Over the last few years, the boom in artificial intelligence has lead to significant changes in industries around the world. Here at GetResponse, we’re passionate about automation, and wanted to find out more about how the US could save by investing into AI.
According to McKinsey, AI could increase corporate profits by $4.4 trillion – but which industries in the US could benefit most from incorporating AI?
The industries that could benefit from AI
The five industries that could save the most for individual businesses include the automotive industry, commercial services, architecture, engineering and building, finance, and beauty.
|Monthly savings per business
|Annual savings per business
|Architecture, Engineering & Building
|Hair & Beauty
The automotive industry stands to make the most from incorporating AI, with potential monthly savings of $4123.77. California especially can save a lot, with the California automotive industry potentially saving up to $1,578,083,028. California was the largest auto market in 2022 according to Factory Warrant List, and boasts 31,890 automotive businesses according to census data. Automating the automotive process – from manufacturing to sales – could be very lucrative for a state with so many businesses.
The commercial services sector could also save plenty. This covers everything from furniture and home stores and clothes stores to petrol stations. As you can imagine, there are plenty of potential savings here. Across all 50 states, the total savings from adopting AI and automation in this sector could total upwards of $31.7 billion. When you think about the work that goes into marketing these businesses, introducing automation – like our AI campaign generator – could really save time, effort, and money. Again, California stands to save the most in this sector, with $3,211,892,693 in potential savings across 66,552 businesses in the state.
Third is architecture, engineering and building, which stands to save the most out of all of our industries. This industry has a potential saving of $37.7 billion, factoring the savings from every state in the US. Again, California’s huge population means that the state stands to gain the biggest savings from automating engineering and building work, with a total potential saving of around $4 billion in California alone!
Fourth is the finance sector. Surprisingly, for an industry that’s tech-focused, it only stands to gain around $10.9 billion across all states. The biggest saving again comes from California, where the 30,745 financial businesses stand to save around $1,328,302,368 in total.
And in fifth, there’s the hair and beauty industry, who could save around $5 billion through AI automation. California again takes the top spot, but in second there’s New York, which has 11,817 hair and beauty businesses looking to save around a potential $501,036,073 through automation.
Best states for AI productivity
Now let’s take a look at the states that stand to gain the most from AI automation.
Again, California comes out on top. According to census data, there are currently 236,962 businesses operating across the five sectors that stand to benefit the most from adopting AI, and annual savings could reach as high as $10 billion. The report highlights that the architecture, engineering, and building sector in California alone could save more than $4 billion annually by embracing AI.
In second place is Florida, where total savings could be as high as $7,885,228,589. This is largely driven by the state’s large population, but also due to high numbers of commercial services and architectural, engineering and building firms – both sectors set to save a lot through automation.
In third is Texas, where all of the industries combined could save $7,105,578,445 through automation, and in fourth we find New York where businesses across every sector stand to save $6,931,987,168.
Worst states for AI productivity
Of course, some states stand to gain a lot less from automation, often more rural or agriculturally focused states.
The bottom state is Vermont, where the total annual savings might be lower, in the region of $142,507,454 across the five focus sectors. Of course, that’s still $142 million annually if all businesses across the top five sectors adopt AI within their workforce.
Following that is West Virginia with potential savings of $248,804,982, and Alaska with $275,215,212.
Overall, the potential is clearly huge for businesses across the US to innovate and save significant amounts thanks to the revolutionary progress made in artificial intelligence in the last few years. Here at GetResponse, we’re pleased and proud that we’re helping to lead the work on automating marketing campaigns. Find out more about how to create an AI campaign with GetResponse,
This dataset ranks all states, based on how good they are for saving capital with AI implementation. To do this, 5 different industries were used. If data was not available, a score of 0 was given. The values were then multiplied by the annual savings for that industry, to give each state a total saving amount. The locations were then ranked from highest to lowest, based on their total scores.
The industries used are as follows:
- Automotive – Specific Industries selected were: Transportation manufacturing, motor vehicles and part whole sellers and transportation and warehousing.
- Commercial Services – Specific Industries selected were: Every industry under ‘Retail trade’, including: furniture & home stores, petrol stations, clothes stores etc.
- Architecture, Engineering and Building – Specific Industries selected were: Architecture and engineering and construction
- Finance – Specific Industry selected was: Finance and insurance
- Hair and Beauty – Specific Industry selected was: Hair, nail and skin care services
All data is correct as of 28/11/23. The ranking data shown is a compilation of multiple data sources and may not be representative of real life. All data is accurate with regards to the source provided – US Census.