AI Growth: What to Expect in the Next Decade
Artificial intelligence is one of the most exciting tech areas today – in just a few years, tremendous strides have been made in numerous fields, including transportation, big data, robotics, and many others.
AI is quickly catching up to human capacity in many fields and is poised to take over a lot of the human-dominated areas involving speech and facial recognition, language translation, and even various decision-making processes.
But that’s just scratching the surface of what artificial intelligence can really offer in the not too distant future.
There are numerous applications of AI that are just being discovered, so businesses in all kinds of fields, as well as governments, are jumping at the opportunity to be at the forefront of AI innovation.
But where exactly will artificial intelligence see the most growth in the upcoming decade?
Let’s take a look at some of the most prominent industries where AI is sure to make a strong impact.
Developing AI with Government Investments
While we traditionally associate AI and its benefits to areas like transportation, robotics, or problem-solving, the truth is that perhaps its biggest potential lies in the possibility to solve some of the most pressing issues that humanity is facing today.
Artificial intelligence could help society find more effective ways to solve crucial issues such as climate change or economic inequality by helping devise better solutions to various problems, taking into account huge amounts of data to provide accurate predictions and suggestions.
Another area where AI will be crucial is medicine – non-human doctors are already making it easier to make an accurate diagnosis, and in the future, it may be possible to utilise AI to help treat some of the more prominent diseases by detecting them early and providing individual treatment methods.
Because of the potential benefits to humanity, governments are just as interested in AI technology as private enterprises – it has tremendous potential not only from a financial perspective but as a way to greatly improve the lives of people.
At the forefront of artificial intelligence research is the U.S., which implemented a wide-reaching strategy for researching and developing AI technology back in 2016.
Since the United States is already the hub for most of the private-sector funded AI research, the government tries to focus on areas of AI research that while crucial, may not have as big of a financial reward.
The areas of focus include the development of urban systems, public health, social welfare, environmental sustainability, and many others that could benefit from AI implementation.
According to a report by Govini, the Pentagon spent at least $7.4 billion on AI and its supporting fields in 2017 alone, so there’s no question that the government sees the field as very promising in numerous areas.
The European Union is also heavily involved with AI research – it is pushing its member states to increase both public and private sector investment in the development of artificial intelligence, and has even pledged upwards of 20 billion Euros in both private and public sector to AI innovation and research by 2020.
The final big player in the AI world in terms of governments is China, whose leadership wants to invest around $150 billion to establish dominance in the field by 2030. A lot of this money will go into education and public research reform, with the country aiming to develop an AI-driven approach to help make the areas be run more efficiently.
A darker side of China’s massive investment into AI lies in being able to control its population – advanced facial recognition technology already allows to identify and track people in stations, monitor religious gatherings, and account for people who are deemed to be of interest.
Many other countries are also investing in AI, so even though the scope of the projects may not be as broad, breakthroughs can happen in surprising places.
How Will AI Development Influence Business?
Just a few years ago, AI technology was mostly developed in the finance and tech worlds, but today, almost all industries have recognised the potential that artificial intelligence has to help make better decisions and gain an advantage over the competition.
But how big of an impact can it have on the business world in the next decade? And where exactly does it show the most promise?
Well, let’s explore a few key areas.
Data-Driven Business Decisions
The success of a business depends largely on making the right decision every single day. With AI, companies can analyse large amounts of data, the scope of which couldn’t be handled by people, and discover patterns that allow predicting future outcomes more accurately.
Throughout human history, most of the huge leaps in productivity and wealth happened with breakthroughs in automation of work. At first, it was developing better tools to get the job done more effectively, then came the industrial revolution, and now, another giant leap may be artificial intelligence and robotics.
Today’s technology is already allowing companies to automate entire manufacturing and other day-to-day operational processes, increasing productivity and allowing to maximise profits in the process.
Better Insights into Customer Behaviours
Finally, AI can allow taking customer relationship management to a whole new level – with artificial intelligence, it becomes possible to analyse large amounts of information about customer behaviour and other metrics and come up with much more accurate, personalised messages that maximise the chances of the sale while keeping customer satisfaction at a high level.
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