Artificial intelligence is a concept we are hearing about more and more as the days go by. From being incorporated in companies through advanced technology to creating bots that can learn by themselves, AI truly is changing the face of technological advancement in a crucial way.
At this rate of growth, the AI market is expected to reach a global market cap of $360.36 billion by the year 2028. That would mean a whopping 33.6% rise in CAGR between 2021 and 2028. All this advancement is sure to have impacted the world in some way; let’s take a look at some very important ways in which artificial intelligence has changed the world for the better, after all, like any escape room, the pieces to the puzzle of technological tranquility lie within AI.
1)- Mobility and Growth:
Let us now go over some things that you probably do on a daily basis: Have you unlocked your phone using facial recognition? Have you used a card to pay for stuff? Or maybe have you asked Alexa what the weather is like today? Yeah, they are all AI-related advancements.
We have all done one of the above at some point in the last month, or even in the last 24 hours. All under the mastermind of AI, even when using a credit card for payment, AI can tell in a split second what your spending pattern is and how much money you have left. For example, MasterCard uses AI to process around 75 billion transactions in a year!
2)- The Change in Industries:
As mentioned earlier, AI isn’t only infiltrating our daily lives but is a subset of the overall impact on entire industries. To name some industries that have benefitted the most from AI are; banking, agriculture, retail, and of course, healthcare.
To further annunciate the incredible impact of AI in industries, let us take the example of healthcare. AI is now being used in this industry to not only identify but predict diseases. This change has helped healthcare workers make better decisions with regards to the treatment of their patients and also with the recommendations of lifestyle changes that the patients could benefit from.
3)- Being Human:
The common theology behind AI is actually more human than most people think. Many assume that just because AI is teaching robots and technology to self-learn that it will, over time, downplay the importance of humans and make everything more “robotic.” Well, that may not entirely be true after all.
Although one thing is inevitable, the rise in technology is sure to displace many humans of their jobs. However, what people do not take into account is the number of jobs AI will end up creating to uplift the quality and value of the skilled labor market.
To be more specific, the jobs that AI is going to open for us in the long-term would be jobs that use the “human” in us. These jobs may include and are not limited to empathy and creativity. Basically, things that make us human.
4)- Cost-efficient AI:
Many believe that despite a surge in AI advancements, the AI that could make our lives easier would be really expensive to attain. Back when AI was first introduced, it used to be accessible only through costly tech and s group of data scientists.
In the current situation, however, AI is actually more affordable and is especially being marketed like any other specification product, like to businesses. An example of this is when Amazon announced the “personalize” AI service, which helped businesses with SEO-related issues. The best part about that was it did not need to be trained.
5)- The Encouragement of other Tech Trends:
To end it off with the perfect, most accurate reason for AI changing the world for the better, we take a look at the simple fact that AI is the pillar of technological advancement. What does that mean? Well, if you observe closely, some of the very important tech advancements, such as; robotics, facial recognition, and VR, would not have existed without AI.
You think of any tech breakthrough recently, and AI will be involved in it somewhere. It is an integral part of making science and technology easier and more accessible. And those are some ways that AI has absolutely transformed the face of tech and science. It has also made its way into our homes with the likes of Alexa, credit/debit cards, and so on. One thing of significance to note about it is the rapid growth of AI and why it is taking place.
The answer is simple, to make things easier for us. All that AI has done is make things easier; whether it be analyzing and recording data sets, or some sort of augmented reality, it has made life easier and more fun.
To conclude, AI has indeed had a tremendous impact both for regular people and for industries, as mentioned above. Not to mention that it is only going to continue on an upwards trend. Soon, we might see AI make it into industries that you might not even have thought of, like teaching that requires that human connection, although the perception of AI in such fields would be interesting to observe.
All in all, as much as people are fearful of AI taking away their livelihoods, which is proved to be the case, let’s remember how it could help small businesses as well. Not only will AI increase competition among businesses, but it will also increase the quality of labor in the long run, with humans taking on more “human” roles while AI does the dirty work.