Blumberg Capital, a leading early-stage venture capital firm, has announced the results of its 2022 AI survey examining consumer behavior and attitudes on artificial intelligence (AI). The AI study found that consumers have largely moved beyond the adoption phase of AI and have a generally positive perception of how AI can improve their experiences across areas such as healthcare, personal finance, e-commerce and logistics. As AI becomes a seamless part of consumers' lives, entrepreneurs are building new AI-driven solutions, creating more efficiency, productivity, and convenience for individuals and businesses.
After a record breaking year for AI startup investments in 2021, AI continues to be a key technology priority across industries, as companies pivot from pandemic-driven initiatives to long-term productivity and growth. This has resulted in increased investments in AI solutions focused on helping enterprises and providers leverage data, increase productivity and enhance security in people's daily lives at home and work.
2022 AI survey insights include:
● Consumers better understand the benefits of AI: Blumberg Capital's 2019 AI Survey found that consumers are wary of AI. Half of consumers reported feeling optimistic while the other half were fearful. In 2022, consumers now agree that AI benefits their everyday lives. Consumers believe the top three benefits of AI are saving time, easier access to information, and increased productivity. Baby Boomers are three times more likely to identify productivity as a top benefit of AI vs. Millennials. In addition, Gen Z consumers are three times more likely than Baby Boomers to agree that AI saves time, while Baby Boomers believe the top benefit is easily accessible information. Saving money trails other perceived benefits across age groups.
● Trust in AI's impact on securing personal information has increased: 43% of consumers believe businesses are more careful when securing personal information by using AI. 84% of consumers believe AI will allow healthcare organizations to keep information about their health safer and more secure while 78% of consumers state that AI will allow financial organizations to better secure their financial information.
● AI can improve productivity in the workplace: Consumers continue to be wary of the impact AI will have on job security, but they also recognize how AI can benefit workers. The 2022 AI study found that one-third of consumers would gladly welcome AI support to complete tedious tasks, up from 19% in the 2019 AI survey. Millennials are also two times more likely than Baby Boomers to let AI take over, highlighting generational differences.
● AI has improved customer service: With the shift towards online services, chatbots are expected to become the primary customer service channel for almost a quarter of organizations, highlighting the growing role of AI in customer service. Already, it appears that investments are paying off: 42% of consumers believe that AI in customer service has increased satisfaction and decreased complaints, up from 33% in 2019. 50% of millennials agree vs. 35% of Baby Boomers.
"AI solutions are creating a positive impact on our lives, as practical applications of AI become more innovative and prevalent," said David J. Blumberg, founder and managing partner, Blumberg Capital. "Amid mass adoption of AI solutions and growing trust among consumers, entrepreneurs are building innovative ways for deploying AI to increase security, productivity and access to benefit individuals, businesses and society at large."
