Today, we’re going to explore some of the most valuable Machine Learning statistics for 2023.

Let’s get started.

Key Machine Learning Statistics 2023 – MY Choice

  • Netflix saved $1 billion due to its machine learning algorithm for the combined effect of personalization and content recommendations.
  • The accuracy of machine learning in predicting stock market highs and lows is 62%.
  • 60% reduction in Google Translate errors was found when changed to GNMT—a translation algorithm powered by machine learning.
  • The accuracy of Google’s AI machine learning algorithm in predicting a patient’s death is 95%.
  • 97% of mobile users are using AI-powered voice assistants.
  • Six human radiologists are outperformed by Google’s lung cancer detection AI.
  • Google’s Deep Learning ML program has 89% accuracy in detecting breast cancer.
  • AI could prevent 86% of cyber attacks and security threats
  • By 2025, 3/4 of all elderly care services in Japan will be delivered by AI.
  • 43% of millennials would pay a premium for a hybrid human-bot customer service channel.

Machine Learning Adoption Statistics 2023

  1. Experts forecast the global machine learning adoption rate to be around 42% CAGR between 2018 and 2024.
  1. 91.5% of leading businesses have ongoing investments in ML and AI.
  2. Advancements in machine learning and artificial intelligence may increase the global GDP by 14% by 2030.
  1. 44% of respondents said they deployed ML in pockets.
  1. Using machine learning rarely decreases business expenses, but it surely does increase your revenue, as reported by 80% of people in a survey by McKinsey.
  2. 25% of top IT leaders believe machine learning programs will help curb security risks in their respective companies.
  1. 33% of top IT leaders adopt machine learning mainly to improve their business analytics processes.

Machine Learning Use Cases 2023

  1. Cost reduction is the number one reason why companies use machine learning.
  1. According to C-level Executives and Data Scientists, the top use of ML is Risk Management (82%).
  2. 14% of the organizations surveyed took 0 to 7 days to deploy a single machine learning model.
  3. 51% of respondents from a survey by O’Reilly say they use internal data analysts and machine learning engineers to build their ML models.
  1. An ML algorithm can detect if a child has epilepsy with 73% accuracy.
  2. A machine learning algorithm can detect lung cancer with 94% accuracy.
  3. A deep learning model can predict under-performing businesses with an accuracy of 62%.
  4. A machine learning algorithm can read lips with 95% accuracy.
  5. Machine learning facts show that human editors can only tell the difference between AI and human authors 50% of the time.
  6. After Nissan started using Google’s automated bidding products, its conversion rates increased by 67%.
  7. The accuracy of predicting a patient’s death by Google AI is 95%.
  8. Amazon uses a machine-learning algorithm to automate picking items and packing them in logistic regression.
  9. Netflix saved over $1 billion because of its machine learning system.
  1. Facebook has an AI-powered face recognition model with 97% accuracy.
  2. Tesla recorded over 4 billion autonomous miles as of Jan 2021.

Machine Learning Market Statistics 2023

  1. The ML market is forecasted to grow from $1 billion in 2016 to $9 billion in 2022, at a CAGR of 44%.
  2. The US deep learning and machine learning market will be $80 billion by 2025.
  3. COVID-19 is to blame for the production decrease of 12% in the ML chip-making business.

Careers in Machine Learning 2023

  1. There are less than 10,000 individuals who have the necessary skill to tackle serious AI problems.
  2. On LinkedIn, data scientists rose by over 650% between 2012 and 2021.
  3. Only 4.5% of data researchers or data scientists in the USA work exclusively as ML engineers.

Machine Learning in Marketing 2023

  1. 16% of respondents from a Refinitiv survey said they believe ML would improve their sales and marketing campaigns.
  2. 61% of marketers claim that AI is the most vital part of their data strategy.
  3. 87% of AI adopters say they use or consider using it for sales forecasting or improving their email marketing campaigns.
  4. Marketing and sales are the most profitable departments to incorporate machine learning systems.

Machine Learning in Business 2023

  1. Businesses leveraging machine learning algorithms can increase business productivity by 54%.
  2. C-level executives are usually responsible for overseeing 75% of AI projects in their respective firms.
  3. Customer service is synonymous with artificial intelligence. That’s why over 80% of businesses will use it in this department.
  4. 15% of all manufacturing businesses say they are willing to use AI in widespread production.
  5. There were over 4400 funding rounds for machine learning businesses in 2021, raising $73.7B from all the rounds.
  1. 75% of businesses that use AI and machine learning increased customer satisfaction by around 10%.

Machine Learning Methods for Sales Teams 2023

  1. Businesses that use AI for sales can increase their leads and appointments by over 50%.

Machine Learning in Voice Assistants 2023

  1. By 2026, the value of the global natural language processing market will be around $42.04 billion.
  2. 50% of people around the world use voice assistants.
  3. During the COVID-19 pandemic voice, AI usage increased by 7%.
  4. In 2022, using voice assistance multiple times a day went up by 5% in the past six months.
  5. 80.5% of consumers under 30 use a voice assistant on their smartphones versus 60.5% of those over 30.

General Machine Learning Statistics 2023

  1. 59% of professionals say Tensorflow is their favorite ML platform.
  1. 38% of jobs in the US can be automated by 2030.
  1. Employment in the research and computer science space is forecasted to grow by 15% from 2019 to 2029.
  2. Of the newly filed patent applications in the healthcare industry, 40% have an ML or AI aspect.

Machine Learning stats 2023 FAQs

What’s the difference between machine learning and AI?

Although used interchangeably, machine learning is closely related to AI. Artificial intelligence is a much broader topic that encompasses machines carrying out tasks in an ‘intelligent way’ as they are programmed to mimic humans.

Will machine learning replace jobs in 2023?

Yes, to a certain extent. ML and other subsets of AI help eliminate redundant jobs like proofreading, bookkeeping, and toll collecting. Even though that may be the case, the AI revolution will create more jobs, and humans with the required skill will be able to coexist with machines.

When does machine learning fail?

Machine learning fails when training data is of poor quality. It deducts nuances and patterns from data input to gain insight and enhance performance. If data is not enough, the algorithms’ predictions will be lackluster. 

Where is machine learning used in 2023?

You can use ML in different industries to address various challenges. Good examples are fraud management companies, stock markets, and elderly care services.

Grow Your Business With Machine Learning

Having read the above machine learning statistics, you’ll better understand what machine learning is and how it can impact your life and business.

In a nutshell, ML’s main aim is to empower people using it to make calculated predictions based on input data.

And to do that effectively make use of data in your business, you’ll need the best business intelligence tools:

  • Zoho Analytics allows you to upload and connect to various data sources in different formats. This tool has a drag-and-drop interface, which you can use to combine reports and make interactive graphs and charts.
  • Big Eval is a bit more user-friendly than Zoho Analytics, plus it allows you to perform in-depth quality checks by testing algorithms, case execution, and case organization. This tool has a free demo where you’ll be walked through all the features and have your questions answered by an expert.
  • Yellowfin has a free 30-day trial plan and a mobile app – unlike the other two. It can help you automatically analyze data and share information to workflows for reuse in storyboards, stories, and dashboards.

Businesses and individuals in various disciplines worldwide are starting to embrace machine learning. Don’t be left behind. Get started today!

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