Everyday more companies are adopting or planning to adopt artificial intelligence as a growth tool in different industries. Counting on a wide range of applications, AI is set to be one the main business and social changing forces of the new digital age.
Since 2005, artificial intelligence (AI) has been on a fast-growing streak as a collection of multiple technologies that enable machines to sense, comprehend, act and learn, either on their own or to augment human activities, and it has been figuring on many released trends to watch research notes and whitepapers from important organizations, such as Gartner, Forrester and IDC.
Looking back the past 10-15 years, there has been a lot of work in developing different AI technologies by major market players, such as IBM’s Watson system and Google’s DeepMind’s AlphaGo system. Currently, thanks to Apple’s Siri, Microsoft’s Cortana, Google’s Google Assistant, and Amazon’s Alexa, consumers have easy access to a variety of AI-powered virtual assistants to help manage their daily routines and tasks.
The potential uses of AI to identify patterns, learn from experience, and find novel solutions to new challenges continue to grow, as increasing investments will bring new AI technology advances to corporations and consumers. Further to that, AI is impacting many different sectors of the global economy and society in a very positive way, as humanitarian organizations are currently using intelligent chatbots to provide psychological support to Syrian refugees, and doctors are using AI to develop personalized treatments for cancer patients.
There is no doubt that AI will bring a wide variety of applications within the next few years as its investments will continue to make this technology evolve, but still it is difficult to predict and forecast just how much value AI will generate to corporations and society. IDC estimates that the market for AI technologies that analyze unstructured data will reach USD40 billion by 2020, and will generate more than USD60 billion worth of productivity improvements for businesses per year only in the United States. The McKinsey Global Institute estimates that by 2025 automating knowledge work with AI will generate between USD5.2 trillion-USD6.77 trillion, advanced robotics relying on AI will generate between USD1.7 trillion-USD4.5 trillion, and autonomous and semi-autonomous vehicles will generate between USD0.2 trillion-USD1.9 trillion.
A report from Accenture examining the potential impact of AI on economic growth found that by 2035, AI could increase the annual growth rate of the U.S. economy by 2percent points, for the 12 countries surveyed in this specific research, AI would promote labor productivity increase rates by 11 percent to 37 percent.
In a further analysis of the market, it’s known that AI has possible applications in almost every industry, and many of them are already employing AI technologies today or are planning to do so soon, including financial services, healthcare, defense, retail and media & entertainment, amongst others. Ehen it comes to revenue, according to a recent market study, the top use case is algorithmic trading. Many investment banks and hedge fund firms are already using AI algorithms to drive their portfolio strategies and, by 2025, about half of investment assets will be traded via AI. Below are the top 10 use cases for AI globally until 2025:
Socially, AI can also promote substantial benefits, but just as difficult to quantify as to forecast. The power AI technology has is able to solve problems on a global scale, such as climate change and food insecurity, as well as delivering valuable social benefits, such as assisting authorities to rapidly analyze crimes on the deep web, fighting online bullying and harassment, reducing the influence of gender bias in hiring decisions and in many other areas. In a brief perspective, AI can lead corporations to make better and faster businesses decisions, enhance productivity, drive economy value and create innovation to be applied on new products and services the same way it can generate social value. Many applications already use AI technologies with different algorithms enabling everything from smartphone apps that help consumers with their shopping preferences, to speeding up the time and process of discovering new medical exams.
In this diverse universe of utilization, most AI technologies have at least one of seven functions: monitoring; discovering; predicting; interpreting; interacting with the physical environment; interacting with humans; and interacting with machines, and this typology may be used to compare and establish the many different uses of AI, though applications may rely on more than one of these functions in a complementary or interdependent way. A good example is a specific application that was developed in order to assist physicians to understand and forecast their a patients risk of developing cancer by both analyzing unstructured data from exams and patients records, in order to produce predictive diagnostic information many times faster than any known human analysis. For a better understanding, below follows a brief description of each one of these seven uses for AI:
AI certainly will impact societies and companies within the years ahead by driving a huge and necessary innovation in the public and private sectors, creating great social, organizational and economic value, as well as transforming everyday life around the world. Unfortunately, as it happens with any given new technology, there will be detractors who fear change and how it might impact their lives and their societies. While policymakers should respond to legitimate concerns, they should not allow alarmists to delay progress and remain steadfastly focused on accelerating the development and adoption of AI, given its many certain and potential benefits.
Gartner has positioned Vodafone as a "Leader" in its Magic Quadrant for Managed M2M Services, Worldwide report 2017, for the fourth consecutive year