How AI Influences Various Business Spheres
The future, where a person goes hand in hand with artificial intelligence (AI), is inspiring and scary at the same time. The Futurist thinks about how to facilitate a person's life, and the philistine - about how they will make money if the robot replaces them in the workplace. However, we are able to dispel some fears of pessimists. Yes, AI will negatively affect some sectors of the economy, but as a whole, thanks to technology, there will be as many jobs created as will disappear.
For the next decade AI will become the main market trend and an opportunity for business. Its contribution to global GDP is estimated at $ 15.7 trillion and, thanks to artificial intelligence, this index will be 14% higher by 2030. The increase in productivity will reach 6.6 trillion dollars, on growth in consumption - 9.1 trillion dollars, analysts believe.
China, which intends to become the leader in the field of AI by 2030, will feel the greatest benefit. Its GDP can be 26% higher. North America has not bad potential as well - up to 14 additional percent to GDP.
Such areas as retail, financial services and healthcare will extract the greatest benefit from AI. It is about increasing productivity, improving quality and consumption.
If we consider the situation as a whole, the AI is at the earliest stage of development - although some markets are more advanced than others. From a macroeconomic point of view, developing countries have great prospects: they can make a dash and catch up with more successful rivals.
What is the economic effect of AI and where will those extra $ 15.7 trillion come from?
1. Productivity increase through the automation of business processes (including the use of robots and self-managed transport).
2. Strengthening of existing working resources with the help of AI (intellect, which helps and expands the capabilities of the human brain).
3. Increased demand due to the availability of personalized and / or equipped AI goods / services.
As mentioned previously, improving products and services, its impact on consumer demand, behavior and consumption will make a greater contribution to GDP growth than increase in productivity. This is due to the fact that high quality and personalization will attract people, and will also make their life better. For example, AI can save you from having to drive a car to work. Another point - the increase in consumption means an increase in the amount of data, and this is more insights and more opportunities to improve the product.
Having studied the preferences of their clients and offered them an individual approach, the business thereby is able to increase its market share. Especially it applies to healthcare, the car industry and financial sector.
Undoubtedly, the development of AI will lead to the extinction of some professions. In a number of production chains a person will no longer be needed. At the same time, artificial intelligence will launch the creation of its own production links. Shifts from productivity and consumer demand will also lead to the emergence of new jobs, experts say.
A new type of employee will use creative thinking and look for another application of AI. In addition, the launch, support, management and regulation of processes related to technology will require the availability of appropriate personnel.
A key factor of success is efficiency: the faster a business masters a technology, the more benefits it gets and the less it lags behind its competitors. This also applies to those areas that AI will affect more strongly (transport, logistics), and those where the penetration of technology is relatively slow (energy).
Analysts assessed the potential impact of AI on various spheres. First of all, it was estimated how soon each sector adapts and takes technology into service. This can happen in a short-term (less than 3 years), medium-term (from 3 to 7 years) and long-term (not earlier than 7 years).
The greatest impact AI will have on the healthcare and automotive industry. We are talking about providers of medical services, pharmaceuticals, insurance in the first case - and about repair, supply of spare parts, production of components, increased mobility due to "autopilots" in the second one. AI Impact Index is 3.7 for both.
The financial sphere (3,3), transport / logistics (3,2), technology / communications / entertainment (3,1), retail (3), energy (2,2) and production (2,2) will feel less impact.
For healthcare, artificial intelligence means the processing of huge amounts of data, finding more accurate diagnosis, appointment of an individual treatment plan, effective prevention, prevention of epidemics.
In the automobile industry, the influence of AI will be most pronounced in carsharing with the use of unmanned vehicles, appearance of full-fledged driver assistants, monitoring systems for the "entrails" of cars.
The financial sphere will benefit from the emergence of personal planning and full automation of processes, combating fraud and money laundering.
AI technologies are smoothly entering our lives in different hypostases, we, like the industry, take it for granted and should derive maximum benefit from modern technical capabilities. We are people, and we at Accellabs do not think that in the near future there will come a time when the robot client and the robot media director of agency X will sit in the evening in a pleasant cafe and drink a glass of wine over discussing work-related matters.