These are the Industrial Sectors that Widely Use AI for Product Development

Economics & Macro

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Adi Ahdiat 17/05/2023 17:14 WIB

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According to a McKinsey survey, the financial services industry is the sector that most extensively utilizes artificial intelligence (AI) for product development.

Proportion of AI Use in Product Development by Industry Sector (2022)*

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Proportion of AI Use in Product Development by Industry Sector (2022)*

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Artificial intelligence (AI) technology can be utilized to support various business needs.

According to McKinsey's survey report titled *The State of AI in 2022*, the financial services sector most extensively uses AI for product development.

Of all the financial services industry respondents who have adopted AI, 31% utilize the technology to improve the quality of their products and services.

Other industry sectors using AI for similar purposes have a proportion of less than 10%, as shown in the graph above.

Generally, McKinsey found a strengthening trend in AI adoption in the business world in recent years.

Of the 1,492 global survey respondents, 50% in 2022 had already adopted AI in at least one of their business units.

This number has more than doubled compared to 2017, when only 20% of respondents were AI users.

The AI referred to in this report encompasses all technologies capable of performing cognitive functions related to the human mind (such as language understanding), as well as cognitive functions related to physical activity (such as robot automation and manufacturing tools).

McKinsey conducted this survey in May and August 2022. All respondents are claimed to represent a diverse range of regions, industry sectors, company sizes, and business ownership models.

McKinsey also adjusted the survey data, weighting it based on the respondents' countries' contribution to global gross domestic product (GDP).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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