It’s time to address the elephant in the room! Considering the rapid changes in AI technology, this phrase should be reworded as: “It’s time to address the robot in the room!”.
The world is evolving at a lightning speed and it has been difficult to keep up with the pace. From advancements in technologies to changes in the way people interact, the advent of artificial intelligence has modified the entire dynamics. AI technology has proved to be a game changer for some and a weapon of destruction for others.
Artificial intelligence is expected to have a market size of around $270 billion by the year 2027. Established players in industries like Google, Microsoft, Pfizer, and others are placing their bets, and investing in this two-edged sword. Many industrial domains have benefitted from AI programming while others claim that these AI tool have taken up their jobs. A discussion on this pressing issue is critical. Read this article to know about the future of AI and what all significant changes has artificial intelligence brought in the different sectors.
Industries That Propelled On The Growth Journey By The Emergence Of AI
From healthcare to cybersecurity, there is hardly any sector untouched by the reach of artificial intelligence. Some have made improvements, but for some AI tool haven’t been of much use. Here’s a list of the few sectors that are reaping benefits from the growing AI technology.
AI is expected to grow at a CAGR of 38.1% between the years 2021 to 2030 and is projected to reach $194.4 billion by 2030. Artificial intelligence has the impetus to revolutionise the healthcare industry by deploying machine learning tools and AI programming to bring about accuracy in medical diagnosis, saving a million lives. According to a report by the Society to Improve Diagnosis in Medicine, around 12 million Americans suffer due to diagnostic errors, and it accounts for an average of $100 billion. The advent of AI can bring these numbers down significantly.
From personal finance to managing enormous client data, the banking and finance industry is also witnessing a positive growth outcome after the inclusion of AI technology in the domain. The BFSI sector is about to witness an increasing inclusion of artificial intelligence with a CAGR of 20% from 2023 to 2032. The accuracy in calculation and the automation of repetitive tasks is one of the benefits that AI technology has brought to the financial sector along with improving customer interaction quality by utilising the artificial intelligence chatbot and other AI programming.
The e-commerce industry has also reaped substantial benefits from the growth of artificial intelligence. An accurate utilization of these AI tools and technologies can be a brilliant addition to upgrade the competence of online businesses. The aspect of personalisation that the AI tool has brought about in the business has proved to be a game changer in the online business landscape. These tools and techniques have been of help in providing enhanced customer services and customer retention rate for the businesses. Identifying the audience, resolving their concerns with accuracy and providing them with a personlised experience translates to higher profits for the business.
Artificial Intelligence is like a two edged sword, on one hand it has refined the services of some sectors and industries, on the other hand it has replaced the needs of the others. Let’s look at some of the industries that artificial intelligence has replaced.
Industries On The Verge Of Being Replaced By Artificial Intelligence
A report from Goldman Sachs shows that around 300 million jobs could be affected by generative AI. In other words,18% of the global work will be automated. The report also states that one fourth of the work in the UK and US could be performed by artificial intelligence. This can be a warning sign for some professions. Let’s have a look at some industries that will be replaced by artificial intelligence:
Information Processing & Information Technology
Out of the most impacted sectors, information technology and information processing are expected to be affected the most. The programming and coding work could be easily automated using AI programming. Apart from programming, jobs that work on a set pattern and require repetitive tasks will be replaced due to artificial intelligence.
Accounts and Record keeping
Managing and organising large data sets and accounts will now become simpler by deploying AI technology and programming. The process of data entry will no longer require manual work and the chances of errors will also be reduced due to mechanisation. It is predicted that artificial intelligence software and machine learning will take over the record keeping and accounting processes.
Customer Service Sector
Another sector that is facing the threat of being replaced by artificial intelligence is the profile of customer service executives and representatives. With the inventions and upgradation in the AI tool, the customer service sector is predicted to be taken over by artificial intelligence chatbot and emotionally wired robots that can accurately handle the escalating client concerns. A research by Ganter (2022) predicts that chatbots will take over as customer service support in 25% of the companies by the year 2027.
The prevalence and growing use of AI learning has made some tasks easier, while it has completely eliminated the need of the others.
The Impact Of AI On Employment: An Overview
The estimate of the inclusion of AI in the business landscape is evident by a 2013 research by the University Of Oxford which predicted that in the next 20 years, 47% of the jobs in the US will be taken over by artificial intelligence.
The rising trend of AI companies and the gravitation towards the use of AI tools is proving to be threatening for some of the work sectors.Another research study by the World Economic Forum reveals that artificial intelligence will replace 85 million jobs by the end of 2025 .
These data figures and stats pose an alarming situation for some of the job professions worldwide.
How Will AI Affect The Future?
“Within a few decades, machine intelligence will surpass human intelligence, leading to The Singularity – technological change so rapid and profound it represents a rupture in the fabric of human history.” –Raymond Kurzweil.
If you start to join the dots, based on the value points that the above discussion has provided, it would be easier to interpret that the future of AI holds both problems and benefits. Like the two sides of a coin, the usage of artificial intelligence can be both disastrous and favourable. From Stephen Hawking to Elon Musk, everybody has acknowledged that artificial intelligence can be considered a mixed bag of opportunities and threats alike.