As of 2021, the global market value of artificial intelligence was valued at USD 93.5 billion and is expected to grow even further by the end of 2025. The AI market is predicted to boom to US$190 billion by 2025. The compound annual growth rate (CAGR) is expected to increase by 38.1% from 2021 to 2030. We always hear that artificial intelligence will develop massively in the future and that technology will take over the coming generation. Well, the facts will truly make us believe that the future is here! The world of technology has successfully taken over our work and has indeed proved to be a companion to humans, helping greatly in new innovations along with efficient and dynamic productivity. Artificial intelligence has indeed penetrated into almost every sector of our industries and has successfully become a reliable and effective technology. AI enables machines to learn from experience, adapt to new inputs, and perform a variety of tasks. We need to understand that artificial intelligence can not function solo. We have often heard myths about artificial intelligence that it will soon take over the jobs of humans and replace them. We have also heard rumors about how AI can independently develop itself. All these are just rumors! Over time, artificial intelligence has collaborated with remarkable technologies and innovations such as IoT, machine learning (ML), Big Data, cloud computing, and many more. The prediction about the market growth of artificial intelligence is indeed backed with some really astonishing figures! According to a report, it is found that more than 29% of companies are involving artificial intelligence in their daily tasks including operations, healthcare care, and customer care. Now, let us see some of the top sectors that are witnessing automation but will undergo a massive transformation in the upcoming five years:
- Manufacturing: Artificial Intelligence and machines have already joined hands earlier which has been really advantageous for the manufacturing sector. A major breakthrough in this sector took place due to the covid 19 pandemic where the sector shifted majorly to AI-powered robots. Drone cameras and computer vision are two AI features in factories. Other basic automatic functions, such as transporting or shifting goods, were also being brought out using an AI mechanism. The manufacturing sector will soon be striving for real-time predictive and analytical sensor systems that will enable them to execute more complex tasks. One thing to which we all must pay attention is that this advancement will surely minimize human involvement in this sector.
- Education: With the introduction of smart classrooms, the education system has already taken a leap toward digitization. Now we are witnessing old-school methods being replaced with new advanced smart digital devices in order to shift everything online. A marvelous innovation that we are expecting to witness in the coming future is that of virtual tutors assisting learners. The main agenda behind introducing this technology is to help better understand the emotions of students with the help of facial analysis. This will be a step forward toward improving the understanding of students and virtual teachers.
- Healthcare: We have already come across the wonders that technology has made in the healthcare sector. Some of the most notable of them include laparoscopy, lasers, and robotic diagnosis. But we must note that this rapid transformation has paced up during the covid pandemic when the world needed this evolution the most! AI is already capable of detecting cancers and other symptoms, as well as risk assessments for patients. Now, the sudden influx of AI in healthcare as a result of the compelling situation has accelerated many developments. Wearable devices, such as watches, will soon be used to monitor patients with chronic illnesses in order to provide more personalized patient care and treatment.
- Finance: When was the last time you actually visited a bank and waited in long queues to get your work done? Surely not in a long time! Well, all thanks to artificial intelligence which has successfully shifted almost everything online which we now witness as online banking. This leap has indeed reduced the human effort involved in all the steps massively! This technology for the future is being developed in order to be able to predict risks and guide trans. This technology is being developed so finely that it will even be able to make financial decisions just like humans and successfully become a financial advisor for the sector.
- Mass Media: The job of a journalist indeed involves risks and sometimes even life threats. But what if the job of reporting was done by a robot? This will actually strike off the risk in the job! Well, we have seen this as a success in Bloomberg’s usage of Cyborg. This is being acknowledged widely and has opened the doors for other such possible innovations!
- Automotive: We all have dreamed of living in a world with automated and self-driven cars. Well, this has also been a dream of tech researchers and scientists. Even Though scientists and engineers are constantly working on making this dream a reality, it is an extremely difficult task to accomplish! To invent self-driven cars which are safe for passengers requires a lot of preparation. Although we have seen a lot of high-end car models equipped with voice recognition and some really cool automated features! In order to make self-driving cars, a collaboration of Deep learning data and Machine learning will be required which will process various types of road conditions and situations to be added to the AI-powered car.
- Agriculture: We all require food to survive. The rapid evolution of technology has made people migrate to urban spaces for better living conditions. This has deeply impacted the lands and the much-needed labor. Like always, artificial intelligence can help in this crisis. Drone cameras and robots can perform general tasks such as aerial inspection and pesticide spraying. Using cameras to monitor crops will aid in the early detection of diseases. Another AI-powered initiative is automatic vertical gardening, which can even be used in cities.
- Customer Service: The customer service sector is one of the largest job providers across the globe. Customers absolutely hate waiting! The reputation of this sector is somewhat affected due to this issue. However, recent times have somewhat turned the tables around. With the advent of innovations like chatbots and virtual assistants have in a great way acted as a savior for customers! The future holds even greater heights of achievements for this sector which will bring more advancement and improvement in the overall customer experience. Tech giants like Google and Amazon are working round the clock on making a successful AI assistant which will be equipped and fully capable of making human-like phone calls in order to book appointments and do other small tasks on behalf of humans.
With its evolving technologies and new possibilities, Artificial Intelligence (AI) is rapidly evolving and penetrating into major sectors such as healthcare, marketing, banking, and agriculture. If companies and sectors continue to implement artificial intelligence in their operations at their current rate, all of these discussed future possibilities will be a successful reality within five years, and artificial intelligence will successfully take over and become a great companion of humans, leading to greater inventions and future possibilities!
Author- Toshank Bhardwaj, AI Content Creator
