The advent and advancements in Artificial Intelligence (AI) has indeed changed our lives for the better. It refers to software robots’ capability to act intelligently by interpreting data and performing tasks as humans do it. Though the technology was invented in 1950, the widespread use of AI-based solutions took place in the last decades.
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By augmenting human capabilities, AI-enabled solutions have made their presence everywhere – from medical sciences to gaming and entertainment. While some sectors have been early adopters of this technology, others are gearing up for the AI revolution. As per the Gartner survey in 2019, the number of businesses adopting AI has grown by 270% since 2015.
AI is widely regarded as a futuristic technology that will change the way businesses function forever. In this blog, let us figure out why AI is the future and its far-reaching impact.
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AI in Everyday Life
It is often discussed in the industry circles that AI is the future of business. However, when we look around, AI’s presence is already visible in various aspects of our day-to-day life.
From smart home devices to digital assistants, self-driving cars to media streaming devices, to healthcare to banking and finance, e-commerce applications to security & surveillance systems, AI has made its mark. It assists us in different areas of life, right from parking our car to responding to our emails. AI is at work when Google Maps help you find the easiest route to your destination. Be it product recommendations or friend suggestions in your social media feeds, the influence of AI is evident.
In a nutshell, AI and its application have become quicker and widespread than we have anticipated. With the ongoing data proliferation, better algorithms, and smart computing capabilities, the use cases of AI are expected to skyrocket in the coming years.
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Disrupting Other Industries
AI-enabled solutions are capable of processing vast amounts of data far quicker than human brains can do. It can dramatically cut down the time required to complete a task and work around the clock at optimum efficiency. Furthermore, it helps us predict each action’s possible consequences, which enables us to make smarter decisions.
Given the numerous advantages of AI, it is highly valuable across industries. The advancements in AI have rapidly revolutionised various other industries as well.
A good example is the healthcare sector. It has been able to outperform human capabilities in certain areas of healthcare. By taking advantage of AI technology, healthcare businesses can develop innovative solutions that ensure better health outcomes. From improved diagnostic accuracy to reducing time for drug discovery, the influence of AI in healthcare is increasing quickly.
Boosting Economic Activity
Perhaps the greatest strength of AI is its capability to derive valuable insights from an enormous amount of data within shorter timelines. For businesses, this capability transforms into an asset of incredible value. Not to mention, AI has become the centre of innovation for forward-looking businesses now.
The global market for AI is booming like never before. It was valued at USD 39.9 billion and predicted to advance at a rate of 42.2% from 2020 to 2027. Top tech companies, such as Microsoft, Google, Apple, Facebook, etc., are spending billions on building solutions that rely on this powerful technology.
The growth in AI-enabled solutions leads to greater economic activity. McKinsey’s report points out that AI is capable of delivering additional global economic activity worth $13 trillion by 2030.
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Impact of AI on society
The growth of AI is expected to have a more positive impact on society as well. AI-enabled solutions are already pushing better outcomes in healthcare. Innovative AI-based applications in transportation help us address traffic congestion issues. Facial Recognition Technology is increasingly being used for solving crimes and uncovering criminal activities. Be it sustainability, climate change, or justice delivery, AI is poised to have a larger impact soon.
AI is slowly disrupting the way we work and the workplaces. Businesses have already started to take advantage of AI-enabled solutions to do repetitive and mundane tasks. This frees up the human workforce for other tasks that require empathy or creativity. When employees are engaged in tasks that create value, it leads to better job satisfaction and happiness.
The future of AI
AI-based technologies have been detrimental in enhancing human capabilities in certain junctures by now. Given the research and advancements happening in AI, its capabilities are expected to improve in the coming years further. AI-based processes will evolve as an integral component in the enterprise environment. It will replace most of the basic problem-solving and repetitive tasks in our daily lives as well.
Moreover, AI is garnering attention as an academic discipline as well. Major universities have included specialised courses in AI and related technologies now. Government organisations and private enterprises are significantly pushing research on AI and figuring out its potential benefits.
There are plenty of advancements expected in the field of AI-based technologies in the future. One thing is certain, when you consider the current trends, there are no signs of a downturn in the coming decades for AI. It is a futuristic technology set to make the world a better place to live if used wisely.
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Artificial Intelligence is a technology whose time has come. It is slowly emerging into every facet of our life and has improved human efficiencies significantly. Although AI is a transformative technology in the current times, it is still in its infancy. The fast-paced advancements in the field have given rise to plenty of career opportunities as well.
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