The Future of AI in the Growing Digital World, Its Limitations and Benefits.
It seemed millions of years ago when the world experienced a fall-before-the-rise. After criticism from James Lighthill and continuous pressure from the congress in 1974, the ongoing research project on Artificial Intelligence AI stopped receiving funding leading to what would be a seven-year halt on the process — a period known as the AI winter. Then, after influence from the Japanese Government, industries and other governments forked billions of dollars to the AI project, only to pull out support later. It appeared investors had underestimated the task of bringing into being an “intelligent machine” that could “think” like a human.
Decades later, AI is revolutionising our approach to work, and it has left no industry untouched. According to a study by Gartner, 2015 saw the adoption of AI by 10% of organisations worldwide. This percentage would later increase to 37 in 2019, indicating an AI adoption rate of 1 out of 3 organisations using the technology or planning to. The wide acceptance of AI has seen its market size increase over the years. Data from Verified Market Research in 2021 illustrates that in 2020 the market size of AI was worth $51.08 billion with a projection of $641.3 billion by 2028 — a Compound Annual Growth Rate CAGR of 36.1% and over a ten times increase.
It is worthy of note that despite this rapid rise of AI as a core technology in IT and other industries, it is still seen as a baby concept with huge potential. Experts believe AI is a relatively young field which could see a significant evolution in the future.
The Future
There’s no writing on the wall on what the future holds for artificial intelligence and how it will evolve. In recent years, however, there has been some indication of the impact of artificial intelligence. Understanding what AI is and isn’t is crucial to understanding why it has become such a buzzword in recent years. AI is not a set of algorithms; it is so much more. Britannica defines AI clearly, stating it is “the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings.”
While algorithms are a “set of instructions” for data processing, AI consists of sets of algorithms capable of showing intelligence by adapting to data inputted into them.
A publication by experts at AMOLF illustrates how self-learning robots can adapt to changes and learn on their own through training algorithms and reinforced learning. However, this is still far from reality because creating AI that ultimately understands and augments the human brain requires a shift from the narrow AI in use today to Artificial General Intelligence AGI, the future of AI.
It is essential, however, to debunk the myth that AI will potentially replace humans, especially as portrayed in sci-fi movies where robots slowly dominate the world. Undoubtedly, AI will replace some humans, resulting in the loss of jobs, but it cannot fully augment human intelligence, at least not yet. The complex human brain enables humans to simultaneously work creatively and efficiently on various tasks. This characteristic gives humans the upper hand over AI, which can perform one task simultaneously depending on the inputted data. We’re still very far from a point where AI replaces the entire human workforce.
In fact, according to Forbes, “Provided there is an investment at all levels, from education to the private sector and governmental organisations — anywhere that focuses on training and upskilling workers — AI has the potential to ultimately create more jobs, not less.”
The Benefits
A survey report by NewVintage in 2022 shows that 91% of top businesses currently have investments in AI. The report also shows that 91.7% of these top businesses have ongoing investments and are also increasing them. Although not all the businesses in the report are entirely data-driven yet, it is significant proof that more businesses and Industries plan to harness the benefits of AI in the near future.
The medical industry usually has a massive amount of data that can be used in predictive analytics in healthcare, potentially showing more efficacy in diagnostics. The transportation industry and automobiles, with AI, will record a remarkable change in navigation. Self-driven automobiles are already in existence but could gain more popularity in the future. In addition, AI is a valuable tool in the fight against climate change since self-driven automobiles are generally more climate-friendly than traditional automobiles.
Generally, AI is tipped to increase productivity in all sectors as specific routine tasks can be shifted to it, enabling humans to spend more time on other tasks.
Limitations
Besides the rigidity of AI, making them perform only one task at a time, it often requires a robust amount of data with substantial cost implications. For example, it requires $4.6 million worth of electricity to power a single language model. This calls to question the affordability of AI by smaller businesses and industries.
Secondly, the data itself is a limitation. If the data carries the bias of the designers, the bias is transferred to the result the AI generates. An illustration of this is in using Predictive Analytics to determine employee productivity. Due to specific unethical data inputted into machines for learning, certain models are developed that could be hostile to a particular demographic of employees, indicating bias. For example, a general belief is that employees from urban areas are likelier to leave a job than those from rural areas. This data type is against ethics; eliminating this could lead to future AI reform.
Takeaway
Our daily life is currently more immersed in artificial intelligence than we think. From search results to shopping and even the hiring process in companies, AI is taking the lead and will potentially replace humans in certain areas. While a total takeover is unlikely, people should look to upskill in fields like coding and programming to be relevant in an AI-driven world.
