AI: a $15 Trillion Business by 2030? This Is How AI Changes Business Forever
What do you imagine when thinking of artificial intelligence (AI)? Smart robots and sophisticated technology? In fact, the face recognition system in your iPhone 10/X, Google Maps’ route recommendations, and systems of vehicle-driver interaction are all AI. AI rules the contemporary business world; it makes analytics cheaper, hiring – automated, and customization of user experience – flexible and automated. Machine learning is able to embrace customer anticipation, thus enabling businesses to deliver truly needed services and products.
It seemed to be a matter of the distant future, some weird thing that scientists do, but things change fast today, and what was science fiction yesterday is a part and parcel of every person’s routines. The market captures these benefits perfectly well, which is evident from $2 trillion of AI’s contribution to the global GDP in 2018. Frank Holmes, the Forbes contributor, projected this figure to increase to $15.7 trillion by 2030, making AI the best commercial opportunity for business owners and investors.
Top 5 Industries Disrupted by AI
1. Energy and Mining
AI is an ideal solution for the traditional bottlenecks in the energy and mining sector. The problems that large industry players repeatedly endure (e.g., port scheduling operations, tanker tracking, multi-agent scheduling for smarter trader decisions). In addition, AI-powered machine learning may inform geoscientific analysis, which promises to reduce unplanned downtime and equipment failure.
2. Healthcare
The potential of AI in healthcare is immense, ranging from disease prediction based on smart analysis of patient records to diagnostic test automation and treatment accuracy increases. Other areas for its implementation include advanced DNA analysis, customized drug formulas, and effective predictive healthcare.
3. Agriculture
AI brings enormous benefits to agricultural businesses, thus transforming the sector that traditionally experiences a labor shortage. Here, AI promises improved automation and efficiency gains, which is likely to strengthen the industry overall and preserve jobs for its employees (counter to critics’ claims about AI’s job-killing essence).
4. IT Service Management
AI helps IT service management to catch up with the increasing workloads and handling of incoming requests and incidents. Chatbots relieve IT service employees from tons of work, improve the quality of data handling, and redefine the ways in which people are involved in service management. These improvements are also expected to integrate into corporate and government networks in the near future.
5. Retail
Probably the greatest benefit retailers reap from AI is chatbots. Via implementing customized chatbots, most businesses have dramatically improved their ability to collect data from customers. Chatbots not only advance user experience, but also deliver in-depth analytics to business owners based on their interactions with customers, thus offering incredible personalization opportunities.
Comments