Disruption of Industries by Artificial Intelligence
- February 14, 2018
Talking about one of the most significant progressions in technology, artificial intelligence (AI) is on the top. The technology is all set to gradually disrupt the way different industries work today and will work in the future. However, we are in the elementary stage of artificial intelligence, and billions of dollars are being spent on improving the ways to use AI. As more efforts are being put to accelerate the growth of AI, the International Data Corporation (IDC) has predicted that spending on AI will increase by almost 50% by 2021.
Many possibilities are found that will almost change the working of several industries in the future with the help of AI applications. Some of the sectors that will be disrupted by artificial intelligence in coming years are given below:
Transportation is at the top of the list among the industries that are recently disrupted by artificial intelligence. Due to companies like Tesla, Renault, and Google, self-driving cars came into existence. Still, for the sake of safety, the vehicles have a driver, but by the year 2020, AI through a sophisticated system will help in making completely autonomous cars. By 2020, around ten million self-driving vehicles will be seen on the road worldwide.
- Automated fleets
According to the report on artificial intelligence by Stanford University, there would be more improvement in the field of the transport industry. Due to this, the use of AI will not be limited to cars only. AI Technology will be used for public transports and airplanes. Everyone is waiting for this kind of disruption to take place in the transportation sector. It will be a cost-effective mode of transportation where the need for humans will become almost negligible.
But self-driving cars, autonomous trucks, driverless taxis are only a few examples of what can be expected from the transport industry.
- Transport services
AI will also impact the way we will use transport services in the future. In the upcoming years, the interest of the public will shift from buying a car to using car services. This will take away the need for ownership of the vehicle. With the help of AI technology, people will be able to plan their trips quickly by using different modes of transport and managing their experience by their smartphone. AI will make their experience of traveling on public transport more safer and cost-effective.
According to Dr. Emmanuel Fombu, “Artificial intelligence is probably going to have the most significant disruption in the healthcare industry. Almost every menial tasks will be performed with the help of technology, requiring no physician. Also, every patient will be given personalized healthcare facilities. The technology will also enhance treatment options leading to improvement in the quality of life for millions of people in the future.
- Automation of tasks
Almost every repetitive task can be easily performed with the help of AI. Consequently, the physicians will get more time to achieve higher-level tasks, including educating patients and clinical assessment.
- Wellness wearables
Wellness wearables will help in diagnosing health problems. Some of wearable devices, including Fitbit, Garmin Ltd., Ava, and much more, are already assisting people in detecting their health conditions like hypertension, fertility tracking, and fitness tracking. People are showing much more interest in these wellness devices, and they need high-end tools that can trace their medical problems.
Technology is already in use by digital marketers in predicting consumer behavior, ad placement, and improving content creation. And in upcoming years, the marketers will rely heavily on AI tools. The forthcoming AI tools will be upgraded, and marketers will use them for better communication.
- A tailored marketing process
With the help of artificial intelligence, marketers will be able to reach targeted consumers in a better way. Also, AI will make the marketing process more accessible by putting customers into different groups, which will make it easy for marketers to target their particular niches. Consequently, marketers will be able to build more original content for marketing every targeted segment of the audience instead of building one universal ad campaign for all.
With the help of technology, marketers can separate their target customers in two different personas. In this way, marketers can understand the choices of different customers.
- Enhanced customer interactions
AI is a great tool that helps in delivering best-personalized customer services. In a time where virtual assistants are becoming highly sophisticated and assisting marketers with building strong relationships with prospective customers in efficient ways. According to a prediction, by the year 2020, more than 85% of the customers will interact directly with a company without human interaction.
Financial advisory services
Financial advisory services will also be seen as getting influenced by artificial Intelligence. In the future, more Robo advisors will be seen giving financial advisory services. It is expected that machines will be able to do the work much more efficiently than humans.
AI will also influence the field of Bionic advisory. A human combined with a machine calculation to offer options that are highly efficient, when compared to the work done by a machine or human. Some of the experts in AI believe that the balance of robots and humans will improve the future of decision making in financial issues.
These are some of the predictions made on AI technology by experts in the field. But, it is hard to predict the impact of AI on different industries in upcoming years. Still, it can be said that its impact will be both disruptive and challenging. As AI technology is becoming more advanced and its applications more improved, business people are becoming highly motivated to gain a better comprehension of technology’s impact on industries in the future.