For many, artificial intelligence (AI) conjures excitement; others fear it. AI has been around since the 1950s’ “AI boom.” It later slowed down in the 1980s, but by the 1990s, machine-learning algorithms and computing power were developed.
AI’s Economic Impact
Although AI is not in its infancy, the economic impact it’s about to have is coming quickly. By 2030, AI is predicted to contribute $15.7 trillion to the global economy. Most of this impact will occur in North America and China.China is expected to have a 26 percent increase in its gross domestic product (GDP), and North America is projected to have its GDP boosted by 14.5 percent. This accounts for 70 percent, or $10.7 trillion, of the global projection.
Of this $15.7 trillion, increased productivity is projected to encompass $6.6 trillion, and $9.1 trillion will likely come from consumption-side effects.
AI in the Automotive Industry
Most people think of autonomous or self-driving when considering AI and the automotive industry, but AI has been used in manufacturing for decades.Digital twins were introduced 20 years ago. A digital twin is a virtual model for testing processes, services, and products. It allows engineers to study real-world scenarios in a safe, cost-effective, and virtual world.
Artificial intelligence can predict maintenance for items like engine and battery performance. It also can be predictive in insurance programs that monitor driver behavior in calculating risks and costs. It is also used to design vehicles that avoid accidents.
AI in Health Care
Healthcare costs are being reduced with AI. If widely used with current technologies in the next five years, costs might be reduced by 5–10 percent. But besides savings, better services may be offered using AI.AI can enhance diagnostic speed and accuracy to support clinical decisions. It rapidly processes vast amounts of data. This allows healthcare providers to diagnose and treat diseases quickly.
Radiologists use natural language processing (NLP) to improve the interpretation of scans. AI can identify patterns and anomalies that humans may overlook. This leads to earlier diagnosis. AI provides images 30 percent faster with higher quality than traditional methods.
AI improves clinical workflows. AI aids administrative tasks from scheduling appointments to drafting insurance appeals. Instead of pushing paper, the staff is freed up to service patients.
Real-time remote patient monitoring like FitBits and smartwatches continuously monitor patients’ healing and transmit data to providers. This can eliminate unnecessary visits to the hospital and alert to impending problems.
Data Security and AI
AI is proactive rather than reactive. It continuously monitors and identifies emerging threats to data while accelerating recovery following an attack.Your spam filter is an example of AI. Spam filters allow you to only see the filtered content in your email. Google’s Gmail filtrates approximately 99.9 percent of spam.
Facial recognition on your phone, laptop, or PC uses AI.
Your financial institution uses AI to monitor your accounts for fraud.
Transportation Uses for AI
By using computer vision machine learning, large amounts of data from multiple sensors and cameras are used to analyze traffic patterns. Traffic lights are then programmed and routes planned.Ride-sharing, like Uber, connects riders with drivers through AI. Uber’s Michelangelo can anticipate supply and demand. It also identifies wrecks and estimates arrival times.
Entertainment and Retail
Retail is using AI to personalize recommendations, optimize inventory, and combat theft. When you’re shopping on Amazon and you see recommendations or also bought, that’s AI.Economic Blessing or Curse to Jobs
AI isn’t creeping into your lives—it’s bulldozing its way into every aspect. But how will it affect jobs?Jobs and the emphasis on training may change.
AI requires many humans to train and refine its algorithms. This will create new jobs that don’t currently exist. It takes people to develop technology.
AI needs to be monitored, trained and taken care of overall. It will also need to be constrained. This takes humans.
AI is shifting some jobs away from certain blue-collar and service occupations. There will still be work, but a different kind of work.
Some losers include customer service representatives. This role will become automated. Computer programmers may find their jobs eliminated. Because paralegals are within the range of AI’s capabilities, they may be gone.
But financial traders and travel advisers may also be replaced. Financial traders are already seeing this trend with robo-advisors.
But what about manufacturing, and how will its employees survive?
AI powers many machines in factories. It performs actions at a greater speed and consistency than humans. Many factory workers may need to change jobs. Warehouse workers may also see losses.
AI and the Impact on Humans
Adding double digits to a country’s GDP is no small feat. AI has the potential to lift many economies with its $15.7 trillion impact.It’s been in use for years, but the current surge has brought AI to the forefront of people’s thoughts. Health care, data security, transportation, and other industries may all benefit from AI.
The employment landscape is bound to change with AI. Both white-collar and blue-collar occupations will need to make adjustments. There will be a shift in what jobs are available.
Although there are numerous positive changes, many feel it’s important to address societal and ethical implications. This includes investment in research and development. It also includes creating policies and regulations to promote responsible use.
