatively new remarkable application in helping diagnose an individual’s diseases through imaging scans.

• According to Grand View Research, the global AI in medical imaging market size was estimated at $1.1 billion. The market size is reaching 01 billion in the year 2023 and has a compounded annual growth rate of 34. 8% in the period of 2024-2030 and growth of an estimated USD 14,423.15 million by 2032.

3. Patient Data Processing: Through the modern techniques used in AI systems, large volumes of patient data are processed to produce results that point to high-risk patients.

• According to Scoop Market, the integration of data within the health care industry is vital as 45% of global health care services use data integration software, in the processing of their patients’ information.

4. Remote Patient Monitoring: Telehealth is another area of AI application that offers capability for the remote supervision and monitoring of the patient's condition. They allow early intervention that in turn enhances patient experience, reduced hospitalization and better overall health systems.

• AI in the remote patient monitoring market is expected to grow to four times at a global level to $4. 3 billion by 2027, proving the fact that this is one of the most popular fields where millions of dollars are invested. (KMS Healthcare)

AI Adoption Statistics Use Cases in Retail

There are multiple use cases of retail. Let’s explore them with the AI adoption statistics:

1. Personalized Recommendations: Based on the customer’s behavior and preferences, an artificial intelligence generates a pattern of recommendations most likely to interest the customer. It makes the shopping experience more personalized, making the customer engaged and thus buying more products.

• In the survey by Salesforce, it was revealed that 93% of retailers are applying generative AI in their operations. For example, personalization of email content and recommendations of products they may offer to customers, indicating a commitment to improvement of the experience customers are subjected to.

• A survey reveals that already 36% of the retail employees are using generative AI and it is forecasted that this number will increase to 45% by the end of 2025, customer experience being the most benefited area from the advancements in AI technologies, which leads to improved AI adoption statistics. (Salesforce)

2. Demand Forecasting: AI assists retailers to forecast the demand for the products, due to changes in previous sales and the current market demand. This capability helped businesses to better plan for stock, avoid stock out and most importantly avoid having excessive stock. Therefore, the implementation of AI in the demand forecasting area is expected to have a large impact in the areas of operations and to benefit consumers in a large way.

• As per the survey by McKinsey, it was revealed that the companies which have adopted AI in demand forecasting, and 10-20% growth is seen in forecasting accuracy.

3. Inventory Management: Automated intelligence in supply chain is improved through the correlation of customer purchase information with supply chain statistics on inventory. This integration becomes useful in ensuring that the retailers can manage their stock levels reasonably well, identify gaps that are available and match supply with demand. AI in inventory control for retailers has benefits such as minimization of wastage and space utilization, thus cutting costs for the business.

• According to Data Forest, almost 60% of retailers are using AI in some capacity, while many more are planning to adopt AI to enhance inventory management process, which led us to an improved AI adoption rate.

Conclusion

AI is bringing constant industries by improving efficiency, accuracy, and customer experience across finance, healthcare, and retail. AI adoption by industry is leading to significant advancements such as enhanced fraud detection, personalized recommendations, and better medical diagnosis.

Organizations are recognizing the value of AI, with many already benefiting from its ability to automate processes and support strategic decision-making. As AI continues to be integrated into business operations, it is set to offer even greater competitive advantages, driving innovation and growth. The growing reliance on AI underscores its crucial role in shaping the future of these key sectors.

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