The more we dig into Artificial Intelligence trends, the more obvious it becomes that the future of AI is promising. Moreover, AI is not only the future of technology but also the future of business. Currently, 77% of companies are already using or considering using AI-powered applications and systems, which means that AI is becoming increasingly valuable for business competitiveness. Besides, the global AI market is expected to reach an impressive $1,811.8 billion by 2030, which means that there are huge opportunities for companies willing to implement AI technologies.
The rise of AI in business is driven by many factors, including labor shortages. With 25% of companies turning to AI to solve these problems, it has become a powerful solution for empowering people and overcoming labor shortages. In addition, 64% of respondents expect AI technologies to improve work efficiency. This is supported by research that shows a 40% increase in business productivity due to the use of AI technology.
Join us as we lift the veil on how Artificial Intelligence will change the world and how your business can leverage future AI technologies to thrive.
The Age of AI and Our Human Future: How It All Started
Before we dive into Artificial Intelligence trends, deep learning breakthroughs, and discussions of future AI technologies such as autonomous systems, AI-powered applications, or humanoid robots, let's start with the fundamentals.
Artificial Intelligence (AI) technology has a captivating history that traces back to the pioneering efforts of researchers and visionaries. The concept of AI emerged in the 1950s, with key figures like Alan Turing and John McCarthy making significant contributions. Turing's work on the "Turing test" laid the foundation for testing a machine's ability to exhibit intelligent behavior, while McCarthy coined the term "Artificial Intelligence" and organized the Dartmouth Conference, considered the birthplace of AI.
In its early days, AI was primarily explored through rule-based systems and symbolic reasoning. These approaches aimed to replicate human cognition and problem-solving. One notable example was the development of expert systems in the 1970s and 1980s, where AI was used to capture and emulate the knowledge and decision-making capabilities of human experts in specific domains.
However, the field of AI experienced a breakthrough in the 1990s with machine learning advancements, which shifted the focus from explicitly programmed rules to data-driven algorithmic learning. This approach allowed AI systems to recognize patterns, make predictions, and adapt their behavior based on experience. Big data availability and the development of computing power have contributed to the further expansion of AI capabilities.
Nowadays, Artificial Intelligence has transformed numerous industries and penetrated various aspects of our lives. In business, AI is revolutionizing areas such as customer service, marketing, and transactions. AI-powered apps, chatbots, and intelligent virtual assistants are improving the customer experience, while machine learning algorithms are driving personalized recommendations and targeted ads.
AI and the Future of Business: AI Market Overview
A few broad strokes to give you an idea of the current landscape of AI adoption: One in 10 cars is expected to be self-driving by 2030.
Take a breath.
Now, let's get down to the numbers.
The global annual revenue of the AI software market currently exceeds $50 billion:
In the next fiscal year, investments in Artificial Intelligence (AI) are projected to grow significantly or remain at the same level:
Global investment in AI has reached nearly $180 billion. Billions of dollars are being poured into AI startups around the world, driven by the success of ChatGPT, an innovative AI platform developed by OpenAI. Tech giants such as Google and Alibaba are also looking to build their own AI platforms. The number of public AI projects and patents filed for AI technologies has also increased significantly. This indicates a high level of interest and potential in this area.
While the United States is at the forefront of AI development, China and India are quickly catching up. In China, in particular, the number of high-impact AI projects has increased significantly. However, there are concerns that authoritarian governments may use AI for their own purposes.
In Europe, efforts are being made to bridge the gap between the U.S. and Asia in generative AI. Initiatives such as the German LEAM.AI project and the Aleph Alpha startup are underway, although they face challenges in attracting risk-averse investors. Europe is looking to transfer knowledge from universities to fast-growing startups that can bring new AI technologies to the world.
As we look to the future, we see that AI has tremendous potential, promising further advances in areas such as explanatory AI, ethical considerations, and human-machine collaboration. The journey of AI from its inception to its transformative impact today is a testament to human ingenuity and the significant strides we have made in shaping the AI age and our human future.
AI Is the Future of Technology
Artificial Intelligence is already driving the rise of neural networks, as well as robotics and automation. The surge in generative AI technologies such as ChatGPT (GPT-3/GPT-4) has already left a deep mark on the tech industry, forcing companies to create their own alternatives to chat to stay competitive. Even Google had to develop a program called Bard to compete with the OpenAI chatbot.
AI technologies are on everyone's lips. At the same time, the truth is that 69% of Americans are afraid of AI. This is the challenge to be overcome in the near future. That is why, according to Google CEO Sundar Pichai, AI technologies should be backed by broader knowledge than just engineering:
“I think the development of this needs to include not just engineers but social scientists, ethicists, philosophers, and so on”.
A recent survey by Gartner found that 21% of CEOs and senior executives believe that Artificial Intelligence (AI) is the main technology that will have a significant impact on their industry in the next three years.
What do CEOs say about this?
Google CEO Sundar Pichai:
“This is going to impact every product across every company."
DeepMind CEO Demis Hassabis sees AI as
"The most important invention that humanity will ever make."
He believes society is likely to adapt to AI in the same way it adapted to smartphones.
So let's face it: AI is revolutionizing the world. And it's unstoppable. The question is, how do we embrace it?
The Future of AI: How Artificial Intelligence Will Change the World and Impact Your Business
The possible impact of artificial intelligence on our future is enormous. AI, as well as its sub-segments such as deep learning and machine learning advancements, are increasing efficiency and transforming data analysis across industries. The adoption of AI is growing rapidly, and the global AI software market is projected to reach $80596.92 million by 2028.
Wondering how AI will change the future of business and why it's so vital for companies to adopt this transformative technology? Read on to find out.
Impact of AI on IT and Data Science
Artificial Intelligence brings significant benefits to IT organizations. It helps them solve technical support issues, automate system improvements, and ensure the use of trusted technology providers. By embracing Artificial Intelligence, companies can optimize their processes, expand their problem-solving capabilities, and stay abreast of the latest technological advances.
Impact of AI on Manufacturing
AI technologies are being rapidly adopted across all industries, with manufacturing being a notable frontrunner in this process. The manufacturing sector is projected to benefit the most financially from AI technology adoption and is expected to grow by $3.8 trillion by 2035.
So, how exactly is AI revolutionizing the manufacturing landscape?
One of the key areas where AI is making a difference is cybersecurity. As manufacturing increasingly relies on interconnected devices and data exchange, the risk of cyber threats is also increasing. Artificial Intelligence can help identify vulnerabilities and detect attacks in real-time, strengthening security measures, especially in highly secure industries such as defense and aerospace.
When it comes to analyzing large amounts of data and providing actionable insights, AI is invaluable. While humans struggle to process huge amounts of data quickly, AI can detect patterns, predict trends, and prevent machine failures. This allows business owners to make informed decisions, optimize their operations, and avoid costly mistakes.
Another key application is customizable automation. Manufacturing industries often face changing circumstances, which makes adaptability essential. The flexibility of AI allows companies to tailor it to their specific needs, resulting in increased efficiency. For example, creating AI-powered, personalized digital employees is expected to reduce employee turnover and boost engagement.
What about ChatGPT?
Chat GPT, both the GPT-3 and GPT-4 versions, has the potential to optimize manufacturing processes. By integrating with machine data, it can generate context-sensitive alerts and recommendations, providing real-time progress reports and suggesting process improvements.
Although Chat GPT is still evolving and not completely flawless, its application in manufacturing is promising. As its capabilities improve, it could become more widely used to drive accuracy and efficiency in a variety of manufacturing settings.
Impact of AI on Retail
The retail industry is adopting artificial intelligence, thus transforming the customer experience. Check out the key insights for 2023 and beyond:
- The global market for artificial intelligence in retail is expected to reach $85 billion by 2033.
- According to forecasts, 80% of retail leaders will adopt AI-based intelligent automation in their companies by 2027.
- Retailers are set to spend $20.05 billion on artificial intelligence by 2026, leading to better customer experience and greater revenue.
- Using chatbots can reduce customer service costs by 30%.
- Artificial Intelligence detects and stops fraud before it occurs. This means fewer fraudulent transactions, such as costly returns, saving retailers millions every year.
- AI is boosting personalization in retail: more than 60% of customers are willing to share data to get a personalized experience.
- AI improves inventory management by reducing out-of-stock items and increasing sales. Retailers can cut costs and increase profits with AI tools.
By integrating AI, the retail industry is expected to flourish. We can look forward to exceptional customer experiences and increased profits as AI transforms retail in the coming years.
The Impact of AI on Art
The future of AI and art is a hot topic these days.
You are probably aware of the fact that dozens of breakthrough AI tools can generate stunning images and texts. Programs such as Midjourney, DALL-E 2, and GPT-3/GPT-4 help you create paintings and entire novels in a matter of seconds or minutes. It's amazing.
Is AI really the way we make art?
Honestly? No. AI is a tool, just like a pen or a brush. Can a pen write a novel? Yes, but a pen is not the same as a writer. Although many artists and writers are afraid of artificial intelligence, it is likely to be useful to them over time.
To answer the question of whether artificial intelligence poses a threat to art, we should start with the term "art" itself. Art is the expression of human experience, feelings, ideas, and stories. It is for this humanity that art is valued by people. What AI generates cannot be said to contain the result of human self-knowledge, which means that in terms of AI's impact on art, true human artistic expression through AI is out of the question.
So, it's time to calm down: AI will never be a human being, but it can be an assistant to humans.
Art is a path, a process of self-discovery, and it is often more valuable than the end result of creativity. AI, on the other hand, gives us a result.
For example, the artist Vicente Romero Redondo is known for his skillful painting of sunlight, not just conveying it, but reinterpreting and expressing through it the sensuality of the perception of the moment and life. AI can offer you a picture of sunlight, but it won't show how a particular person perceives it through the prism of his or her human experience.
True art requires personal transformation and the human experience of time and space. And as long as this is the case, art should not be afraid of AI.
Impact of AI on Various Industries
Companies in healthcare, finance, marketing, and other professional services can increase their profitability by implementing AI:
- AI is widely used for a variety of tasks, such as image identification, speech recognition, predictive analytics, patient data processing, predicting maintenance needs, detecting security threats, and improving marketing and sales. For example, AI can significantly boost sales forecasting by analyzing customer interactions, pattern recognition, emotion detection, and general market trends.
- Likewise, the smart use of data mining in email marketing allows you to create personalized and targeted campaigns, which leads to increased customer engagement and financial benefits.
- Artificial Intelligence has become an essential tool in software and web development. For example, AI-based recruiting software (be it an employee management app, ATS, CRM, ERP, etc.) has greatly simplified the hiring process. It can analyze huge amounts of data from job applications and identify the most suitable candidates for specific positions, saving time and raising the quality of hiring decisions. This is particularly helpful when companies face the challenge of finding the right talent. It is estimated that 65% of recruiters use AI in the hiring process. Moreover, by 2030, about 6 million companies worldwide will use AI in recruiting software.
- AI is applied to streamlined business processes. This enables automation and efficiency in a broad range of areas, from supply chain management and preventive maintenance to fraud detection and risk assessment. AI technologies, such as computer vision and natural language understanding, are also driving innovations in healthcare, autonomous vehicles, and smart cities.
The application of AI has evolved from rule-based systems to data-driven machine learning algorithms, allowing for more complex and intelligent systems. Thanks to advances in deep learning and neural networks, AI has made remarkable strides in areas such as image and speech recognition, language translation as well as language generation, and even defeating human champions in such complex games as chess.
How AI Will Affect Our Real Life and Work
To get an idea of how AI will affect people's real lives, it makes sense to refer to the book "AI 2041: Ten Visions for Our Future" by Kai-Fu Lee (he is the chairman and CEO of Sinovation Ventures, a leading venture capital company, and the author of the New York Times bestseller "AI Superpowers").
For this book, he has resorted to visualizing technological predictions of the future to give everyone who is affected (and it seems that everyone will be) an idea of what the outcome of the frantic US-China race in artificial intelligence technology will look like in everyday life.
In short: In the near future, our lives are likely to turn into pictures from a science fiction novel.
The biggest breakthrough is expected to come in healthcare:
- AI will be able to continuously monitor health indicators and provide accurate, personalized recommendations.
- The marriage of robotics and biotechnology can significantly increase human life expectancy within the lifetime of the current generation.
- AI assistants, including chatbot therapists, tutors, conversational agents, and intelligent virtual assistants designed for various purposes, will become commonplace companions, the new normal.
One of the questions that comes up in terms of the use of AI is to what extent do we retain the right to choose and what degree of control over our lives do we give to AI? For example, AI can provide people with advice on how to optimize family spending without regard to personal relationships between people. It seems that algorithms that are constantly learning from our data will increasingly control our lives by determining the choices we make.
At the same time, conditions are being created for even more active manipulation of consciousness and public opinion through deep fake technologies.
As a result, the user may not be able to distinguish the results generated by artificial intelligence from their own life experience. That is, AI when it gets into the midst of our personal photos, correspondence, phone conversations, and other things that used to be purely personal, will produce deep fakes that will be indistinguishable from our own memories. And this is the future we will have to face.
Concerns Caused by AI We Will Face in the Future
In addition to the benefits that artificial intelligence undoubtedly brings to our lives, there are also areas of risk where this technology can do more harm than good.
AI and Privacy Issues
The use of big data and artificial intelligence raises privacy issues. We can already see how ads and social media feeds are tailored to our needs and interests, not to mention how well voice assistants know us. Consumer information is being collected and analyzed, but how it will be used is a big question. And it causes anxiety and raises valid questions about data privacy. Without proper regulation, the situation will get worse.
Back in 2018, UK-based human rights and privacy groups released a document entitled "Privacy and Freedom of Expression in the Age of Artificial Intelligence," which raised the issue of the day-to-day impact of artificial intelligence on privacy and human rights. While AI can be beneficial to society, its commercial and governmental use can be harmful.
Indeed, the collection of large amounts of data can be useful for good purposes, such as spam filtering, but it also poses a threat to privacy and freedom from discrimination.
All in all, AI's reliance on big data raises privacy concerns that need to be addressed to protect human rights and prevent abuse.
AI and Employment Concerns
The rapid growth of AI is undoubtedly affecting the labor market, leading to significant changes in employment statistics:
- Not all industries will be equally affected by this process. For example, cognitive technologies, which include AI and machine learning, could replace up to 16 percent of jobs in the United States. However, this share varies from industry to industry.
- By 2030, about 45 million U.S. workers may lose their jobs due to AI automation.
- The good news is that AI, machine learning, and data analytics hold the potential to create a mind-boggling 133 million new jobs worldwide.
AI automation and robotics are expected to trigger the biggest employment crisis in human history. In some ways, it can be compared to the industrial revolution that replaced agriculture in the early 20th century. There was indeed a crisis then, and millions of people lost their jobs, but over time and with the development of new skills, the gap narrowed. Now we are on the verge of an even more powerful shift that is going to change the way we see our world.
Our job is to meet the challenge ahead.
How to Deal with Employment Challenges Caused by AI
Previously, it was believed that AI models could not compete with humans in such traditionally "human" areas as creativity and empathy. However, the constant development of artificial intelligence technologies proves the opposite.
AI-powered robot caregivers can become better than humans because they don't get tired and can offer an unlimited range of activities - from learning foreign languages and mastering new skills to communicating with family and friends. However, it's not all bad.
According to Kai-Fu Lee, AI is more of a "tool to enhance human creativity". Nevertheless, people who perform repetitive and routine tasks will have to acquire new skills to avoid being left behind. Fortunately, all indications are that this is not a problem that people are left to face alone. A positive example is what Amazon is doing. Instead of simply leaving its employees unemployed, the company offers them money to retrain for work in other companies. That is, along with the introduction of AI into everyday life and various industries, businesses are investing in retraining people for new jobs.
And it's not just about working with repetitive tasks. AI has already affected the arts. Artists, writers, journalists, and teachers are at risk, even though a few years ago they were thought to be immune to AI.
How should we respond to these challenges?
One of the options is to turn to programming. Marc Gyöngyösi, the founder of Onetrack.AI, believes that people urgently need to learn to code because coding is the future, and if you don't master it now, it will be even more difficult later.
Another way to get the most out of your career is to develop adaptive skills, which means being flexible to change and open to learning new information and mastering new skills. The world will continue to change, and these changes will be unpredictable and sometimes dramatic.
Other Concerns Caused by AI
- In the near future, the existing public transportation system will change due to the emergence of self-driving cars. And there is a risk that this technology could be used by criminals, not just for good purposes.
- There is also the ethical issue of who should be rescued in the event of an accident: passengers or bystanders, i.e., which of these people is more valuable? It's hard to imagine how AI will cope with this and how ethically sound its decision will be, given that even philosophers of past centuries were unable to answer this question.
- Another problem in the new realm is customizable weapons that are printed on a 3D printer but remain anonymous.
Should Humanity Be Afraid of AI?
There is talk of a possible nightmare scenario when super-intelligent machines come to power and enslave humanity. Even some AI experts believe that artificial intelligence technology can be seen as the greatest existential threat to humanity.
In March 2023, more than 1,000 AI experts called for a delay in the introduction of artificial intelligence until the world is sure that ‘effects will be positive and risks manageable’. Among those who joined the call are major AI players, including Elon Musk (co-founder of OpenAI), Emad Mostak (founder of Stability AI), and Steve Wozniak, co-founder of Apple.
The authors of the letter call on AI laboratories and independent experts to join forces and use the proposed pause to jointly develop and implement a set of common security protocols for the design and development of advanced AI, which will then be subjected to rigorous testing and verification.
Overall, the letter has provoked mixed reactions and counter-arguments claiming that those who signed it are not dealing with more pressing issues but are distracted by fictional scenarios. Yet, as controversial as this call for a pause in AI development may be, it does hint that AI technology is indeed advancing rapidly and could get out of control.
On the other hand, if these technologies already exist and promise to develop, it makes sense to take advantage of the latest technologies and think about how to use them to improve the lives of the global community.
There is a premise that AI in one form or another to be with us for a long time, so we better be prepared to use it properly. The scariest thing about AI is not the rise of the machines, but the fact that AI technology can be used for purposes that do not coincide with ours and facilitate fraud.
This is why the following steps are critical for humanity:
- Continue discussions about the ethical use of AI, as well as whether and how it should be regulated.
- Address the problem of data bias.
- Invent and expand security measures that will keep the technology under control.
- Understand where to stop before it's too late.
The point is that we can "get empowered, not overpowered, by AI".
How Artificial Intelligence Will Change Our Future: An Afterword to Consider
Artificial Intelligence (AI) is not just a fast-moving trend. AI is the future of technology that will significantly impact our lives. From reshaping business operations through augmented reality and question-answering systems to transforming various industries, AI has enormous potential for the future.
AI's rapid advancements, including machine learning, robotics, and automation, are set to redefine the way we live and work. Intelligent AI-powered virtual assistants will become commonplace, making our daily tasks more efficient and convenient. Breakthroughs in deep learning and neural networks will lead to smarter AI-powered applications that can understand natural language, analyze images, and make decisions.
With cognitive computing and predictive analytics, AI will enable us to extract valuable insights from vast amounts of data, driving innovation and informed decision-making models. Autonomous systems will become prevalent, enhancing efficiency and safety across various sectors.
Human-computer interaction will evolve with the introduction of future AI technologies, allowing for seamless communication and collaboration. Augmented reality, in turn, will unite the digital and physical worlds, offering immersive experiences and expanding opportunities.
In the field of robotics, humanoid robots will become more sophisticated, assisting in various tasks and improving human productivity. AI's language processing capabilities, including sentiment analysis, named entity recognition, text summarization, and speech recognition, will facilitate effective communication and understanding.
As AI continues to evolve, businesses and industries need to embrace these transformative technologies to stay competitive. From healthcare and finance to transportation and entertainment, the future of artificial intelligence has enormous potential to shape and improve our world.
How to Embrace AI for Your Business
Do you want to adopt artificial intelligence for the sake of your business's success? Then you should consider turning to IT outsourcing services delivering web development or mobile development tasks to seasoned engineers.
Here are a few things to keep in mind to get the job done as intended:
- Hire software developers with extensive experience in developing AI-based software solutions for web-based or mobile-only platforms; Onboard development team following prescribed procedures;
- Make sure you follow a staff augmentation cooperation model for greater transparency of the joint workflow;
- Opt for an agile project management approach to be able to make changes to your product (an MVP) at any time, no matter what stage of software development you're at;
- Have a thorough discussion with the software developers you hire to estimate software development time that you are comfortable with and that meets your business goals.
And one more thing to keep in mind.
Whether it's about recruiting software development, an employee management system, or you're thinking about how to build a SaaS system, make sure to enrich your system with AI-related features as much as possible. AI is the future of technology, and it's happening now.
As you may have realized, AI is not just the future of technology, it is the key to countless opportunities and achievements. As we enter the era of artificial intelligence, we must understand its potential, use its capabilities responsibly, and ensure that it is in line with our human values and aspirations. The future of AI is undoubtedly bright as AI paves the way for a more efficient, innovative, and interconnected world.
Looking to join this game changing journey? Then give us a call or drop us a line, and we will walk you through all the ins and outs of implementing artificial intelligence to help you take your business to the top.