We recently compiled a list of the 11 Best AI Assistants in 2024. In this article, we are going to take a look at where Amazon Alexa stands against the other AI assistants.
As we have mentioned in our article, “10 Most Popular AI Penny Stocks Under $1,” the estimated value of the global artificial intelligence market in 2023 was $196.63 billion, and between 2024 and 2030, it is expected to increase at a CAGR of 36.6%.
Regionally, in terms of revenue, the North American AI market held a 30.9% share in 2023, while from 2024 to 2030, the artificial intelligence industry in Europe is expected to grow at a significant CAGR of 33.2%, per Grand View Research. Moreover, the artificial intelligence and robotics markets in the United States have advanced significantly, with an estimated valuation of $42.00 billion in 2023.
The U.S. Census Bureau survey indicates that industry-specific AI adoption rates differ. The information and professional, scientific, and technical services sectors dominate in this regard, with 18% and 12% of businesses reporting present use of AI, respectively, while agriculture and construction have low AI adoption rates of 1% each.
With the launch of ChatGPT, AI technologies are still at the forefront of AI market trends. After launching in November 2022, OpenAI claims that ChatGPT, its AI tool, attracted over a million users in just five days. The Head of AI & Data at Deloitte Switzerland, Marc Beierschoder, is unequivocal on the significance of AI in day-to-day business, stating that “AI is not a passing fad.” In the distant past, a dazzling toy that would momentarily enhance a company’s reputation for innovation has evolved into a vital instrument for smooth corporate operations. Particularly, employees are already accustomed to using generative AI technologies like ChatGPT and DALL-E, which generate fresh content in the form of text, photos, audio files, or videos.
If 2023 was the year that generative AI (Gen AI) was first introduced to the world, then 2024 is the year that businesses really started utilizing this new technology and reaping its benefits. According to the McKinsey Global AI May 30, 2024 Survey, 65% of participants claimed their companies use generative artificial intelligence on a regular basis. This is almost twice as many as the survey’s results from just 10 months ago. Respondents’ expectations for Gen AI’s impact are as high as they were last year, with three-quarters forecasting major or disruptive change in their industry in the next years.
Another study by PwC’s Global Artificial Intelligence, “Sizing the Prize: Exploiting the AI Revolution,” examines the enormous potential that artificial intelligence holds for economies and businesses. According to the study, artificial intelligence could boost GDP in local economies by up to 26% and add an incredible $15.7 trillion to the global economy by 2030. As businesses look to “augment” the productivity of their labor force using AI technology and automate some jobs and roles, advances in labor productivity will fuel initial GDP growth. Additionally, the analysis indicates that by 2030, improvements to products will drive up consumer demand and account for 45% of all economic gains. This is due to the fact that AI will eventually lead to a wider range of products that are more affordable, individualized, and attractive. China and North America stand to gain the most from AI, with China’s GDP expected to rise by 26% and 14.5%, respectively, to reach a total of $10.7 trillion, which represents over 70% of the global economic impact.
Methodology:
To pick out the 11 Best AI Assistants in 2024, we searched the internet for the best AI assistants in 2024 and ranked them based on their number of appearances in our sources, so each appearance got one Insider Monkey score. Then we ranked the list based on the aggregated scores.
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A customer entering an internet retail store, illustrating the convenience of online shopping.
Amazon Alexa
Insider Monkey Score: 14
Amazon.com, Inc. (NASDAQ:AMZN)’s AI virtual speech assistant service, Alexa, is accessible on over 100 million devices made by Amazon and other manufacturers. It’s intended to assist consumers in purchasing Amazon things, playing music, and controlling smart home gadgets (Echo). Many IoT devices and Amazon items come pre-installed with it. The Echo Show 8 is the most recent Alexa show device.
In its May 2024 investor letter, Lakehouse Global Growth Fund provided an update on Amazon.com, Inc. (NASDAQ:AMZN), sharing their analysis and perspective on the company’s performance and future prospects:
“Amazon.com, Inc. (NASDAQ:AMZN) delivered an impressive quarterly result that also came in well ahead of analyst expectations. Net sales increased 13% year-on-year to $143.3 billion and operating profits increased 219% year-on-year to $15.3 billion (vs the high end of guidance at $12.0 billion). As has been the case for several quarters now, the highlight of the result was the significant improvement in profitability metrics, as management continues to drive cost efficiencies across its retail operations and Amazon Web Services (AWS). Amazon delivered to Prime members at its fastest speeds ever. In March, across the top 60 largest U.S. metro areas, nearly 60% of Prime member orders arrived the same or next day, and in London, Tokyo, and Toronto, 3 out of 4 items were delivered the same or next day. Bigger picture, we continue to believe that the market underestimates the length of the runway ahead in the core retail business (note that e-commerce sales in the U.S. still only make up 15% of total retail sales) and that there is still significant margin expansion ahead as scale and efficiency benefits continue to come through.”
Overall AMZN ranks 2nd on our list of the best AI assistants in 2024. While we acknowledge the potential of AMZN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than AMZN but that trades at less than 5 times its earnings, check out our report about cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
