The Rise of AI in Business: Statistics and Reasons to Implement in 2024

‍Artificial Intelligence (AI) has been the talk of the town no matter what the context is. Fundraising has grown significantly, establishing itself as a distinct and substantial industry. The amount of money raised is significant, and the number of applications appears to be endless. 

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In 2024, we can see a clear increase in the use of AI tools. Many businesses, big and small, expect these tools to make a significant impact.

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In this blog post, we will explore the latest data and strong reasons why businesses should adopt AI before the year ends. 

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AI Adoption Rates Are Soaring

When we mention high adoption rates, we don't mean it as a fear of missing out. However, you might want to see it that way. 

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According to a study conducted by McKinsey, 65% of respondents report that their organization utilizes generative AI. This figure has doubled when compared to numbers from just ten months ago. 

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McKinsey’s report found that 72% of organizations now use AI. This is a rise from the 50% adoption rate over the past six years. 

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Don’t just take it from one source. PwC reports that 73% of U.S. companies have already adopted AI in at least some areas. According to reports from McKinsey and PwC, 54% of companies in their survey have used ChatGPT in their business. This happened just one year after ChatGPT was created. 

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Adoption by Industry, Region, and Function

AI adoption might be tricky across different industries as it poses different challenges such as risk, privacy, and more. 

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Professional services hold the crown for the industry implemented the most. Some of the most common uses of AI can be seen within the customer service industry. According to Exploding Topics, 56% of business owners use AI to handle customer service tasks. This makes it the most popular application in their businesses.

This study also found that 51% of business owners use AI for cybersecurity and fraud prevention. Additionally, 47% use AI for digital assistants, and 46% use it for managing their CRM. 

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Location relevance varies for AI implementation. In India, 59% of companies have reportedly implemented AI. In the UAE, it’s 58% of companies. In Singapore, that figure decreases slightly to 53%.

In the United States, we are lagging behind. Only 33% of businesses report successfully using AI tools, making it the lowest adoption rate for AI. 

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Benefits and Considerations of Implementing AI

The benefits of a successful implementation and adoption of AI are abundant. The overall AI market is expected to reach $1.85 trillion by 2030. This shows a growth rate of 37.3% from 2024 to 2030. 

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Financial benefit is one thing, but research indicates that AI can help employees save around 2.5 hours each day. Furthermore, 66% of business owners report hiring additional staff to implement new AI or enhance existing AI processes.

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Moving toward adoption and implementation of AI seems like a must have right now. However, there a few considerations to make before actually doing so: 

• Ensure executive sponsorship to infuse AI within existing business processes.
• Clearly define the business objectives and outcomes to be achieved using AI.
• Set the right initial expectations about the potential benefits of AI.
• Address data privacy, regulation, and IT infrastructure challenges before deploying AI.

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Takeaways

Numbers don’t lie, right? These statistics show that AI is no longer a distant idea. It is now a reality that businesses must accept to stay competitive and reap the benefits. Businesses that create and implement a strong AI strategy in 2024 will be better prepared for the future. 

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