Machine learning has exploded in popularity in recent years as a result of various academic and industrial researchers releasing intriguing new technologies.
As a result, many stakeholders are interested in learning more about machine learning.
Machine learning algorithms are used in a variety of business intelligence tools and enterprise software applications to forecast future trends and patterns.
By assisting analysts in discovering hidden insights and detecting subtle patterns and variances in vast quantities of data, machine learning opens up a whole new universe for them.
Content Outline
Amazing Machine Learning Statistics & Trends 2024
1. Machine learning has a lot of potential in business analytics, with one out of every three IT executives eager to adopt it. (Statista)
Because businesses create gigabytes of data every second, using machine learning in business has become critical.
As a result, various applications that use machine learning algorithms to assist individuals to grasp what certain data means in terms of business have sprung up.
2. There don’t appear to be substantial cost savings when employing machine learning. Revenue increases, on the other hand, are commonly reported, with 80 per cent of those polled claiming that A.I. and ML aid in this. (McKinsey)
When using machine learning techniques, one would expect to see significant cost reductions. Instead, the truth is that this technology resulted in an increase in revenue.
While this isn’t a terrible thing, some people may be shocked that the two events don’t occur at the same time.
The good news is that 80 per cent of businesses that have employed machine learning feel it has helped them increase revenue.
3. Security is a major worry for any company, and 25% of IT executives want to employ machine learning to help with this. Another 16% believe machine learning is beneficial to marketing and sales. (Statista)
Security is one of the most important concerns for every company, and IT executives are no exception.
Hackers are finding new ways to outsmart machines as they become smarter.
Machine learning methods, on the other hand, appear to be able to aid with this problem.
Many organisations have begun to use machine learning algorithms for personalised marketing, which has proven to be far more effective than blanket advertising.
4. The machine learning and deep learning market in the United States will be worth $80 million by 2025. (Statista)
By 2025, the machine learning and deep learning markets in the United States will be worth more than $80 million each.
While this number is currently enormous, it is anticipated to grow much more as more businesses begin to use algorithms to their advantage.
Deep learning is the most advanced machine learning algorithm available, and it is now being utilised to improve organisations, with no signs of this trend slowing.
5. From 2019 to 2026, the A.I. hardware market is predicted to grow at a CAGR of 37.60 per cent, bringing the total revenue to $87.68 billion. (NeighborWebSJ)
During these seven years, the hardware market’s compound annual growth rate (CAGR) is predicted to be 37.60 per cent.
While most people identify artificial intelligence with software, the hardware component is just as crucial.
Current AI applications (from chatbots to factory machinery) are significantly reliant on computational power, and this hardware is projected to become increasingly more important in the future.
6. COVID-19 has resulted in a 12% decline in the A.I. chip manufacturing industry. (2020 Market Data Forecast)
To some extent, the global pandemic has delayed the expansion of the machine learning chip-making industry.
With overall sales down 13%, some might have predicted a bigger reduction in the A.I. market.
At the same time, considerable decreases were seen in many other markets, so it’s not surprising that there was a slowdown.
7. Artificial intelligence has enhanced high-level corporate productivity by up to 54%. (Oberlo)
Machine learning algorithms have a lot of potential in the field of business productivity.
AI is responsible for improving high-level corporate efficiency by up to 54 percent, according to a study by Oberlo.
To put it another way, machine learning assists these firms’ staff in becoming more efficient, which leads to improved earnings and revenue production.
8. C-level executives are individually responsible for 75% of all AI projects in their companies. (Fortune)
Top executives (who are in charge of making company-wide decisions) directly oversee 75 percent of all A.I. projects in their companies.
Many top executives didn’t even know what machine learning was, let alone what was going on with machine learning algorithms at their companies in the past.
The situation has radically changed as a result of all the buzz surrounding this technology.
Top leaders can no longer afford to ignore what’s going on in the world of artificial intelligence and machine learning.
9. Artificial Intelligence (AI) Business Investing is something that 91.5 percent of the world’s most successful companies are doing.(Businesswire)
Artificial intelligence (AI) investing software is becoming increasingly common by the day.
According to a BusinessWire analysis, more than 91 percent of major corporations engage in this form of investment.
Even more impressive is the fact that the number of groups appears to be growing year after year.
Many major corporations are seeing the benefits of machine learning algorithms and are committing greater resources to this developing technology.
10. Customer service and artificial intelligence go hand in hand – more than 80% of businesses will adopt AI in this sector. (B2C)
Clients are demanding greater value from every business engagement, and it’s evident that businesses will need to adapt if they want to stay competitive.
More than 80% of companies expect to integrate artificial intelligence in their customer service departments at some point, allowing them to give better support and create a high-quality product that clients will love.
A.I. can also assist businesses in improving the client experience by automating some portions of the process.
Machine learning algorithms appear to be a big element of the transformation in how corporations communicate with their customers.
11. Only about a quarter of all organisations claimed they would employ artificial intelligence in mass production. (Businesswire)
When it comes to manufactured goods, just a small number of enterprises around the world appear to be using artificial intelligence.
While this may appear to be a modest number, it is still higher than what was expected at this stage, especially given the fact that the machine learning business is still relatively new.
12. Tesla had driven over 1.88 billion miles autonomously by the fourth quarter of 2019. (Forbes)
Given Tesla’s reputation for self-driving cars, it’s fascinating to see how the broader machine learning technique is being applied to this business.
Tesla had gone more than 1.88 billion miles autonomously by the end of 2019, according to a Forbes report.
This number, which is only a few years old, is even more astounding when you consider how long it has been since it was recorded.
The good news is that, with so many miles already travelled, these self-driving cars have been thoroughly tested on a wide scale.
All of this means that Tesla vehicles have a lower environmental impact and, ideally, make our roads safer.
Conclusion
Given its wide range of applications, it’s no wonder that machine learning is quickly infiltrating many aspects of the healthcare industry.
Around 80% of people who have utilised artificial intelligence and machine learning claim their income has grown as a result of their use of these technologies.
If the numbers keep rising, machine learning and AI will almost certainly become mainstream in the corporate world.
