How Will AI Impact Businesses In The Coming Future?
Artificial Intelligence isn’t a new word anymore and is here to stay. In the endless debate of whether AI will take over for good or worse, it is now more than important to understand AI’s evolving form, dynamics, functionality, and the way it’s redefining business across sectors.
AI is now one of the biggest business avenues and will add more to global GDP by 2030 than the current output of China and India—combined. Companies like Google, Apple, IBM, etc. have spent more than $20 billion collective dollars on AI products and services annually.
Here are a few ways how AI will make an impact in the near future:
With Tesla’s Autopilot cars and Hyundai’s world’s first AI-based partial autonomous driving technology, it is clear that the smart machines will be driving us. It is estimated by Statista report that by 2030, the global automotive industry is projected to reach $9 trillion and therefore, companies are actively participating in providing a better customer experience, backed by AI. With more countries running automatic gear cars, AI will be the added enhancement.
AI isn’t replacing manpower anytime soon, for sure. However, it is and will continue helping the employment processes and the way industries work. As per an article in Financial Times, “it is clear that redistribution of labour is inevitable. To deal with the shift in skills that this implies, retraining the workforce is critical. The WEF notes that on average about half of the workforce across all sectors will require some retraining to accommodate changes in working patterns brought about by AI.”
AI’s effects on the education industry are multifold. According to eLearning Industry, 47% of learning tools will be AI-enabled by 2024. Its role increased even more in the pandemic, where schools were identifying ways to make learning interactive, intuitive and interesting at the same time. AI will eventually become a very important pedagogical tool, assisting teachers in making learning accessible at all times.
AI has been heavily useful in the healthcare industry and the research on its benefits is an ongoing process. The medical industry thrives on insights and case studies with more than 2.5 million terabytes of data generated daily. With the use of AI, the world can be connected globally, thereby providing access to even rare pieces of information across professionals.
In the present, AI has proven to be of great assistance to physicians in early diagnosis and treatment.
Big Data Culmination
The majority of industries in the world now rely on data. With humans depending more and more on electronics and the internet, data insights are now an industry in itself, with the global industry worth approximately reaching $685 billion by 2030.
Data gathered in the present are from multiple platforms and are highly unorganized. With the help of AI, data categorization is a seamless task. It has now become a huge library of information. The more the data, the more are your company assets. AI is built with the help of Big Data and AI will now lead the future of Big Data.
Artificial Intelligence, when used efficiently and in a planned way, will do wonders for companies. Businesses can enforce the use of AI in various verticals and thereby, smoothen processes for their employees and customers.