AI Business Statistics: Stats, Numbers, and Predictions
Last Updated on August 2, 2023 by John Cirelly
With the advent of Artificial Intelligence (AI) and its widespread adoption, the landscape of side hustles and startups is rapidly evolving. In this blog post, we’ll delve into some compelling AI business statistics that shed light on the future of AI business in the era of innovation.
AI Business Statistics For 2024
Global AI Market’s Exponential Growth
The global AI industry was valued at a staggering $62.35 billion in 2020 and is projected to grow at a remarkable CAGR of 40% from 2021 to 2026, reaching an astounding $274 billion by 2032.
The booming AI market signifies its critical role in transforming businesses and consumer services. Side hustlers with AI-related skills and expertise will find a wealth of opportunities to contribute to AI-driven projects, chatbots, marketing automation, and various other cutting-edge applications.
AI’s Influence on Voice Search and Customer Service
AI-driven voice search is gaining significant popularity, with a staggering 97% of mobile users utilizing voice assistants.
As AI-powered voice search becomes a part of everyday life, aspiring side hustlers can explore opportunities in developing voice-activated applications, virtual assistants, and customer service chatbots to cater to the growing demand for seamless and efficient voice interactions.
Hyperpersonalization: A Game-Changer in Retail
AI usage in the retail industry is on the rise, with AI spending expected to reach $20.05 billion by 2026.
The increasing adoption of AI in retail paves the way for side hustlers with expertise in data analysis and machine learning to offer personalized marketing solutions, hyperpersonalized product recommendations, and improved customer experiences to retailers seeking a competitive edge.
In-Demand AI Talent and Skills
In-demand AI skills include Python, SQL, and Java. Many of these skills will be used to build new AI platforms, and maintain growing AI businesses.
The surging demand for AI skills across various industries opens up lucrative side hustle opportunities for AI enthusiasts to offer training programs, consulting services, and AI-powered tools development to businesses eager to harness the potential of AI.
The Rise of Generative AI and Reskilling Efforts
Generative AI tools are witnessing rapid adoption, with a third of respondents using them regularly.
Summary: As generative AI emerges as a transformative force, side hustlers can seize the opportunity by providing reskilling programs focused on AI tool utilization, implementation, and harnessing the creative potential of generative AI for innovative applications.
AI in the Gig Economy
AI adoption is high, with 77% of companies exploring or using it, and the global AI market is expected to reach $118.6 billion by 2025.
The gig economy presents a plethora of opportunities for side hustlers to offer specialized AI-related services, ranging from AI development and implementation to AI support, catering to the increasing demands of businesses worldwide.
AI’s Future Impact on Side Hustles
The global AI market is projected to reach an astounding $1.35 trillion by 2030, with a 35% adoption rate of AI technology.
The future of side hustles looks incredibly promising as AI continues to revolutionize various industries. Side hustlers who embrace AI-related skills and leverage AI-driven trends will be poised to tap into emerging income streams and carve their niche in this ever-evolving landscape.
AI Business Statistics Conclusion
The transformative power of AI is shaping the future of side hustles, presenting countless opportunities for aspiring entrepreneurs and skilled individuals to embark on tech-savvy ventures.
Whether it’s capitalizing on voice search, hyperpersonalization in retail, or riding the wave of generative AI, embracing AI’s potential will empower side hustlers to thrive in the dynamic world of AI-driven entrepreneurship.
