In the past year, the AI market has experienced significant growth. Beyond ChatGPT, Google introduced its Chatbot, Bard, in March 2023, and other companies such as monday.com and Wix have integrated comparable technology into their current product frameworks. A tech.co article recently outlined some statistics regarding AI that I found interesting and important to know.
Some of the top statistics include:
- In August 2023, OpenAI’s ChatGPT registered more than 180 million unique visitors
- 47% of business leaders will consider using AI to carry out tasks over hiring new staff
- The artificial intelligence market is estimated to be worth over $638 billion by 2024
- 77% of consumers now use an AI-powered device, but only 33% think that they do
- Regarding AI's job impact, projections indicate both the creation and displacement of roles. McKinsey predicts the creation of 133 million new jobs by 2030 due to AI integration. However, the World Economic Forum expects about 25% of jobs to be disrupted in the next five years. Low-wage workers are more at risk of job displacement.
- In terms of AI's growth, the market is projected to experience significant expansion, with an estimated annual growth rate of 37.3% from 2023 to 2030, and a market worth over $1.3 trillion by 2030. Startups are heavily investing in AI, receiving a considerable share of funding compared to previous years.
- AI's integration into the workplace has shown performance improvements. For instance, generative AI tools like ChatGPT enhance workers' performance, as indicated by various case studies. However, there are concerns about AI-generated inaccuracies and risks such as cybersecurity and intellectual property theft.
- Ethical considerations surround AI's use, with worries about misinformation, unclear ethical standards within companies, and the carbon footprint generated during AI model training. A significant portion of consumers express concern about misinformation generated by AI-powered technology.
AI in the Workplace
- 65% of businesses have integrated AI within their internal operations, and 74% are in the phase of testing its applications, according to Deloitte. This indicates a substantial adoption of AI technology, with a significant number of companies actively utilizing it internally and an even larger portion experimenting or trialing AI.
Looking ahead, AI is expected to be a fundamental part of business operations. While many businesses are already using AI and exploring its potential, caution is advised in its integration.
While AI offers numerous opportunities for businesses, understanding its capabilities and setting clear guidelines for its use is vital to ensure its responsible integration and maximum benefits. It’s important to implement an AI policy so that employees understand how they should and should not be using it.
There is also a very useful checklist in the ASE member exclusive, Zywave HR Services Suite. You can download that here. CCH Answers Now offers this sample policy.
Are you using AI in your organization? Have you implemented a policy? Email me at [email protected].