Future of Artificial Intelligence: Top Industries It Will Affect

Future of Artificial Intelligence: Top Industries It Will Affect

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Vikram
Vikram Singh
Assistant Manager - Content
Updated on May 16, 2024 15:33 IST
Just a few years ago the concept of Artificial Intelligence sounded like a true futuristic movie to us, and today reality has surpassed fiction and this technology has come to alter all our dynamics. Although it is still in an embryonic phase, the economic impact of AI and neural networks is already remarkable and only in the retail industry, it has a value of between 400,000 and 800,000 million dollars, reflecting how bright is the  future of artificial intelligence.
FUTURE OF ARTIFICIAL INTELLIEGNCE

 

Imagine a world where machines work for you based on your set of instructions, sometimes without your instructions, too. Like

  • If you want to write an action-thriller movie but don't know how to write the screenplay.
  • You are running a company and want to make a decision based on previous data. But you don't have any knowledge of data analytics tools, so how will you make the decision?
  • Let your boss ride in a supercar while presenting the data to the investors. Then, how will he drive and present the data at the same time?

Thanks to AI, everything is possible now. Artificial intelligence is no longer just a concept in science fiction movies. It is now transforming industries such as healthcare, education, transportation, etc., which in turn make our life easy and more efficient. However, as everything has some consequences, AI also has limitations. In this article, we will discuss what is the future of AI, its impact across different industries, and what are the challenges that we may face in future.

So, without further, let's start the article.

What is Artificial Intelligence?

Current State of AI

  1. Healthcare: AI assists doctors in diagnosing diseases more quickly and accurately. For instance, AI systems can analyze medical images to identify conditions such as cancer at an early stage. According to a study by Accenture, the implementation of AI in healthcare could potentially save the US healthcare economy $150 billion annually by 2026.
  2. Finance: AI algorithms detect fraud and manage investments. AI-powered chatbots assist customers with their banking needs. According to Juniper Research, AI is expected to save the banking industry $447 billion by 2026.
  3. Transportation: Self-driving cars utilize artificial intelligence to safely navigate roads, with companies such as Tesla and Waymo developing autonomous vehicles to reduce accidents and traffic congestion.
  4. Entertainment: Streaming services like Netflix employ AI to suggest personalized shows and movies based on users' viewing habits. AI algorithms analyze viewing patterns to recommend content that aligns with individual preferences.

Future Trends in Artificial Intelligence (AI)

AI in Healthcare

AI will revolutionize healthcare by assisting in early disease detection, creating personalized treatment plans, and performing robotic surgeries. AI-powered tools will enhance accessibility and affordability of healthcare.

  • Early Detection: AI can analyze medical data to identify diseases at an early stage. For example, Google's DeepMind has developed an AI system that can detect over 50 eye diseases from scans with 94% accuracy.
  • Personalized Treatment: AI has the ability to personalize treatment plans based on a patient's genetic profile and medical background. IBM's Watson for Oncology employs AI to deliver individualized cancer treatment suggestions.
  • Robotic Surgeries: Robots supported by AI can execute intricate surgeries with exceptional precision. The da Vinci Surgical System illustrates a robot that assists surgeons in conducting minimally invasive procedures.

AI in Education

AI is set to transform the field of education by offering individualized learning experiences through intelligent tutoring systems. Additionally, AI-powered virtual classrooms will ensure that education is accessible to everyone, including those in remote areas.

  • Personalized Learning: AI has the capacity to adapt to the learning speed and preferences of each student. Platforms like Coursera and Khan Academy employ AI to propose courses and materials based on a student's performance. For instance, Carnegie Learning has designed an AI-driven math tutoring system that delivers real-time feedback and adjusts to the individual learning requirements of each student.
  • Virtual Classrooms: AI can facilitate distance learning by establishing virtual classrooms. For instance, VIPKid employs AI to connect Chinese students with English-speaking mentors globally, thus overcoming geographical barriers and delivering quality education to remote areas.
  • Administrative Tasks: AI has the ability to automate administrative tasks such as grading and scheduling, empowering teachers to dedicate more time to teaching. Platforms like Gradescope employ AI to help with grading assignments, saving time and ensuring uniformity.

AI in Business

Businesses will harness AI to elevate customer service, streamline operations, and drive informed decision-making. AI-driven chatbots will oversee customer inquiries, while AI will scrutinize data to deliver invaluable insights.

  • Customer Service: AI-driven chatbots are capable of addressing customer inquiries around the clock. Businesses such as HDFC Bank utilize AI chatbots to support customers with banking services. These chatbots can respond to commonly asked questions, facilitate transactions, and offer tailored recommendations.
  • Data Analysis: AI has the capacity to analyze extensive data sets to reveal patterns and insights. Businesses utilize these insights to make well-informed decisions. For instance, Walmart employs AI to oversee inventory and enhance supply chains. AI can anticipate demand, minimize wastage, and boost efficiency.
  • Process Automation: AI has the ability to automate repetitive tasks such as data entry and invoice processing. UiPath, a top player in robotic process automation (RPA), aids companies in automating everyday tasks to boost efficiency. This minimizes human error and empowers employees to focus on more strategic tasks.

AI in Transportation

Self-driving cars will become more popular. AI will make traffic control better, reduce accidents, and improve transportation efficiency. Drones powered by AI will deliver items more quickly.

  • Self-Driving Cars: Tesla, Waymo, and Uber are actively developing autonomous vehicles capable of navigating roads without human intervention. According to McKinsey, self-driving cars have the potential to eradicate 90% of car accidents in the US, potentially preserving thousands of lives annually. These vehicles utilize a blend of sensors, cameras, and AI algorithms to navigate and make real-time decisions.
  • Traffic Management: AI has the ability to analyze traffic patterns to improve traffic flow and alleviate congestion. For example, cities like Los Angeles employ AI to control traffic lights and shorten commute times. AI systems can anticipate traffic conditions and propose alternate routes to drivers.
  • Drones for Delivery: Amazon and Google employ AI-driven drones to transport packages. These drones can maneuver around obstacles and deliver items swiftly and effectively. In remote areas or during natural disasters, drones can convey vital supplies, enhancing accessibility and response times.

AI in Daily Life

Smart homes will advance further, with AI overseeing home appliances, regulating energy consumption, and ensuring security. Voice assistants such as Alexa and Google Assistant will also enhance their capabilities.

  • Smart Home Devices: AI has the capability to manage household devices like thermostats, lights, and security cameras. Devices such as the Nest Learning Thermostat utilize AI to understand your preferences and adapt the temperature accordingly. Smart speakers such as Amazon Echo and Google Home can oversee multiple devices through voice commands.
  • Energy Management: AI has the ability to enhance energy usage in households. For instance, Google's DeepMind has decreased energy usage in data centers by 40% through the use of AI. Comparable technology can be implemented in households to oversee and regulate energy consumption, thereby lowering expenses and lessening environmental impact.
  • Home Security: AI has the ability to enhance home security systems. AI-driven cameras can identify faces and detect unusual activities. Ring's AI-equipped doorbells can alert homeowners to visitors and potential intruders. Moreover, AI can be integrated with home security systems to automatically respond to emergencies.

Future Challenges Due to Artificial Intelligence (AI)

  1. Ethical Concerns: How can we guarantee the responsible utilization of AI and prevent its abuse? AI has the capacity to be misapplied for harmful purposes, such as generating deepfake videos or creating autonomous weapons. It is imperative to ensure the ethical application of AI. Organizations like the Partnership on AI are actively working to set forth guidelines for the responsible development and utilization of AI.
  2. Job Displacement: AI is expected to displace 85 million jobs by 2025 but also to generate 97 million new ones, according to the World Economic Forum. It's crucial to retrain and enhance the skills of the workforce to minimize the impact of job displacement and prepare for these changes.
  3. Privacy Issues: How can we ensure the protection of personal data in a world driven by AI? AI systems often necessitate large amounts of data, which raises worries about data privacy. Implementing robust data protection measures is essential. Regulations such as the General Data Protection Regulation (GDPR) in Europe strive to safeguard individuals' data privacy and provide instructions for data management.
About the Author
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Vikram Singh
Assistant Manager - Content

Vikram has a Postgraduate degree in Applied Mathematics, with a keen interest in Data Science and Machine Learning. He has experience of 2+ years in content creation in Mathematics, Statistics, Data Science, and Mac... Read Full Bio