AI is Reshaping How We Use the Internet
The statistics behind our use of the internet are quite staggering. According to a study by Datareportal, at the start of 2024, there were 331.1 million internet users in the U.S. That represents 97.1% of America’s total population using the internet via their mobile phone, tablet device or laptop/desktop computer.
On average, Americans between the ages of 16 to 64 spend seven hours and three minutes each day on the internet for either personal or work use. That’s almost 30% of your entire day. Assuming you sleep for eight hours, that equates to nearly 44% of waking hours being spent on the internet in some capacity.
Yes, I already know what you’re thinking. We all access the internet for our daily dose of social media, whether it’s Facebook, LinkedIn or, for the younger generation, TikTok or Instagram. Maybe we’ll watch some videos on YouTube, listen to some music or watch our favorite TV shows or movies. We might also visit our preferred source of news or current events.
All the above may be true, but in reality, our use of the internet is much more pragmatic, and work-related, than we might expect. According to Datareportal, 74.4% of survey respondents (U.S. adults aged 16-64) say the No. 1 reason they use the internet is to find information. The No. 2 reason (68.4%) is researching how to do things.
Traditional internet search engines rely heavily on keyword matching and basic algorithms to process your query. At times, it can be a frustrating process that can test the limits of our patience. We randomly jump from one website to the next hoping to find the information we seek.
But AI-powered search engines such as OpenAI’s ChatGPT or Google’s Gemini are quickly changing the landscape. These search engines incorporate machine-learning and can tailor search results to provide quick and concise answers to your query. They scour the near entirety of the internet, along with thousands of databases, to come up with a best answer in seconds. A study by the Atlantic found that an AI-powered search could immediately and fully answer a user’s query 75% of the time.
Improved speed and accuracy in our personal internet use is certainly a benefit from the global push towards AI. But it’s the workplace applications that have business leaders truly excited.
The internet serves as the backbone in facilitating the seamless communication and exchange of data used by businesses in their AI applications. Businesses can use their AI-powered tools to quickly access and dissect vast amounts of data sourced from government, private and public websites and their respective databases. The time savings generated by these AI-powered tools can be substantial.
In a 2024 survey of white-collar professionals by Thompson Reuters, respondents project their time savings using AI tools could be as much as four hours per week by the end of 2025. That equates to almost 200 hours per year. Within five years, respondents project their individual time savings could be as much as 12 hours per week and that 56% of their daily work will incorporate AI-powered tools.
AI is expected to have a profound impact on our economy. Despite its relative infancy, AI is already delivering groundbreaking advancements in healthcare, engineering, finance, science and research & development, to name just a few. The internet, and its use as a source of vast amounts of data, will play a pivotal role in that advancement.
Mark M. Grywacheski, Investment Advisor
Quad Cities Investment Group is a Registered Investment Adviser.
This material is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Quad Cities Investment Group and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Quad Cities Investment Group unless a client service agreement is in place.
