Prof. Sunil Goyal
National Technology Day, celebrated on 11 May in India, highlights the achievements of tech giants, researchers, scientists and engineers. Former Prime Minister Atal Bihari Vajpayee had declared 11 May as National Technology Day in India to commemorate the first of the five nuclear tests that were carried out on 11 May 1998.
India has witnessed explosive growth, thanks to the contribution of technological advancements. National Technology Day is the perfect occasion to acknowledge the effort of scientists and engineers as growth drivers. This day also commemorates the five Pokhran nuclear tests done by the Indian Army in May 1998 to determine the power of the bombs.
On the question – How fast is technology advancing? I have compiled some of the most ground-breaking statistics to enlighten people on the pace and extent of progress vis-a-vis technology. In addition to this, I have also tried to shed light on some of the upcoming trends.
As per Data Reportal, 63% of people around the world use the internet. There are about 7.9 billion humans on the planet. Approximately 5 billion of them use the internet, according to technology adoption statistics for 2022. That rate has grown by 4% since 2021. That’s an addition of 192 million new users since last year. There are 5.32 billion unique mobile phone users. Over the last year, the total number of unique mobile users has grown by 95 million. According to technology growth statistics, that brings it to a total of 5.32 billion in 2022. That’s a growth of 1.8% since last year. We’ve also seen millions of people upgrade to smartphones. For every five cell phones, four are smartphones. Over 4.65 billion people use social media. According to technology statistics for 2022, roughly 58.7% of the world’s population, use social media. Since 2021, around 326 million new people have joined networking websites. In addition, over 90% of people that regularly use the internet visit social sites.
As per Fortune Business Insight, $183.18 billion – that is how much the web hosting services marketplace is expected to have generated by 2026. In 2017, the global web hosting market had a value of $32.12 billion, and in 2018 that figure rose to $60.90 billion. By Maintaining a Compound Annual Growth Rate (CAGR) of 15.1%, experts predict that the web hosting industry will be worth more than $100 billion in a few years as a result of global tech market growth. That’s why there’s such a fierce battle between the best hosting providers on the market.
As per Statista, by 2025, there will be 75 billion connected devices in the world. In 2025, the number of Internet of Things (IoT) will be thrice that of 2019. Think slow cookers, wearable technology like smartwatches, smart meters, smartphones, etc. The technology has become so popular that industry experts predict that every consumer will own about 15 IoT devices by 2030!
As per Oberlo, Users query Google about 8.5 billion times per day. When it comes to how fast technology is growing, people do over 8.5 billion searches daily. That’s an astronomical number. To bread down the numbers: Every single second, the search engine giant gets 99,000 searches. That results in close to 9 billion queries each day on average.
Statistics of Finance Online says, the need to reach new customers is the primary factor pioneering technological growth in the last few years (46%). Technology adoption statistics reveal that factors such as selling new business lines (38%), overall improvement of business operations (41%), improving sales and marketing (35%), improving standard internal processes (33%), are the main drivers for tech growth. Google Translate algorithm has increased its efficiency from 55% to 85% following the implementation of machine learning into its translation services. Google Translate is a service developed by Google to help customers translate text and websites to any desired language. Before the introduction of AI, it would typically take more time to translate a series of words in a foreign language, as the process is done one text at a time. However, with the application of deep learning (a sub-function of AI), the Google Translate service is now able to interpret a whole sentence or website at once. The global machine learning market is expected to reach $20.83 billion in 2024. Tech growth stats indicate that machine learning is currently one of the most popular and most successful sub-functions of AI. It should come as no surprise that the market is growing in value. Worth around $1.58B in 2017, it is expected to reach $20.83B in 2024, growing at a CAGR of 44.06%. AI is the most significant portion of the data strategy of any business, according to 61% of marketers. Data strategy is a set of informed decisions taken from a position of insight (after careful study of available data) on how best to move a business forward. It is the job of AI to study the set of available data, and help to draw insights as to existing flaws and what needs to improve.
Nasdaq says, by 2040, 95% of purchases will be online. Buying over the internet is so convenient because you can get whatever you need from the comfort of your home regardless of time or location. According to technology growth stats, ecommerce will have grown so much that buyers will conduct almost all of their purchases online in the next two decades.
Now let us have an eye on AI and Machine Learning Statistics. Technology stats and facts show that AI remains one of the most sought-after technological advancements pioneering technological growth around the world. Read on to find out some amazing stats on how AI and machine learning are impacting society.
Data shared by Grand View Research revealed that the Compound Annual Growth Rate (CAGR) for AI will be 42.2% by 2027. Stats on how fast technology is advancing reveal that the artificial intelligence market was worth $10.1 billion in 2018. In 2019, that value increased to $39.9. As you can see, there has been positive growth over the years, which is likely to continue. Giant tech firms have been pouring big bucks into research and development, the reason why technology keeps advancing every day. Examples of big names investing heavily in this sector include Facebook, Amazon, Microsoft, Google, and Apple. Industry players predict a CAGR of 42% between the period 2020 to 2027.
According to Forbes, AI will replace around 85 million jobs in the US by 2025. Does automation benefit the ordinary citizen? You be the judge. The pandemic led to massive job losses, leaving one in every four adults in serious financial difficulty. They had issues footing their bills. That led to 33% of Americans using their life savings to cater for their expenses. Others had to borrow loans and now have huge debts. And it looks like the labor market hasn’t seen anything yet. AI statistics show that its adoption will lead to job losses to the tune of 85 million by the end of 2025. However, it’s not all bad: Experts predict that there will be 95 million job openings because of artificial intelligence. By 2025, humans and machines will strike a balance of 50-50 when it comes to working.
As per Gartner, worldwide, only 37% of organizations have incorporated AI into their business. Although the figure may not be high enough, it is still a significant rise from what we had in 2015 (about 270% increase).
Zdnet says, Artificial General Intelligence (AGI) has a 50% chance of rising to 90% by 2075. AGI mimics human intellect. Think cooking or styling hair with precision. Experts predict that there are high chances that in most work environments in 2075, nine out of 10 companies will use AGI technology.
According to data shared by The Enterprisers Project, IT Operations professionals are in high demand in 2022. Technology adoption stats show that 60% of IT businesses are looking to hire IT Operations engineers, and 48% are recruiting for developer positions.
Data analysed by Electronic Design revealed that the fully and semi-automatic car market will be worth $26 billion by 2030. Experts estimate that the number of connected cars in Europe, China, and the US will be about 470 million by 2025. Technology statistics show that the vehicles will generate data worth $750 billion. While that sounds impressive, we should think about the security aspect. The information that the technology will derive could land in hackers’ hands instead of genuine parties like manufacturers or vendors.
So: It will be paramount for developers to come up with top-of-the-range security programs to keep cybercriminals at bay.
AMC Laboratories says, 17.71% of executives believe that artificial intelligence and machine learning are game-changers for businesses. The world is beginning to wake up to the fact that robotics and automation powered by AI could be the future of work. However, some are more prepared than others. Those that fail to prepare may be left behind when the changes start to take effect.
As per IDC, 18. 16% of companies in Europe believe that AI would help them counter the adverse effects of COVID-19 on labor. Emerging technologies and automation will be at the forefront of cushioning businesses from the effects of the pandemic. Nearly 20% of organizations say that AI will be the only solution to the current shortage of workers.
According to PWC, the AI market will be worth over $15 trillion by 2030. AI technology is progressing, and the industry is growing pretty fast. Businesses and individuals alike love its efficiency. Logically, demand will continue to rise in the coming years. By 2030, its value will be $15+ trillion. More than ¾ of emerging technologies already planned to own foundations as early as 2021.
AI is at the centre of this new fast changing World to build computational models of intelligence. The main assumption is that intelligence (human or otherwise) can be represented in terms of symbol structures and symbolic operations which can be programmed in a digital computer. Aspects of intelligent behaviour, such as solving problems, making inferences, learning, and understanding language, have already been coded as computer programs, AI programs can outperform human experts. Now the great challenge of AI is to find ways of representing the common-sense knowledge and experience that enable people to carry out everyday activities such as holding a wide-ranging conversation, or finding their way along a busy street. Conventional digital computers may be capable of running such programs, or we may need to develop new machines that can support the complexity of human thought.
The Author Prof. Sunil Goyal is an Eminent Social Scientist, Columnist. At present, he is Dean and Chairman – Board of Studies at Dr. B. R. Ambedkar University of Social Sciences, Dr. Ambedkar Nagar (MHOW), Madhya Pradesh. Email email@example.com; Mobile 9340538466 (Calling), 9425382228 (WhatsApp)