Artificial intelligence isn’t just for the movies anymore. It’s part of our daily lives, and most of the time we don’t even realize it. When you call a call center and speak to voice activated prompts, that’s artificial intelligence. When your delivery driver follows the route assigned by the company, he’s using AI to save fuel and optimize his trip. Driverless cars, facial recognition software, and hiring algorithms all work on artificial intelligence. Artificial intelligence has the power to transform our daily lives, our businesses, and our economy. By 2030, 70% of companies worldwide will be using AI in some capacity to enhance their businesses, and it’s going to have an impact on all of us.
Over the next decade adoption of artificial intelligence is expected to skyrocket. Its adoption could fuel upwards of 280 million jobs over the next ten years, and adoption of this technology could have the potential to add $13 trillion to the global economy. So why isn’t everyone jumping on the AI bandwagon?
There are some significant barriers to adoption of this technology. There are fears, founded in the history of previous industrial revolutions, that this technology could displace low skilled workers as they are replaced by technology to do the repetitive tasks they are designed to handle. There’s also fear about the ethics of AI, as early projects have shown bias in the programming that gets multiplied in its output.
Cost is a significant factor preventing many businesses from adopting AI technology. Even the research and design stages necessary to go about figuring out how to best utilize new technologies can be very costly, but even the technologies themselves can be cost prohibitive. Companies need to ensure they will get an ROI that justifies such an expense, either in the form of long term savings or short term results.
Currently many companies are choosing not to invest in this technology for various reasons, but about 30% of companies are exploring options in a cautiously optimistic manner. Companies in industrialized nations also may not realize the benefits and cost savings in such a dramatic manner, leading them to eschew the technology in favor of maintaining the status quo.
Fortunately, companies like Google are building AI as a service - Google Brain has been in development since 2011 and its stated mission is to bring AI benefits to everyone.
As for the ethics of Artificial Intelligence, the U.S., Europe, and China are all working to develop safety and ethics guidelines for this emerging technology before its adoption is widespread. Just this year the Federal government of the United States expanded both resources and safety guidelines for artificial intelligence. In Europe, the United Kingdom is leading the charge for ethical research and implementation of artificial intelligence, while the European Union is in the midst of investing €20 million on developing the technology. China has stated its intent to be a world leader in artificial intelligence by 2030 and is developing regulations for the next generation of AI technology.
It’s predicted that AI will grow three to five times over the next decade, helping with things like demand forecasting, shipping route optimization, and predicting maintenance schedules to prevent costly breakdowns of industrial equipment and vehicles. Artificial intelligence in manufacturing can reduce waste, optimize scheduling and energy usage, and increase the consistency of work quality.
There’s still not enough data about this technology for many companies to make the commitment, but that is changing rapidly. Companies that take the risk will undoubtedly come out ahead in the long run, but in a decade using this technology will be inevitable. Learn more about the future of AI and the global economy from the infographic below.
Read next: Has The Gig Economy Finally Jumped The Shark? (infographic)
Over the next decade adoption of artificial intelligence is expected to skyrocket. Its adoption could fuel upwards of 280 million jobs over the next ten years, and adoption of this technology could have the potential to add $13 trillion to the global economy. So why isn’t everyone jumping on the AI bandwagon?
There are some significant barriers to adoption of this technology. There are fears, founded in the history of previous industrial revolutions, that this technology could displace low skilled workers as they are replaced by technology to do the repetitive tasks they are designed to handle. There’s also fear about the ethics of AI, as early projects have shown bias in the programming that gets multiplied in its output.
Cost is a significant factor preventing many businesses from adopting AI technology. Even the research and design stages necessary to go about figuring out how to best utilize new technologies can be very costly, but even the technologies themselves can be cost prohibitive. Companies need to ensure they will get an ROI that justifies such an expense, either in the form of long term savings or short term results.
Currently many companies are choosing not to invest in this technology for various reasons, but about 30% of companies are exploring options in a cautiously optimistic manner. Companies in industrialized nations also may not realize the benefits and cost savings in such a dramatic manner, leading them to eschew the technology in favor of maintaining the status quo.
- Also read: What Countries Innovate the Most?
Fortunately, companies like Google are building AI as a service - Google Brain has been in development since 2011 and its stated mission is to bring AI benefits to everyone.
As for the ethics of Artificial Intelligence, the U.S., Europe, and China are all working to develop safety and ethics guidelines for this emerging technology before its adoption is widespread. Just this year the Federal government of the United States expanded both resources and safety guidelines for artificial intelligence. In Europe, the United Kingdom is leading the charge for ethical research and implementation of artificial intelligence, while the European Union is in the midst of investing €20 million on developing the technology. China has stated its intent to be a world leader in artificial intelligence by 2030 and is developing regulations for the next generation of AI technology.
It’s predicted that AI will grow three to five times over the next decade, helping with things like demand forecasting, shipping route optimization, and predicting maintenance schedules to prevent costly breakdowns of industrial equipment and vehicles. Artificial intelligence in manufacturing can reduce waste, optimize scheduling and energy usage, and increase the consistency of work quality.
There’s still not enough data about this technology for many companies to make the commitment, but that is changing rapidly. Companies that take the risk will undoubtedly come out ahead in the long run, but in a decade using this technology will be inevitable. Learn more about the future of AI and the global economy from the infographic below.
Read next: Has The Gig Economy Finally Jumped The Shark? (infographic)