50+ machine learning statistics that will matter in 2024

If machine learning were a kid in school, it would be the brightest and coolest student.
We've all heard about how important machine learning is becoming. Really Did you know that it affects how we make decisions every day?

Machine learning (ML) has transformed the way humans interact with machines, technology, and data. However, it wasn't always so popular. What started as a niche industry has grown into a billion dollar market.

Machine learning is now part of every industry you can think of, including healthcare, finance, entertainment, retail, manufacturing, and more. It has become imperative for businesses to implement ML to increase revenue, reduce costs, and automate operations.

In a world where disruptive technologies thrive, these machine learning statistics can help you navigate this arcane field.

machine learning statistics

Machine learning is defined as a way for machines to automate processes by learning from discernible patterns. This is a branch of artificial intelligence (AI) that aims to improve and automate data with little room for human intervention.

Here are some interesting ML statistics that reveal its important role in our lives.

• 57% of businesses and enterprises are using machine learning to improve the consumer experience.
• 49% of companies use machine learning and AI for marketing and sales.
  
• Netflix saved $1 billion thanks to machine learning algorithms that combine personalization and content recommendations.
• Machine learning has a 62% accuracy in predicting stock market highs and lows.
• We found that switching to GNMT, a machine learning-powered translation algorithm, reduced Google Translate errors by 60%.

• Google's AI machine learning algorithms are 95% accurate in predicting patient death.
• 97% of mobile users use an AI-powered voice assistant.
• Google's lung cancer detection AI outperforms six human radiologists.
• AI can prevent 86% of cyber attacks and security threats.
• 43% of Millennials would pay a premium for human-bot and hybrid customer service channels.

Machine learning adoption statistics

ML is being implemented in large enterprises both large and small. The AI ​​market is flooded with several tools, and companies are working closely to identify, analyze, and leverage data insights. Adoption of ML is increasing more than ever before, with product/service development, operations, sales and marketing seeing the highest growth in ML use cases.

• AI adoption is expected to increase global GDP growth by $15.7 trillion by 2030.
• The global machine learning market is growing at a CAGR of 42.08% from 2018 to 2024.
• 65% of companies planning to implement machine learning say the technology will help them make decisions.
• North America (80%) leads in ML adoption, followed by Asia (37%) and Europe (29%).

• 20% of executives (in 10 countries and 14 different industries) report using machine learning as a core part of their business.
• 33% of IT leaders believe they will adopt ML to improve business analytics.

• 25% of IT leaders plan to use ML for security purposes.
• 80% say AI has helped increase revenue.
• 74% of data scientists and executives use ML for performance analysis and reporting.

Machine learning and business statistics

If you have been active in the business world for a while, know ML is the future. Rapid changes in technology have created even more opportunities for ML to drive innovation in traditional business processes. Investing in ML will be essential for any business to survive in the digital age.

• Business productivity gains from the use of AI are estimated at 54%.
• 15% of organizations are advanced ML users.
• More than 4,400 investments raised $3.1 billion for machine learning companies.
• 80% of companies plan to implement AI as a customer service solution
• 45% of end users prefer chatbots as their primary communication mode for customer service inquiries

• Investments in AI are expected to increase by more than 300% over the next few years.

• 62% of customers are willing to send their data to AI to improve their business and user experience.
• 44% of organizations are concerned that they will lose out to startups if they adopt AI too slowly.
• Executives are using AI to reduce repetitive tasks such as paperwork (82%), scheduling (79%), and timesheets (78%).

Machine learning and sales statistics

Salespeople often find themselves wondering whether to adapt to new ways of selling. As recent statistics show, more sales departments are leveraging ML to help move customers through the sales funnel faster. This is becoming one of the most valuable sales enablement tools for improving conversions.

• Companies using AI for sales have increased leads by more than 50%, reduced call time by 60-70%, and realized cost savings of 40-60%.
• 49% of consumers will shop more often and 34% will spend more money when AI is present.

• B2B companies that leveraged AI for sales reduced call time by up to 70% and saw a 50% increase in leads and appointments.
• Business leaders say chatbots have increased sales by an average of 67%.
• One in four sales teams uses ML in their daily work.
• 47% of AI-driven companies said they were able to optimize sales and marketing, and 32% said they were able to reduce operational costs.

Machine learning and marketing statistics

Customers are changing and so are their expectations. To effectively market your products, you need access to highly personalized content and user experiences, along with intelligent campaigns. Machine learning does just that.

• 87% of current AI adopters say they are using or considering using AI to predict and improve their email marketing.

• More than 56.5% of organizations reported using artificial intelligence and machine learning to personalize sales and marketing content.
• 61% of marketers say artificial intelligence is the most important aspect of their data strategy.
• Amazon's average click-to-ship time has decreased by 225%, from 60-75 minutes to 15 minutes.
• Marketing leaders are more than twice as likely to report investments in ML technology and marketing automation.

Machine learning and medical statistics

• Japan plans to use AI to handle 75% of elderly care.
• Applying AI and ML can reduce drug discovery costs by 70%.
• ML can help predict COVID-19-related physiological deterioration with up to 95% accuracy.
• of The global ML and AI healthcare market is expected to reach $187.95 billion by 2030.
• Google's deep learning ML program detects breast cancer with 89% accuracy.
  

Machine learning job demand statistics

As the need for ML continues to grow across industries, so does the demand for data scientists and machine learning engineers.ML Scientists, AI Applications engineers, data analysts, etc. Now is literally the best time to build a career in this field. Here's why:

• 82% of businesses need employees with machine learning skills.
• Artificial intelligence is currently the second most in-demand job.
• More than 98,000 job postings on LinkedIn list machine learning as a required skill.
• machine learning, NLP and deep learning are the three most in-demand skills on Monster.com.

• 74% of buyers choose companies that add value first.
• 39% of companies are ramping up hiring efforts to build larger data science teams.
• only 20% of executives feel their data science teams are ready for AI.

Machine learning offers valuable lessons

Machine learning is a fundamental part of artificial intelligence. It literally teaches itself and your business processes to become smarter. Adapt and invest in machine learning and you'll gain valuable insights into your business and the next online package you're waiting for. ML is revolutionizing our lives. The least we can do is try to think more collectively.

Want to delve deeper into the world of artificial intelligence? Read about deep learning, a subset of machine learning that mimics the functions of the human brain.