What Impact Will Artificial Intelligence Have in the Future on Our Lives?

Less artificial, more intelligent artificial intelligence in the future

"More than anything in human history, [AI] will revolutionise the planet. additional to electricity ― Dr. Kai-Fu Lee, an AI oracle and venture capitalist, 2018

Artificial intelligence has advanced quickly and is no longer simply an idea from sci-fi movies and literature, with autonomous automobiles and voice automation in houses. The 2054 forecasts made in the acclaimed movie "Minority Report" are coming true quicker than expected. In a study conducted by researchers at the University of Oxford, it was found that artificial intelligence will surpass humans in a variety of tasks by the years 2024, 2026, 2031, 2049, 2053, and 2031 in terms of writing essays for school, selling products, and creating popular books. In the next years, artificial intelligence (AI) will permeate every aspect of our life and eventually surpass human intellectual capacity

• Think about using face recognition technology instead of a key to enter your hotel room. Your face will serve as your identification, making daily transactions more straightforward and effective.
• Prepare for smaller drones to bring your purchases right to your door within minutes of making an order.
• Artificial intelligence-based virtual assistants will make human-like phone calls to schedule an appointment at, say, your local hairdresser while taking into account the context and subtlety of the discussion.
• Get ready to undergo surgery with a robot surgeon. In a few years, a physical surgeon won't be involved in the procedure at all; instead, a robot will do it and assist patients in better understanding their treatment options.

These are only a few instances of the future changes that artificial intelligence will bring about. Machine intelligence Future developments may seem far off, yet they will arrive faster than we can imagine. Leading technological firms are competing to integrate artificial intelligence into our daily lives, which will pave the way for an amazing and thrilling artificial intelligence future.

What Future Changes Can AI Expect?

Here are some ways that artificial intelligence will alter the future, based on current technological developments in the field.

1. The Role of Artificial Intelligence in Healthcare

AI will be crucial in helping to prevent around 86 percent of errors in the healthcare sector. The use of AI in healthcare will help democratise the industry for the good of both patients and healthcare professionals, while also reducing costs and improving accuracy through predictive treatment. Artificial intelligence and predictive analytics may be used to better understand the different elements (birthplace, dietary habits, local air pollution levels, etc.) that affect a person's health. Future healthcare systems driven by AI should be able to predict when a person is most likely to acquire a chronic illness and offer preemptive treatment to stop it before it gets worse.

The development of apps powered by AI to assist doctors in diagnosing and treating patients is the subject of several sorts of study, and this technology will undoubtedly revolutionise how patients receive better medical treatment. As robots communicate with patients, monitor their health, and assess whether or not a doctor's appointment is still necessary in the future, you may anticipate a completely new future for healthcare. Doctors, nurses, scientists, and the list goes on will always be needed. However, AI will make our life easier by improving the actionability of the clinical and healthcare data we produce.

Future of Artificial Intelligence in Retail

• By 2022, it is anticipated that the worldwide market for artificial intelligence in retail would increase by over $5 million.
• Retailers might save over $340 billion by 2022 if they use AI throughout all of their business activities, according to a Capgemini study on the effect of AI in retail.
• By the end of 2002, Accenture estimates that investments in AI would increase retail revenues by 38%.

These figures show unequivocally that AI has significant promise for retailers, offering a variety of applications for smarter business decisions. Future drones driven by AI could be able to carry items weighing up to five pounds in less than 30 minutes. Although there isn't a firm deadline for the usage of these drones for commercial purposes just yet, Amazon is already working on determining the required safety and dependability of operations for delivering items. However, you might expect the autonomous delivery of products and food using drones within the next ten years.

In addition to autonomous delivery, the future of AI in retail will be more autonomous and individualised, with plausible scenarios including connected dressing rooms with screens, virtual racks customised according to data-defined personas, and a great deal more personalization based on past behaviour and trends to make consumer decisions less stressful and chaotic.

2. The Future of Artificial Intelligence in Banking

The worldwide commercial value of AI in Banking is forecast to reach $300 billion by the end of 2030, according to IHS Markit's AI in Banking research. With lower costs, more productivity, and better customer experiences, artificial intelligence is poised to dominate sectors like business intelligence and security in the coming ten years. Robo advisors in wealth management will spread like wildfire and revolutionise the banking industry, saving both consumers and wealth managers a great deal of time. The banks of the future will employ AI to personalise consumer experiences in addition to personalising their services and goods. The ability to enter a bank branch without having to show an ID card is an excellent example of such personalization.

3. AI Will Create Millions of New Job Possibilities

Future fears about artificial intelligence are most frequently expressed as "Artificial Intelligence will replace us!" We may see a more pleasant future for ourselves with artificial intelligence automating all types of labour, one that will create new employment rather than eliminate existing ones. A World Economic Forum research on the Future of Jobs predicts that by 2022, artificial intelligence will generate 58 million new jobs. By 2030, there is a very good probability that AI will perform better than humans on the majority of mental activities, but that does not mean that employment will be eliminated.

In fact, compared to 2018, the scale of the Indian AI business has increased by a factor of two in 2019. Three times as many businesses have begun working on AI-based initiatives in the past year, and this trend is certain to continue. India almost quadrupled its workforce of AI engineers in 2019 (from 40K to 72K), yet the country still lacks skills. Professionals upgrading their skills through a variety of guided artificial intelligence courses are the driving force behind the expansion of the Indian AI sector.

The future of artificial intelligence is quickly approaching! The moment to invest in education and training in order to be ready for the AI era is now. You still have the option of improving your abilities to keep current with the market, or you can choose to stand still and stagnate. Do you want to participate in this fourth industrial revolution? Contact our career advisers to see how Springboard's Artificial Intelligence Course will help you advance your career and secure a top AI position at a leading tech firm.