If we analyze the internet search history of the past few months, it becomes evident that AI is currently the hottest topic. Every new blog, article, thread, or social media post is relevant to AI and its transformation potential. And it’s not unusual. AI is indeed the favorite area of researchers, corporates, and governments today.
Investment in AI research has skyrocketed in the last 2 to 3 years. In the US, for example, the percentage of private investment in AI startups was 53% of the global market in 2022. Revolutionary AI tools like ChatGPT, Bard, and Bing AI are proving their worth across different industries. The future impact of AI is still unclear. However, experts believe our lives will change dramatically in the coming years.
Let’s analyze the potential of AI in transforming our lives and look at key sectors where this technology will impact the most in the future.
Artificial Intelligence Through the Eyes of Experts
AI-driven digital transformation is the new reality. Pew Research Center recently surveyed experts on the future of generative AI. Findings indicated that most experts were hopeful about digital advances and their diverse impacts by 2035.
According to this survey, over 42% of experts are equally excited and concerned with developments in human-plus-tech evolution. About 37% of participants were more concerned, while 18% were more excited anticipating the change.
Similarly, Tech expert Bill Gates said, “This revolutionary tech is the biggest innovation since the user-friendly computer” when referring to AI.
However, the AI revolution also has a downside.
Many academics and professionals have also criticized the pace at which recent developments in AI are disrupting the world today. Stephen Hawking, for example, said, “The development of full artificial intelligence could spell the end of the human race.”
Likewise, Elon Musk, the co-founder of the revolutionary AI tool ChatGPT, said, “The risk of something seriously dangerous happening is in the five-year time frame. 10 years at most” when discussing the pace of progress in artificial intelligence.
Moreover, the Godfather of Artificial Intelligence, Geoffrey Hinton, resigned from Google, citing threats of AI chatbots to human jobs. Hinton even regrets his role in technological advancements that led to Google Bard and OpenAI ChatGPT.
Why AI is so Powerful?
Think AI of a startup. It starts with limited resources, capabilities, and clients. As an entrepreneur gains more expertise, the business attracts more customers with time. It keeps expanding gradually, and at one stage, it becomes so powerful that it starts competing with well-established giants.
Like a startup, AI also can keep improving with time. The technology is so dynamic that AI systems keep training with more data. When users interact with AI tools, they are actually making them more powerful. Eventually, the day arrives when AI exceeds human performance and delivers impeccable results.
Presently, AI technology is being used for digital and quantitative tasks. You can use these systems to collect and analyze data, review performance, and make quick decisions. In the future, however, the technology will be expanded to several new domains and industries.
The evolution process won’t stop at any stage. Rather, AI systems will become more and more powerful with time.
Analyzing the Potential Impact of AI
AI will have a long-lasting impact on our lives. How we work, connect, think, manage things, or invent ideas will change forever. Given below are key areas where AI will have a significant impact in the coming years:
1. Changing the Workplace
Imagine sitting in your office as the retail store manager supervising a team of 100+ sales robots. There is a huge screen where real-time information about daily sales and inventory is being updated. Besides, the dashboard shows the best-selling items, highest-spending customers, and their feedback. Graphical representation of this data makes decision-making convenient and more accurate.
The above example is just a glimpse of how the future workplace will look like. AI will enable us to automate data collection and interpretation with reliability. Besides, human workers will be replaced by AI-powered machines and robots with the ability to show exceptional performance.
Similarly, AI systems will streamline operations in manufacturing, marketing, sales, software development, and various sectors. The technology would cut down operational costs and processing time to a great extent. Most importantly, employers won’t face issues like absenteeism, time theft, or remunerations.
2. Transforming Industries
Business transformation is one of the main goals of AI researchers. Companies like Google, Amazon, and Microsoft spend billions of dollars building innovative AI products. Hence, miracles are bound to happen as we have just seen the top of the iceberg so far. AI will play a big role in the industrial revolution by improving operational efficiency. Take the example of the transportation industry, where self-driving and autonomous vehicles will replace conventional means.
Similarly, AI-enabled robotic arms will enable the manufacturing industry to accelerate and become more agile. Predictive analysis will improve decision-making and increase the life of sensitive equipment.
3. Improved Healthcare
AI healthcare will take shape in a few years. It will improve our lives, make us healthier, and result in major disease detection, prevention, and cure breakthroughs. The digitization of the healthcare sector will allow hospitals to revolutionize the entire healthcare value chain. AI will contribute to long-term care, from initial diagnoses and oral examinations to critical surgeries.
Moreover, AI systems will empower cardiac patients to monitor and control their BP, heartbeat, sugar levels, etc. We can live a healthier life by following the suggestions of AI-powered systems. In case of an emergency, the system will send alerts and help us reduce the risk of heart failure significantly.
4. Revolutionizing Learning Experiences
Whether you are a software engineering student or studying advanced mathematics at university, AI will revolutionize the conventional teaching mechanism. The technology will enhance students’ learning experiences and take online education to the next level.
From the basic levels, school-going children shall access interactive learning resources to understand complex topics better. They can ask questions, participate in long discussions, and explore things in 3D animations. Most importantly, there’s no restriction of time or place. AI teachers are available anytime, anywhere, and can respond more precisely to all sorts of queries.
Similarly, teachers need not worry about natural language processing (NLP) tools like ChatGPT, Bard, and Bing AI. Although some students might use them for writing assignments, these tools are really helpful for virtual learning. Even teachers can get help from these tools to expand their intellectual abilities and improve classroom practices.
Revolutionary AI technology has endless benefits for humankind. To better leverage these benefits, we must also learn how to deal with the downsides. Critical issues we may face with AI tools are data privacy, inaccuracy in results, and bias.
The performance of AI tools depends on the reliability of the data they are training on. Hence, we should optimize the AI training process to ensure only credible information is fed to avoid inconsistencies in results.
Experts have presented two possible solutions to address challenges posed by AI systems. First, AI research should be stopped for a while, as suggested by Elon Musk, who believes we are going too fast. However, this solution seems impractical because the race to become a global AI leader is in full swing now.
The second solution is government regulations at various levels. OpenAI CEO also asserted the need for rules to control the misuse of AI tools before the Congress Committee. This is the best way to build responsible AI and leverage this technology for the digital revolution.