Artificial Intelligence has already revolutionized the way people work today. From streamlining business operations at an online Canadian casino to improving decision-making processes among Google employees, it has demonstrated real potential in a wide range of industries.
According to a PwC study, global GDP will grow 14% in 2030 due to the widespread adoption of artificial intelligence technology. This will bring an additional $15.7 trillion to the economy.
To better understand the current impact and potential of AI, let’s take a look at ten key industries where AI technology will revolutionize in the coming years.
Healthcare and Medicine
Artificial intelligence applications handle most clinical and outpatient services, such as vital signs checks, telemedicine, and prescription writing.
Artificial intelligence developers create chatbots that provide basic medical care. These medical apps poll users about how they are feeling and use that information to provide accurate and understandable information about the patient’s condition.
Retail
Experts expect global retail AI spending to grow to $7.3 billion per year by 2022. Retailers will use virtual reality and advanced functionality in advertising. The immersive display of product catalogs will grow, and shoppers will become familiar with products before they buy. By 2021, chatbots are expected to handle 85% of all customer interactions.
Financial Sector
Artificial intelligence will change the way financial institutions process information. Banks have begun using robotic process automation (RPA) to process standardized information in areas such as reconciliation and consolidation. In the future, financial institutions will use AI to compile quarterly profit and loss statements.
Artificial intelligence will also play an active role in strategic processes. Technology will enable firms to perform financial analysis, asset allocation, and forecasting in real-time, which will change the way financial advisors and investment firms approach potential clients.
Agribusiness
Farmers are using artificial intelligence technology to optimize crop-growing methods. The most popular applications of AI in agriculture range from robotics to crop and soil monitoring. For example, artificial intelligence is already being used to remotely monitor crops and soils. This is made possible by computer vision and deep learning algorithms that process data from drones and satellite imagery, analyze it, and help agronomists make quick decisions.
Using artificial intelligence in the agricultural industry, agricultural professionals are developing autonomous robots programmed to perform routine agricultural tasks, such as harvesting large quantities of crops.
Transportation
In the U.S., traffic congestion costs the trucking industry $50 billion a year. To reduce shipping costs, logistics companies are using artificial intelligence applications that design optimal routes and also predict shipping demand to reduce the strain on distribution networks.
Autonomous trucking is also worth mentioning separately. Logistics companies are planning to begin implementing them in distribution networks by 2021.
Manufacturing Industry
This technology has enormous potential in manufacturing: from preventive maintenance of equipment to automation of human tasks. AI will allow factories to work more efficiently and reduce errors in production.
Initiatives by technology giants such as Microsoft (AI for accessibility) and smaller companies will revolutionize AI for all information technology workers.
Urbanization and Construction
The construction industry has long used technology and software. Many startups and large companies are using AI to move the construction industry into the future. Introducing AI and machine learning will make the construction process faster, safer, and more cost-effective by reducing human error and using big data.
Energy Consumption
As we move forward with the next generation in the education industry, it is clear that changes are needed to clarify their core concepts. The most pressing question is what that change should be and how to achieve it.
Using artificial intelligence to create a personalized, dynamic and effective learning trajectory for any subject could be an incredible driver in such a revolution.
Cybersecurity
AI can be implemented in smart power grids for more efficient power supply and equipment breakdown prediction. Implementing artificial intelligence will simplify energy research and also open up new opportunities for savings. Large companies such as General Electric are looking to the future to use artificial intelligence to optimize power generation from batteries and consumption points. According to Bloomberg News, artificial intelligence technology in the energy and mining industries could eventually save $200 billion.
Education
Cybersecurity is an area where fraud and hacking attacks are common. With AI, not only can these problems be solved, but they can also be anticipated. Artificial intelligence could be used to find out what data was affected by a hacker attack, as well as figure out the sources of unauthorized intrusions into information systems.
Conclusion
Well, we have seen the industries that will be transformed by the artificial intelligence revolution in the coming years. It is redefining entire industries, automating processes, and transforming business operations.
AI offers tremendous opportunities to expand human potential by harnessing the unique abilities of creativity and dexterity, characteristics that are difficult for a computer to replicate.
Experts expect artificial intelligence to have a positive impact on growth, productivity, innovation, and job creation.
