There is no doubt that artificial intelligence has shaken up the world in the past years. But the real question is how it changed our work and whether it made our daily lives more productive. An even more urgent question is how it will impact our productivity moving forward and how we can take advantage of this new technology. Luckily, the AI productivity statistics I found and collected can give us a glimpse into the future.
So, let’s jump right into the top AI productivity statistics of 2024!
Global AI market outlook
The AI industry is growing rapidly. The global AI market size is expected to reach an annual growth rate of 28.46% between 2024 and 2030. It is a pretty wild growth rate compared to other industries. For example, the retail industry has an expected growth rate of 7.65% between 2024 and 2029, while the e-commerce market growth rate for the same period is 12.22%.
Analysts predict the global AI market will reach US$184.00bn in 2024. So, it is safe to say that we are ahead of a massive boom in the AI space.
General benefits of AI adoption
There are numerous benefits of AI adoption across various industries. However, it is essential to remember that the benefits and drawbacks of adopting AI depend on the industry and the specific solutions we are discussing. In general, these are the most significant advantages:
Increased efficiency and productivity
AI systems can automate repetitive and mundane tasks, helping employees to do more complex and creative work. For example, adopting an AI meeting assistant that uses natural language processing can overtake note-taking from you during online meetings.
Improved accuracy
AI systems can process large amounts of data and make predictions with high accuracy levels, reducing the likelihood of errors. Machine learning is especially valuable when dealing with a lot of data.
Nevertheless, these AI capabilities were implemented in other tools you do not necessarily think of. For example, some project management tools also use AI capabilities to predict possible roadblocks during a project based on previous similar projects.
Cost savings
AI can help reduce labor costs and increase productivity, leading to significant cost savings for businesses. Let’s go back to the first example, when we discussed how AI systems can increase efficiency.
When an AI tool utilizes natural language processing and handles the meeting notes, it can replace one of your team members responsible for taking notes. It means it could result in significant cost savings even in a smaller company if there are many online meetings.
Enhanced personalization
Due to machine learning, AI systems can analyze vast consumer behavior and preferences, allowing businesses to offer more personalized products and services. Netflix has used this technology for a while, and it seems to work pretty effectively if you ask me.
Better decision making
Adopting machine learning easily analyzes complex data sets and provides valuable insights, helping businesses make more informed and effective decisions.
Overall, AI adoption can help businesses increase efficiency, reduce costs, and make better decisions if they implement the right tool under the right circumstances.
Top AI Productivity Statistics in 2024
Are you ready to dive into AI productivity statistics? Let’s explore the top AI statistics that will shake you up!
64% of businesses expect AI will improve productivity
Approximately 64% of businesses expect that adopting AI will significantly impact productivity growth. This high number indicates that businesses are optimistic about AI and its effects.
AI has the potential to improve employee productivity by 40%
Based on PwC research, artificial intelligence has the potential to supercharge employee productivity by 40% by 2035. Due to the increasing number of AI applications, this new technology will potentially reshape many processes from the manufacturing industry to the banking industry.
The global economy has the potential to gain trillions of dollars in value due to the positive impact of generative AI on productivity
Based on McKinsey’s research, which analyzed 63 use cases, generative AI could add $2.6 trillion to $4.4 trillion annually to the global economy. This is a massive number if we consider that the US had a $25.44 trillion GDP in 2022. If the forecast is correct, the AI market value could easily reach 10-20% of the US GDP annually.
More than 60% of business owners think AI will increase productivity
According to Forbes, more than 60% of business owners think AI will increase productivity. The real question is how fast businesses will implement AI solutions into their processes.Â
While there are some more obvious and well-known processes that AI can improve, like AI chatbots or AI-powered voice assistants, businesses are unaware of many other solutions that can increase productivity. As 60% of business owners are probably more open to AI as they know it can boost productivity, I would expect them to use AI in other processes in the next few years.
Artificial intelligence adoption can result in a 2.9% in annual labor productivity growth yearly in the US
Statista’s studies show that artificial intelligence will significantly affect labor productivity in the United States. As per the research, AI can help organizations automate repetitive tasks, analyze data more efficiently, and identify new growth opportunities, improving overall productivity and performance.
Generative AI tools could lead to 0.1% to 0.6% yearly increase in labor productivity through 2040
McKinsey Global Institute has moderated expectations regarding the impact of generative AI on productivity gains compared to Statista. They expect a maximum 0.6% increase in productivity thanks to generative AI technology. Generative AI refers to a type of artificial intelligence capable of creating new content, such as images, videos, text, or music, that has never been seen before.Â
Unlike other types of AI technologies that developers designed to perform specific tasks or solve problems, generative AI uses deep learning algorithms to learn patterns and relationships from large datasets and generate entirely new outputs based on this learning.
Nevertheless, it is worth noting that Statista’s 2.9% annual growth rate included all artificial intelligence technologies, not only generative AI.
80% of employees believe that integrating AI technology into their work has significantly increased their productivity
Studies show that AI technologies are excellent for automating repetitive tasks like customer interactions or note-taking during online meetings. AI adoption in such tasks enhances efficiency and accuracy and allows humans to focus on more complex and creative tasks.
Workers who use generative AI tools can boost their performance by up to 40% compared to those who do not use them
A new study finds that if highly skilled workers use generative AI technologies within their capabilities, their performance can increase by 40% compared with workers who do not use them. The study indicates that generative AI technologies can be a valuable tool for highly skilled workers looking to enhance their performance.
However, staying within the boundaries of the technology’s capabilities is critical to achieving reliable results and higher productivity.
Developers who use AI technologies are 88% more productive
According to GitHub, developers who use AI tools for coding are 88% more productive than those who do not. Coding is among the top workflows where deploying artificial intelligence can be super effective. Due to this fast advancement of artificial intelligence in coding, we have reached the point where using AI can replace more junior developers. Ultimately, by using AI-powered coding tools, developers can save time, increase accuracy, and focus on more complex tasks that require human elements.
Customer service employees who used AI are 13.8% more productive
Based on Nielsen Norman Group‘s case study, customer service employees could manage 13.8% more customer inquiries utilizing artificial intelligence in one hour. Customer support was one of the first fields in which artificial intelligence was made significantly more efficient.
AI in customer support allowed businesses to handle a larger volume of inquiries in a shorter time, leading to increased customer satisfaction. With the help of AI-powered chatbots, companies can provide 24/7 support, reduce wait times, and offer personalized responses to frequently asked questions.
Business professionals could create 59% more business documents within an hour by utilizing AI technologies
Another study from Nielsen Norman Group showed that an average employee can write 59% more documents with generative AI tools than those who do it manually. Generative AI provides an effective solution to document preparation and management. Using generative AI saves time when creating documents and reduces the risk of errors.
Developers who employed AI completed 126% more projects per week
According to Nielsen Norman Group, developers experienced an increased productivity of 126% in one week when they deployed AI tools for coding. Similarly to GitHub’s studies, Nielsen Norman Group found that AI can enormously supercharge developers’ productivity.
It differs from case by case on how much it can improve productivity, as GitHub found that developers are 88% more productive, while Nielsen Norman Group says 126%. However, in general, developers can expect a significant productivity boom when adopting AI. As AI advances, its impact on coding will be even more powerful.
72% of companies using AI technologies reported high productivity levels compared to the only 55% of companies who use AI tools to a limited extent
Tech.co’s report shows that 72% of the survey participants who utilize AI extensively reported experiencing high productivity levels within their organization. In comparison, only 55% of survey respondents who use AI to a limited extent reported similar productivity levels. This report also demonstrates that AI technology is highly correlated with productivity.
Summary
Artificial intelligence statistics can give a view of trends and possible scenarios in the future. Nevertheless, our line of sight is limited as we make assumptions about the current AI technology. New AI tools that have the potential to change these assumptions are launched almost daily, and many aim to improve productivity.
It is crucial to be open-minded about this tool to take advantage of it. While many of them have the potential to double or even triple your productivity, others may not have any impact on it. The key takeaway here is that as long as we keep an open mind and use a critical approach, we can leverage AI to our advantage and achieve greater efficiency and productivity.
Frequently asked questions
How much does AI increase productivity?
Research shows that AI has the potential to increase productivity by 40%. How much AI can increase productivity depends on the activities and tasks.
For instance, developers or data management team members can easily get more than a 40% boost in productivity by using AI. However, the productivity gain might be less significant if you do primarily creative work.
How efficient is artificial intelligence?
Due to machine learning, artificial intelligence is effective when analyzing large amounts of data. With its ability to quickly sift through and categorize data, AI can provide valuable insights and predictions that would be difficult or impossible for humans to identify independently.
Furthermore, generative AI and natural language processing can be very effective in many business functions, from content creation to collaboration.
What will AI look like in 10 years?
No one can really answer honestly. We already experienced rapid growth in the AI space, but one thing is sure: it was just the beginning. The global AI market is constantly expanding, and more and more AI applications and models are more effective than in the past. We will have more sophisticated and efficient AI technologies for business operations in ten years.
How quickly is AI improving?
The expected annual growth rate of the global AI market is 28.46%, and we discover breakthroughs and applications regularly. Many experts predict AI’s progress will continue to accelerate in the coming years. Some areas where AI has made significant advances include natural language processing, deep learning, computer vision, robotics, and machine learning.
