The Impact of AI on Industry and Society
Category: AI insights
Published date: 19.10.2020
Read time: 6 min
Even though AI is a relatively new technology that still has a long way to go until it can start replacing humans in performing certain tasks, it is already having a huge impact across industries and on our society as well. Since there is so much promise and benefits that AI offers, companies are actively investing in AI products since it can help them lower costs and make processes more efficient. In fact, according to the International Data Corporation, spending on AI systems will reach $97.9 billion by 2023. All of these investments and applications will have a profound impact across industries and our society as well. Let’s take a closer look at how AI is transforming industries and our society as well.
A Fourth Industrial Revolution?
Recent data from Microsoft shows that 90% of businesses expect AI to have a positive impact on their growth, while 86% feel that it positively affects their productivity. What’s even more impressive is that it does not take a long time for businesses to start feeling the effects of AI. In fact, this could take as little as a few weeks. AI has enabled us to augment human abilities while capitalizing on unique human capacities for creativity and agility. In other words, since humans still possess certain qualities and abilities that the machines have yet to acquire, they work with humans to increase productivity.
All of the improved productivity and increased GDP are pointing to a, potentially, fourth industrial revolution. When we look at AI and machine learning as part of a wider trend of digitalization, we see that this is certainly a possibility. A recent study from PwC shows that there is a reason for such optimism. The study calculated that the global GDP will increase by 14% by 2030 due to AI adoption which amounts to a $15.7 trillion influx into the economy. To put this in context, this is more than the entire economic output of China and India combined. The augmentation of the human workforce is expected to account for more than a third of the economic gain as AI improves the productivity of human workers or even replaces humans in performing certain jobs.
A great example of this is what we are currently seeing in the healthcare industry. AI can be useful for analyzing a patient’s medical history and or genetic make-up and identifying possible deviations could potentially identify certain illnesses in their early stages thus increasing the effectiveness of the treatments. However, identifying particular treatment options will still be the responsibility of the patient’s physician. We are seeing similar augmentation of human skills and capabilities in the manufacturing, insurance, public sector, and many other parts of the economy as well.
The Impact of AI on Society
Not too long ago, it used to be easy to distinguish between technology and humans, but thanks to recent advancements and the implementation of AI into our everyday lives, this line has been blurred. Moving forward, AI will be further integrated into the world around us in things that we never thought of as technology before. This includes things like smart homes, appliances, and smart cities with density sensors just to name a few. Such increased usage in society could be a win-win for both consumers and companies. Just by using regular objects on a daily basis, like computers and home appliances, we generate massive amounts of data. The technologies capture this data which provides insights into our experiences that were previously viewed as impossible to attain.
As we start getting accustomed to the greater role of AI in our lives and we become reliant on it for certain things, we have to be wary of it gaining too much power. For example, if we rely on AI to tell us what’s going on in the world or to provide us with analysis, we are essentially relinquishing control over the information we receive which gives a lot of power to the companies that own and operate such technologies. Armed with such power, they will have the ability to shape our innermost feelings as well as our collective understanding of current and past events.
Mindy Support is Facilitating the Development of AI Technology
In order to train the machine learning algorithms that power AI systems, a lot of data annotation is required for the machine to make sense of all the data it receives and function in its immediate surroundings. Since data annotation is a very important part of an AI project, it is very time-consuming, which is why a lot of companies choose to outsource such tasks to a service provider. Mindy Supports offers comprehensive data annotation services regardless of the volume of data you need to be annotated. We are one of the largest BPO providers in Eastern Europe with more than 2,000 employees in si locations all over Ukraine. Our size and location allow us to source and recruit candidates quickly and we will be able to scale your team without sacrificing the quality of the annotated work.
Posted by Il’ya Dudkin