Artificial intelligence, or simply AI, is the imitation of human intelligence processes using a machine. AI systems consume large amounts of labeled training data, analyze it for correlations and patterns, and use the correlations to predict future states.
Today, the artificial intelligence industry is developing quickly and unpredictably. AI technology has reached a tipping point and is already actively changing every industry. Let’s take a look at how the AI industry is fundamentally restructuring all sectors of the economy and what changes we can expect in the next decade. We will consider the most popular and bold predictions regarding the development of AI.
WHY IS ARTIFICIAL INTELLIGENCE IMPORTANT?
AI is at the core of machine learning. With the help of artificial intelligence, computers use vast amounts of data to make optimal decisions and discoveries in much less time than a human would.
AI & ML: Market Overview
The global AI market size was estimated at $58.15 billion in 2021 and is expected to reach $271.48 billion by 2027. The Compound Annual Growth Rate (CAGR) is projected to increase by 38.1% between 2022 and 2030.
Artificial intelligence is being implemented in almost all devices and programs, from unmanned vehicles to vital medical equipment. AI is an important revolutionary element in the coming digital age. Tech giants such as Amazon, Google, Apple, Facebook, IBM, and Microsoft are investing heavily in AI research and development. These companies are working to make AI more accessible to enterprises. Moreover, various companies are implementing artificial intelligence technology to improve the customer experience.
Artificial intelligence market forecast
ARTIFICIAL INTELLIGENCE GROWTH
Artificial intelligence is partially shaping the future of humanity in many areas. Today, it is already a major driver of new technologies such as robotics and the Internet of Things. It is predicted that very soon he will act as a technological innovator.
Myths about Advanced Artificial Intelligence
1. We won’t approach superintelligence until 2100
Today we cannot define, understand, or appreciate superintelligence. In the past, there have been polls in which AI researchers are asked by what date they think there will be at least a 50% chance that we’ll see human-scale AI. The results of these polls have shown that experts cannot come to a single conclusion. At the AI conference in Puerto Rico in 2015, the most common answer was by 2045, but there were also answers of hundreds of years or more.
2. АI will replace all human work functions
It’s hard to argue with the fact that artificial intelligence is already making adjustments to many work processes, automating production, and replacing some workers. But it’s too early to talk about direct labor transfer from people to machines.
The reality is that AI is also creating new jobs, since in one way or another, a machine must be controlled by a person.
3. Superintelligent computers will be better than humans at problem-solving
As human beings, we use AI that performs a certain task and improves its results. General AI performs a task the way a human can, but Super AI (performing a task better than a human) have not yet been developed and will take decades or centuries to become reality.
4. AI does not require human intervention
There is an erroneous belief in the fierce independence of today’s artificial intelligence. The reality is that modern AI is not yet fully capable of making decisions autonomously. Specialists are needed for preprocessing data, preparing models, preparing training datasets, and so on. That is, the AI model depends on a person. But once the model is prepared, it can improve its performance on its own based on experience gained.
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What to Expect: 5 Main Predictions
“Many industries go through this cycle of winter, winter, and then eternal spring,” former Google Brain executive and Baidu chief scientist Andrew Ng told ZDNet. “We can be in the eternal spring of AI.”
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AI and ML will change the scientific method
Large-scale scientific testing requires lots of time and money. In recent decades, the scientific community has observed a slowdown in scientific progress. It seems that the golden age of grand and revolutionary discoveries is over.
AI and machine learning can significantly accelerate scientific advancements. AI shows an unparalleled ability to analyze huge datasets and calculate complex relationships and patterns.
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Public investment in AI development
Most likely, we will witness significant public investment in the development of AI and machine learning. The governments of many countries (the United States, China, and European states in particular) will focus on strengthening partnerships with innovative companies that develop artificial intelligence technology to strengthen scientific and economic competitiveness and geopolitical leadership.
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AI will improve the next-generation customer experience
Many high-profile companies are making personalized and seamless omnichannel experiences a top priority in their corporate strategies. Soon, competitive advantage will be based on the ability to collect, analyze and use personalized customer data at scale, and how a company uses AI to understand, shape, customize and optimize the customer journey.
While high-quality customer experiences can be time-consuming, costly, and technologically difficult to implement, the result will enable businesses to deliver personalization on an unimaginable scale.
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AI will help fight the climate crisis
For several years now, civil society organizations have been warning about the approaching climate crisis. Carbon taxes are still not showing their effectiveness. Humanity has to take several measures to help mitigate the socio-economic threats associated with global warming.
Artificial intelligence can help to fight global warming. Prediction markets and AI-powered digital simulations are already being built to help manage carbon exposure by showing a holistic picture of the state of the environment.
A digital model of a “twin Earth,” processing a huge amount of data in real-time, will help us see environmental trends that are otherwise invisible to us.
Carbon sequestration also involves AI-assisted risk modeling, future impact predictions, and the ability to calculate unforeseen impacts.
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Personalization of medicine with the help of AI
Personalization of medical services has been one of the main aspirations of medicine since the deciphering of the human genome. But in many respects, this remains only an aspiration. AI is expected to help synthesize and predict personalized treatments in real-time.
By creating a digital twin of a person, AI can analyze their biology. AI also makes it easier to understand massive datasets about human physiology as well as the impact on human health of the environment, lifestyle, nutrition, and many other factors. AI-based software has the potential to significantly improve the healthcare industry.
Artificial intelligence is likely to profoundly impact every aspect of our economy and society in the coming decade. We are at the beginning of a promising era of technological innovation and value creation that will last for the foreseeable future.
Artificial intelligence statistics 2022
What industries will AI change?
Some industries are at the beginning of their AI transformation journey, while others are AI veterans. All have a long way to go. Regardless, the impact AI is having on our present-day lives is hard to ignore. Let’s take a look at possible changes in different sectors of the economy.
Healthcare
With the help of AI, diseases can be diagnosed faster and more accurately, drugs can be discovered faster and more easily, virtual nurse assistants can monitor patients, and big data analysis can create a more personalized approach to patients.
AI algorithms will enable clinicians and scientists to better analyze data and tailor their healthcare to the genes, environment, and lifestyle of each patient. AI will drive a revolution in personalized medicine, from diagnosing tumors in any part of the body to deciding which cancer treatment is best for each case.
FinTech
One immediate way in which FinTech customers will be touched by AI is in the form of chatbots. AI-driven chatbots will be the first line of defense for customer service departments, efficiently triaging cases and funneling them as needed to human customer service agents.
The onboarding experience will be shorter and easier for customers with the advent of AI. For one thing, AI will streamline customer verification, making opening an account much faster for the average consumer. Finally, AI’s efforts against malicious attacks will provide financial customers with an additional and powerful line of protection against a range of incursions, including data theft.
Read also: Artificial Intelligence in fintech: challenges, best practices, highlights for future
Logistics & transportation
AI may soon have the most significant impact in self-driving cars. Unlike humans, AI drivers are never distracted while driving. Driverless trains are already running in European cities, and Boeing is building an autonomous jetliner (though pilots will still be on the plane).
Manufacturing
AI-powered robots are already doing some tasks alongside humans, such as assembly and stacking, while predictive analytics sensors keep machines running smoothly.
Education
Textbooks are being digitized with artificial intelligence, virtual tutors assist human instructors early on, and facial analysis measures students’ emotions to determine who’s having difficulty or bored to better tailor the learning experience to students’ individual needs.
Customer service
Google is working on an AI-based assistant that can make calls like a human and make appointments for any service. This system understands context and nuance.
Cybersecurity
The self-learning and automation capabilities of AI can protect data systematically. AI-based tools can find patterns associated with malicious computer viruses and programs before they steal massive amounts of information or cause damage. At the same time, it’s obvious that attackers will also use AI to their advantage.
“I think anyone who makes assumptions about the capabilities of smart software at some point is wrong,” says David Vandegrift, CTO and co-founder of the customer relationship management firm 4Degrees.
The impact of AI on society
Tech companies across industries — including Google, Apple, Microsoft, and Amazon — spend billions of dollars annually on AI products and services. Meanwhile, educational institutions are making AI a more important part of their curriculum and research. Some of its results are on their way to full implementation; some are purely theoretical and may remain so.
AI expert Kai-Fu Lee, in a lecture on AI at Northwestern University, speaks about the possible side effects of this technology:
“The bottom 90 percent, especially the bottom 50 percent of the world’s population in terms of income or education, will be hit hard by job displacement… A simple question to ask is, ‘How routine is work?’ And how likely is this work to be replaced by AI, because AI can, as part of a routine task, learn to optimize itself. And the more metrics, the more objective the work is — sorting things into baskets, washing dishes, picking fruit, and answering customer calls are largely programmed tasks, repetitive and routine. In five, 10, or 15 years, they will be supplanted by AI.”
Kai-Fu Lee advises those whose work involves repetitive or routine tasks to learn new skills so as not to be left on the sidelines.
According to Clara Nahrstedt, professor of computer science at the University of Illinois at Urbana-Champaign and director of the school’s Coordinated Science Lab, the success of AI in many industries is encouraging businesses to invest in retraining people for new jobs. But Nahrstedt also expresses concern that this retraining is not happening widely and quickly enough.
“People need to learn programming the same way they learn a new language,” says Mark Gyongyosi, the founder and CEO of Intelligent Flying Machines, “and they need to do it as early as possible because this is truly the future. In the future, if you don’t know what coding is, you don’t know what programming is, it will only get harder.”
While many of those pushed out of their jobs by technology will find new ones, it won’t happen overnight.
As you can see, the AI industry is developing rapidly, alongside the technology businesses that use it. At S-PRO, we have been working with artificial intelligence development for several years and have deep expertise in implementing AI in projects of various sizes. Find out more about our AI development capabilities here, or get in touch with our AI experts right away.
