The AI Effect and Its Impact on Major Industries

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illustration of an artificial intelligence brain linking to icons of various industries

The impact of Artificial Intelligence on the world today is spreading across major industries and it can be seen in the creation of auto-pilot cars, conversational bots, and humanoid robots. The gambling industry, for example, is said to have an AI-focused future, which could help customize the user experience.

A 2017 PWC research found that the global annual GDP will be 14% higher by 2030 due to AI adoption. The research also shows that by 2030, 45% of economic gains will be from product enhancements, due to increased personalization, attractiveness and affordability arising from Artificial Intelligence driving product variety.

This only shows how AI can transform the productivity and GDP potential of the global economy.

Below are some of the major industries AI has impacted:

Healthcare and Life Sciences

ai robot hands assisting doctor in operating room

Artificial Intelligence plays a huge role in the healthcare industry, from competently collecting general individual patient data to collecting in-depth data for more serious conditions like asthma management and heart conditions.

AI-driven diagnostics can also help sort through data to suggest possible conditions related to the patient’s data and the best way to treat it. There is also AI-assisted anesthesia delivery and professional AI support for certain medical procedures. As artificial intelligence continues to progress, many healthcare workers might be left to focus on more challenging problems and high-complex diagnostics.

Finance

Artificial Intelligence is gradually taking over the finance industry, as most companies now implement it to save time and cost. AI could help manage investments, collect financial data and anticipate changes in the stock market with its predictive analytics. Due to the value it provides, many big financial firms explore its capabilities for their benefit.

Education

Implementing modern technologies in education has many advantages. While what we see portrayed in movies isn’t exactly what we have in the real world, several studies predict that Artificial Intelligence will have a huge impact on the education sector. AI already makes some things easier, for example, there are apps like Thinkster Math that help assess students while improving their problem-solving skills. There are also smart tutoring systems, virtual facilitators, humanoid robot teachers, and more. As AI is constantly being implemented, it is believed that there will be a massive change in the education sector.

Transportation

man relaxing behind the wheel of a self-driving car

Artificial Intelligence in the transport system is one of the most discussed AI-related topics, with the constant release of new innovations. While AI technology makes self-driving cars and trucks possible, it also helps collect data from a variety of sources to manage shipping and distribution. In addition, it assists workers in the car manufacturing industry with difficult and dangerous tasks, especially when they are repeated over time. It can also help design road transport networks and more. AI in technology is here to stay and there are possibly more depths to be explored.

While the constant improvement of Artificial Intelligence might pose threats of eliminating many jobs, the major aim of AI should be for enhancement and not a replacement. Some basic tasks could be easily taken over by AI but manpower will still be necessary at some point.