To those who have not realised the potential of Artificial Intelligence (AI), have you ever wondered how your life would be if it wasn’t surrounded by AI? From smartphone to chatbots, from driverless trains to self-driving cars are all examples of how AI is affecting society.
Something as simple as watching a movie or TV series could completely change, eventually resulting in capabilities to order a custom movie/series on demand. Imagine ordering Game of Thrones with my favourite set of actors. Interesting, isn’t it?
According to USC research, the future of the world will be entirely adapted and integrated to AI.
In the automotive industry, Tesla, one of the giants, specifically in the electrical vehicle manufacturing sector, its cars have self-driving capabilities, reducing the human error and causing less accidents on the road due to the self-assessing abilities of the car. Tesla has also introduced semi driverless trucks which have already been tested in California and Arizona. Transportation may be where AI could have the highest impact.
“AIs will colonize and transform the entire cosmos,” says Juergen Schmidhuber, a pioneering computer scientist based at the Dalle Molle Institute for Artificial Intelligence in Switzerland, “and they will make it intelligent.”
AI implementation within organizations is becoming more and more important for both private and public sector directly effecting the country’s economy. According to Accenture’s Technology Vision 2017, AI has the potential to double annual economic growth rates by 2035. Preparing the next generation for AI is key & can be done in various ways- Integration of Human intelligence with machine intelligence to make them co-exist is critical. AI in basic terms is “training the machine to act like humans and think or answer like humans”. A legal assistant takes about 3-6months reviewing the 1000s of legal documents, where as an AI powered virtual assistant will complete the task in a few days, or in few hours depending on the algorithm.
Let’s talk about another successful innovation – Sophia, the robot.
Sophia is a social humanoid robot who can converse with you, understand your questions and answer them, also display a certain amount of emotional intelligence. The robot is well equipped with cameras within its eyes which allows her to recognize faces. A natural language subsystem is embedded for it to process speech and have conversations with you as a normal person. This is a huge achievement, this is only the beginning.
The biggest fear surrounding AI is – “AI will cause unemployment & machines will take my job away from me”. That may be true however over time, certain jobs have become obsolete in the past. As human beings we adapt and train ourselves in preparation for the many jobs AI will create in the market. AI does not run itself. Upgrading our skills to adapt will be one of the major factors in successfully integrating a working class economy with AI.
AI creation, integration & implementation requires a huge investment as it is complex. The repairs, maintenance, trial and error are all part of the package. Technology will never stand still & therefore AI will need constant improvement & further development. AI feeds on data to train itself. Ensuring the quality of data is a daunting task. Machine learning models are as good as the data you feed them. Giving a new modern interpretation of the saying “you are what you eat”.
Here are some findings:
- According to IHS Markit’s AI in Banking report, the global business value of AI in Banking anticipated reaching $300 billion by the end of 2030.
- According to a study by Capgemini on the impact of AI in Retail, if retailers deploy AI across their business operations, it can save them over $340 billion by 2022.
- According to a report on the Future of Jobs by World Economic Forum, AI will create 58 million new artificial intelligence jobs by 2022.
- Artificial Intelligence Software Market to Reach $118.6 Billion in Annual Worldwide Revenue by 2025(Tractica).
- Artificial Intelligence in Healthcare Market Size Worth US$ 8 Bn by 2026(Globalnewswire).
AI is boon or bane? We don’t know that for sure. The only thing we can be sure is – “The sky is the limit”.