The term "artificial intelligence" (AI) has gained popularity in recent years. In essence, it refers to technology that mimics human intelligence and carries out some of the tasks that a human brain is capable of, including language comprehension, problem-solving, experience-based learning, etc. Significant advancements in this area are changing a variety of industries, including manufacturing, marketing, finance, and healthcare. Robotics, machine learning, and AI are being used more and more by people and businesses to enhance customer experience and increase the effectiveness of their operations and products. AI is revolutionizing transport, communication, and entertainment, whether it is in the form of the phones we use, the vehicles we drive, or the television we watch.
The applications of AI are unlimited. In the healthcare industry, it is used to evaluate, review, and even suggest remedies to complicated medical problems. It is able to forecast and diagnose illness and disease more quickly than human experts. Medical personnel may use AI to manage patient information, make correct diagnoses, and develop individualized medication programs by interpreting and analyzing vast volumes of data sets. Using AI, Toronto hospitals gathered the patient's data on roughly 100 variables, such as blood pressure, heart rate, test findings, and demographic information, their preliminary study was able to predict patients' results 15% better than clinicians and resulted in a 15% reduction in mortality among high-risk patients.
Similar to this, AI is changing the automotive sector. According to a report from the McKinsey Global Institute, "AI will enable autonomous vehicles to become mainstream while revolutionizing most elements of the auto manufacturing process, from research and design to project management and business support activities." The fact that the automotive AI market is anticipated to develop at a Compound Annual Growth Rate (CAGR) of 40% through 2025. It is evidence of the growing relevance of new technologies for the automotive sector. One of the leading driverless vehicles is AutoX, with 1000 vehicles and an operating zone for 1000 km2. AutoX manufactures retail-based autonomous cars and is developing fleets for robotaxi and driverless grocery delivery services. To guarantee safe driving decisions, the company's vehicles mix AI software, sensors, real-time cameras, and thousands of virtual and actual test miles. AutoX has been offering its robotaxi services in China. in addition, they have received a license to start a robotaxi pilot program in California.
The industrial industry is undergoing a transformation because of AI's remarkable advancements. AI may improve operational effectiveness, personalize product designs, introduce new items, and develop future financial plans. Research by the Capgemini Research Institute found that 51% of European firms are already using AI-based solutions, with Japan (30%) and the US (28%), following closely behind. Manufacturing data is a perfect fit for machine learning, which is what has made AI so popular in the field. As opposed to data requiring emotions or language, analytical data is more common in the manufacturing sector and is therefore easier for computers to process.
Moreover, the biggest IT companies in the world, like Google, Facebook, Apple, IBM, and Microsoft, are investing astronomically fast in AI research and development. For instance, in 2020, Apple invested around $200 million in an AI start-up that focused on integrating intelligence into "smart" gadgets. In the same year, Intel put $117 million into 14 startups that were creating various AI systems.
In an AI-powered world, we will need to transform hardware solutions into a combination of processors geared to certain use cases, including inference processing at the edge, and customer demands that best give ground-breaking insights, according to Sundar Pichai, CEO of Google. In order to, among other things, "identify the fastest path between subway stations, defeat champion players of the board game "Go," and enhance healthcare," Google employs DeepMind, an AI start-up that it purchased in 2014. Like this, Google products like Google Assistant and Google Mail are supported by AI technology.
By 2024, "global investment in AI is estimated to exceed $110 billion," according to the International Data Corporation (IDC). Future investments in AI are anticipated to increase as businesses want to implement this technology as part of their digital transformation in order to stay competitive. It seems that AI would have significant effects on the labor market. Robots with AI capabilities may eventually replace humans in labor-intensive and risky occupations. What does this mean for the tens of thousands of manufacturing workers whose livelihoods depend on these positions? Jobs requiring innovation, creativity, social intelligence, and human intelligence may alter as a result of AI.
Beyond this, AI can also be dangerous. Such systems could be biased from the start. The system will also be flawed if an algorithm is developed by someone with a specific bias (for example, towards a certain group of people, race, religion, ethnicity, etc.), or if it is fed data that is biased or discriminating. The study conducted by Johns Hopkins University and Georgia Institute of Technology and published last June, demonstrates how the racial and gender biases ingrained in artificial intelligence systems can manifest themselves in robots that use them to lead their operations, like the robot chose men 8% more frequently and women was selected the least when the robot looked for doctor. Moreover, AI systems are expensive. They demand high installation, maintenance, and repair costs. The programs need to be updated often to keep up with the changing environment, and if the system breaks down, the procurement costs might be quite significant.
The main issue with AI is the absence of rules and regulations governing its usage. Due to globalization, nations are no longer insular from one another, and the actions of one nation in the field of artificial intelligence may have a negative impact on others. Governments must therefore decide on new international legislation that will regulate the responsible and efficient application of AI technology.
AI has the potential to eventually help overcome violence, sickness, and poverty. Due to its enormous potential and significant social influence, it is crucial to look at ways to capitalize on its advantages while minimizing possible hazards. Data regulations governing what information is available to AI computers and for what purposes would need to be passed. While much remains unknown about its future, steps should be taken to build the groundwork for secure and reliable AI systems. We now know about AI implementations and are aware of the risks. BI Solusi can help you capitalize on AI for your business. Feel free to contact us!