There are many industries which will be discrupted by AI in the near future. Let’s explore these areas in more detail. Read on to discover the impact of AI in each of these industries. And make sure to share your own predictions!
Healthcare
While there are numerous opportunities for AI to disrupt various industries, the healthcare industry is one of the most likely to be affected. Healthcare organizations face significant pushback when introducing new technologies into their workflows, including AI, due to the potential for affecting the patient-provider relationship. As such, AI adoption in healthcare has been slow. As of 2015, a survey of more than 2,000 healthcare professionals revealed that a quarter of respondents were unable to see a clear business case for AI in the healthcare industry.
As AI becomes more sophisticated and powerful, many lines of business will shift toward a “predict and prevent” methodology. Although self-driving cars may be possible in the near future, the transition will be far from complete. Auto accidents will be reduced, in-home flood prevention will be greatly improved, and buildings will be reprinted after natural disasters. Regardless of the technological advances that occur in healthcare, individuals will still need effective medical care.
Customer Service and Experience
AI is a key enabler of artificial intelligence (AI) in industries. With concurrent increases in high-quality data, computing power, and high-speed communication links, AI is set to accelerate the speed of industry transformation. Leaders must keep pace with AI to reap the benefits, and minimize its risks. AI could also pose a threat to privacy and liberty. The future of Customer Service and Experience is now.
In the United States, AI is already affecting customer service. For example, natural language processing algorithms have already made their way into customer-facing helplines, resulting in chatbots that can process customer questions and resolve many issues automatically. By 2030, AI will impact 38% of U.S. jobs. However, cognitive technologies will create 9% of new jobs. These new roles include automation specialists, data scientists, and content curators.
AI systems will likely replace human employees in jobs that are repetitive, involve basic problem-solving, or beyond the scope of human capabilities. In industrial settings, AI systems will make decisions in place of humans. This will benefit organisations by boosting productivity and revenue, which means more opportunities for employment in the services sector. In some cases, AI will replace jobs in Customer Service and Experience. But what does this mean for the future of the workforce?
Banking
According to IHS Markit, the use of artificial intelligence in the banking industry will result in a total cost savings of $447 billion by 2030, up from $14.7 billion in 2018. The North American market is expected to be the largest, growing from $14.7 billion to $79B in that time. Meanwhile, Asia Pacific is expected to be the second-largest area to apply AI to banking. These figures suggest that AI will disrupt the banking industry the most by 2030, as well as impact employees the most.
According to Capgemini’s Digital Transformation Institute, artificial intelligence in banking will generate $512 billion in global revenues by 2020. AI in the banking industry will also result in cost savings of 10% to 25%, according to Business Insider Intelligence. AI in banking has already begun to be used in various ways at banks around the world. For example, it has already helped improve customer authentication and chatbots, as well as provide personalized insights.
Retail
The rise of big data, artificial intelligence, and digital business are expected to change the way businesses operate and how consumers interact with brands. Increasing adoption of IoT and cloud services are also helping retailers make the most of AI. As existing retailers grapple with declining sales, rising costs, and upstart competition, retailers have already implemented technical instruments to improve their performance and reduce costs. This report highlights key trends and the potential impact of artificial intelligence in the retail industry.
AI is already being used by many e-commerce companies. With the use of AI, a retailer can identify trends in consumer purchase behavior and develop personalized product recommendations. AI can also help retailers display tailored offerings and develop targeted sales strategies. Another AI-enabled eCommerce element uses AI technology to simplify the search process by using photos. Consumers can receive more accurate results in less time than ever before.
Cybersecurity
By 2030, AI will be so advanced that it will fundamentally change the way that cyberspace is defended. Signature-based cyber protection will be challenged by new, polymorphic malware. Vulnerable systems will migrate from one location to another. A layered cybersecurity approach will be essential to combat these threats. Cloud-based cognitive AI platforms will be key to this strategy, as they can train on known threats, analyze DNA-level code, and recognize malicious code by its string component.
By 2022, 70% of organizations will use multi-cloud and hybrid-cloud platforms to support their IT infrastructure. Hybrid cloud platforms will make data and processing available to more people and systems, reducing complexity and costs while strengthening cybersecurity defenses. By 2030, 80% of the world’s population will be using low-to-mid-band 5G networks. Cloud computing infrastructure and services are ubiquitous, which will commodify the process of setting up and maintaining IT infrastructure.
Logistics
In logistics, the role of AI is becoming more apparent as the use of advanced automation grows in the supply chain. By 2030, there are many reasons why AI is expected to disrupt the industry. Its potential to make the business more efficient will allow the industry to shift from a reactive to proactive mode, resulting in greater productivity, reduced cost, and improved customer service. However, it is important to remember that AI is not a replacement for human expertise.
AI can improve forecasting through data analytics. By analyzing social media data and traffic patterns, AI can help logistics operators determine optimal stock levels. By analyzing data, companies can improve their business operations by predicting future demand, which is key to reducing storage costs and maximizing revenue. In addition to improving customer satisfaction, AI can help businesses predict the level of demand for a product. Without this information, they’ll miss out on sales because they have insufficient inventory.
Defense
When it comes to predicting which industries will be affected by AI, it’s hard to make a definitive list. The first sector will be transportation, where self-driving cars are a real possibility. Companies like Uber and Lyft are currently developing autonomous driving technology, and Google recently acquired the Waze application, which turns 50 million users into drivers for a fee. In the near future, these self-driving cars will be a reality, too.
AI will also have a profound impact on manufacturing and other sectors. AI-powered robotics are already a reality in manufacturing, where predictive analysis sensors and advanced machine learning algorithms are helping to make the process run smoothly. In bioengineering, it will help to identify promising molecules. Devon Energy, for example, will use artificial intelligence to guide drilling gear. By 2030, virtually every enterprise will have some form of AI integration.
Finance is another industry that AI will disrupt. A crude version of AI is already used to detect fraudulent credit card transactions and combat fraud. While AI has the potential to transform the finance sector, it must be developed in a way that is legal and regulated to avoid causing irreparable damage. AI is also already impacting education, but it has a long way to go before it can make a real difference.
Transportation
According to a report from the Executive Office of the U.S. president, self-driving car technology will affect between 2.2 and 3.1 million jobs in the U.S. by 2030. These jobs will be eliminated in varying degrees due to the technological advances, but the technology will likely save society time and money. The autonomous car will eventually be so commonplace that it will make the horse and buggy an anachronism. The next major industry that AI will disrupt is the criminal justice system. Facial recognition is already replacing fingerprints for identification, and tech startups are using AI to automate legal work. In fact, some courts are already using AI to sentence criminals and determine parole eligibility.
The future of autonomous vehicles will be shaped by AI-driven applications. Semi-autonomous vehicles will learn from other vehicles and transfer that information to other vehicles. These vehicles will also be capable of incorporating information learned in other vehicles into their operations. AI-enhanced applications will save money in the transportation sector. The US alone loses $39 billion a year due to flight delays. A driverless car can avoid traffic jams by anticipating and responding to their needs.
