As more and more businesses pour resources into artificial intelligence, its multitude of applications are beginning to be employed by the global workforce - and at a significant pace.
In this graphic, part of the Digital Evolution series sponsored by Global X ETFs, Visual Capitalist's Alan Kennedy explores AI adoption statistics and discuss the impact of AI technology on today’s workforce.
Who Uses AI?
According to a recent survey, an impressive 50% of organizations report using AI tools for at least one function within their operations. But as we look deeper, the power of AI as a customizable and multi-faceted tool becomes apparent:
Generative AI programs such as DALL-E, Bard, and ChatGPT have also been adopted by significant number of people. In particular, OpenAI’s ChatGPT boasts 100 million users and over a billion monthly hits.
Finance Leads the Way in AI Adoption
The finance industry has become the frontrunner in AI adoption. Used to manage complex risk challenges, AI algorithms can analyze vast amounts of data in real time, enabling timely detection of fraud and market fluctuations.
Consequently, AI technology has proven to be a game-changer within the risk space. A survey conducted by McKinsey indicates that 48% of professionals in the risk space reported some form of revenue increase as a direct result of AI adoption. Additionally, 43% of respondents reported a decrease in costs, as AI streamlines processes, automates repetitive tasks, and reduces the margin for error.
The Job Market Responds
The rise in AI adoption has created a demand for AI-skilled professionals in the U.S. In this table, we can see AI job postings as a percentage of overall job postings in the U.S. between 2021 and 2022:
Notably, the top three sectors with the highest demand for AI talent are IT (5.3% of all job postings), professional, scientific, and technical services (4.1%), and finance and insurance (3.3%). This trend suggests that these are the industries where AI can make the biggest difference.
The Transformative Power of AI
AI adoption has reached a critical milestone, with half of the surveyed organizations leveraging AI tools to optimize their operations in some form. But this is a mere shadow of AI’s true potential.