Artificial intelligence is not something unknown today as it used to be, but its impact is still under-estimated. Frankly speaking, I was also doubtful about the massive disruptions led by machine learning and artificial super intelligence, but when we hired AI team for IQVIS, the interaction changed my perspective. My early assessment was that AI will be something (truly disruptive) by 2025 but the progress in certain industries indicates otherwise.
There are studies that declare artificial intelligence is probably the single biggest disruptive technology we have seen since the Industrial Revolution. Despite disbelief and confusion by many circles, the reality is that AI is set to change how we engage with the world around us. From the business perspective, it’ll have a big impact on the business process, operations, product development, customer management, and support. In addition, it’ll unleash new levels and scope of creativity and originality.
Have a look at some statistics.
- By 2035, AI is expected to double the GDP growth rate of many developed countries and economies (Accenture)
- AI will increase the workforce productivity by 40 percent (WEF)
- By 2020, customers will manage 85 percent of their relationship with the enterprise without interacting with a human. (Gartner)
- By 2018, 20 percent of business content will be authored by machines. (Gartner)
- 80% of executives believe artificial intelligence improves worker performance and creates jobs. (Gartner)
- 44% of executives believe artificial intelligence’s most important benefit is “automated communications that provide data that can be used to make decisions. (Native Science)
Google predicts that the staggering growth of artificial intelligence will reach the level of human intelligence by 2029 whereas Gartner says that by 2025 smart machines and robots will replace one third of the jobs.
However, this impact varies from industry to industry as not all of them are embracing AI at a rapid pace. Some industries might face bigger and wider impact than the other. Take example of workplace – AI is expected to have a $5 trillion impact on it by 2025. Advancement in information technology, user-friendly interfaces and machine learning will majorly affect labor market, business processes and robotics.
As quoted earlier, it is expected that nearly AI workers will replace 16% of all US jobs by 2030. Similarly, by 2025, 20 percent of the human tasks will be undertaken by robots. Companies will hire robots to scrutinize the best candidate to meet the job description and requirements.
Moreover, it would be possible to investigate whether the employee is happy with the organization or not. Due to superior intelligence, the margin of human error will be reduced. In short, there are hundreds of areas where artificial intelligence will have a visibly strong and lasting impact.
Another hottest market with soaring demand and opportunity for AI is cognitive systems software, which is expected to grow from $4.5billion in 2014 to $9.2billion in 2019. Enterprise software developers are eagerly looking into adopting intelligent technologies into their products, apps, and software. It is primarily because of the growing demand for automation and intelligent systems followed by market trends.
More on AI-led Revolution:
We have recently published an e-book with focus on the same rapid change, being pushed by AI. It not only identifies key industries, – retail, education, software, workforce etc. but also contains detailed research and information about the type of changes they’re projected to receive.