Artificial Intelligence is evolving in the fastest speed possible, a decade back there was hardly any recognition of the Artificial Intelligence and this period is considered as the first generation of AI while it is widely acknowledged by many experts around the world that we are currently witnessing the 2nd generation of the Artificial Intelligence. That means Artificial Intelligence is developing at the rate of a generation per decade and it may increase the rate of evolution. Google analysts believe that next year, in 2020, robots will be smart enough to mimic complex human behavior like jokes and flirting.
AI is making it’s placed very silently and very conveniently in our day to day life without grabbing any attention but will it affect our business? Well, it already started affecting the business around the world. How? Let me explain, The world is witnessing a trend of employing robots in the manufacturing sector and a wave of automation around many industries which is helping industries which are helping in an increase in efficiency in the business but killing millions of the job per year. The automation which was looking very sweet also has a sour side of it and it is horrifying.
According to a report of Oxford Economics, the number of robots in use worldwide multiplied three-fold over the past two decades, to 2.25 million. Trends suggest that the global stock of robots will multiply even faster in the next 20 years, reaching as many as 20 million by 2030. They estimate up to 20 million manufacturing jobs are set to be lost to robots by 2030.
A report by World Economic Forum suggests automation will displace 75 million jobs but generate 133 million new ones worldwide by 2022 but challenged by a report by Forresters, an American market research company that states that job loss of 29% by 2030 with only 13% job creation to compensate. This kind of estimates indeed endangers fear as we can see in recent surveys of individuals and business executives. Similar research was carried out by many agencies and they found that adults who understand the technology are skeptical that their job will be lost to AI if not sooner or later.
The researches concluded some of the specific nature of jobs that will be lost by the introduction of AI in business operations. The jobs with repetitive nature, require less research and analytical proceedings will vanish and AI and AI trained robots will take the place of humans. Labors, receptionists, accountants, drivers are some of the examples.
How the AI is contributing to business?
We have discussed the role of AI in eliminating human interaction from business processes but is it beneficial for the business? AI-powered voice assistants to reach 8 billion by 2023By 2025, the global AI market is expected to be almost $60 billion.
Global GDP will grow by $15.7 trillion by 2030 thanks to AIAI can increase business productivity by 40%AI startups grew 14 times over the last two decades investment in AI startups grew 6 times since 2000Already 77% of the devices we use feature one form of AI.
If we talk about India specifically experts concluded that some major sectors and the usage of AI would be:
- Healthcare: Radiologists and Pathologists are in limited numbers in India and through AI the government is trying to counter the deficiency. NITI Aayog is also working on early diagnosis and detection of Diabetic Retinopathy and Cardiac Risk based on the AI models.
-Education: AI is introduced in various fields of education from integrating and developing a national language system to career counseling through AI chatbots.
- Agriculture: Precision Agriculture -The concept of using artificial intelligence-based real-time advisory based on satellite imagery, weather data, etc. to increase farm yields where the farm production levels are low.
The government has already adopted the usage of AI in the above-mentioned sectors. India is currently using AI for the following process which can be extended to almost every process of the business operations.
- Image recognition
- Automation in business
- Natural Language Processing