Artificial intelligence (AI), the revolution, is now here. Every day, new AI and robots emerge that gradually change the way people interact with technology. IBM’s Global AI Adoption Index for 2022 shows that 35% of businesses use AI. The impact of AI is already being felt. This has led to the need for technology leaders and pioneers to gather, such as in the 2023 Future of AI Summit, to discuss AI model deployments and developments.
AI could take over some fields with the advancement of machine learning. Its learning capabilities and its ability to simulate intelligence similar to that of humans to perform tasks previously performed by humans will allow AI to fully dominate in certain fields. It will also create more jobs. According to the World Economic Forum, technology and automation will create 97 million jobs while removing 85 million. Here are ten industries that may be affected by AI.
1. Law
Artificial intelligence is going to fundamentally alter the practice of law. Recent innovations of large language-model-based systems such as ChatGPT-4 marked the beginnings of major changes in law and other areas. Software can do research and write with a new level of sophistication.
The AI algorithms are faster than professionals in the legal field. This enhancement in legal research allows lawyers faster access to relevant cases, saving them time and improving their work quality. Machine learning algorithms automate the review and analysis of legal documents. The system can also scan contracts and agreements for inconsistencies. AI speeds up the review process, reducing human error.
Law firms will use AI systems as they become more advanced to make it easier to analyze different legal strategies and previous case outcomes in order to predict the outcome of their cases. Predictive analysis helps lawyers make informed decisions for their clients about whether they should pursue the case or settle it or prepare for trial. Virtual assistants powered by AI will help legal firms perform administrative tasks more quickly and easily. It can, for example, schedule customer service and emailing activities. The technology will also have a major impact on antitrust laws by helping businesses stay compliant.
AI’s improved access to justice may be beneficial to the public and change the legal field in a major way. The public will be able to learn more about legal services, even if they can’t afford traditional legal presentations. Law firms can also use chatbots or other online platforms for legal guidance and information. It will, therefore, bridge the gap between those seeking justice and lawyers.
2. Healthcare
In many ways, advanced technologies will transform the health sector. They will first boost the efforts of both healthcare providers and the general public. Smart systems are able to analyze large datasets and identify patterns of human behavior and responses. AI can be used by health professionals to diagnose diseases accurately and early and potentially save lives.
AI could offer personalized treatments, making it easier to access services. Society will benefit if the systems can analyze medical histories, genetic data, and lifestyle information to provide personalized treatments. The benefits are at the cost of the jobs of healthcare providers.
The medical industry will continue to develop new therapies and drugs as AI technology advances. Drug discovery will be accelerated if the systems can accurately predict how different compounds react in human bodies. New technologies will also help with remote monitoring, particularly in the Telehealth industry. Devices with algorithms that monitor signs of deterioration help patients track their health while alerting healthcare providers.
AI will increase the efficiency of operations to lower costs in many sectors. AI can help a medical wellness center optimize its operation by scheduling appointments. The clinics can also develop and implement effective wellness practices, manage their inventory, and better advise patients. AI-powered robotic surgery will be more efficient with advanced AI systems. They allow surgeons to use AI tools for complex procedures with greater accuracy and precision.
3. Online Shopping
Online retail continues to grow, and more growth is anticipated. Retail e-commerce sales worldwide reached $5.7 trillion in 2022 and are expected to increase in the future. Online customers will benefit from AI as it becomes more advanced.
Automating the customer experience can be enhanced by using data analysis systems that analyze and understand past purchases and browsing habits. The browser cookies are a good example, but advanced software can gather more information to better match customers with products. This information can be used by retailers to promote their brands.
Second, AI-powered chatbots and virtual assistants answer customer questions. With more advanced AI systems, however, they can provide better customer service, such as receiving orders, payment, packaging, and scheduling deliveries, and eventually receive feedback from customers.
AI-based systems will optimize supply chains by identifying suppliers that are cost-effective and predicting fluctuations in demand. E-commerce systems have been designed to improve efficiency and reduce costs. These technologies analyze customer feedback and transaction patterns to detect fraudulent activity. If you are shopping from an online women’s fashion boutique, for example, you can fund your money with a third party like escrow and wait until you get the product.
Data privacy is of great concern, even though advanced systems can bring better experiences. The threat of job displacement is also very real. As AI becomes more sophisticated, data protection centers need to be aware of these important issues.
4. Drug Rehabilitation
According to the National Center for Drug Abuse Statistics (NCDAS), 9.5 million people aged 18 and older suffer from substance abuse disorders or mental illness. Professionals face difficulties in providing rehabilitation services with such a high number of addicts. To help with this, the field has embraced more advanced AI systems.
AI algorithms can monitor and treat individuals with addictions in a personalized way, reducing the need for rehabs. The system could also analyze online behaviors, such as social media posts, in order to identify individuals with subtle addictive behavior. Early detection ensures timely support and intervention.
New systems will be developed to monitor addicts remotely as AI becomes more advanced. Virtual therapists will be able to communicate virtually with a large number of people around the world for support and counseling. A virtual therapist, using new technologies, can provide counseling on a personal level to multiple individuals at an inpatient drug rehabilitation center. Caretakers can also monitor their patients’ medication compliance and adjust dosages based on the responses they receive.
5. Fitness and Wellness
Fitness and wellness are gaining in popularity. According to The New York Post, 69% of Americans think that regular exercise can help them break bad habits. Statista Data shows that 35% of Americans wish they could do more exercise to stay fit. These statistics show a strong desire for fitness and well-being services.
In this fast-paced society, time is a precious commodity. People prefer to exercise in their own time and at home, according to their daily schedule. Fitness has already been revolutionized by advanced technologies.
Many people expect personalized fitness plans as AI becomes more advanced. The systems will use your fitness and health goals to create a personalized nutritional and workout plan. Smart fitness devices monitor sleep patterns, heart rate, and other metrics to create personalized fitness regimens.
Virtual trainers powered by AI can help you reach your fitness goals even if you don’t have time to go to the gym. The systems can give you real-time feedback based on your performance. AI software will enhance your gym experience by making it more interactive and personalized.
6. Law Enforcement
Did you know that law enforcement agencies could use smart technology to enforce the rule of law, even if it comes as a shock? Let’s forget about robotic police for just a moment. According to the US Department of Justice, AI can increase the capability of law enforcement agencies through increased efficiency and data-driven practices. The institutions can use advanced techniques to protect data and avoid mistaken identity. To improve security, emerging technologies will be expected to study crime patterns and identify faces.
Clearview AI created software that recognizes human faces and can generate information about them from their social media pages. Although the software did not work as expected, it could be possible to analyze data from surveillance systems in order to detect abnormal activities by developing better technologies. AI is a great way to handle large volumes and improve communications. While law enforcement agencies are equipped to deal with emergencies, AI will be able to manage a lot of calls for help. These systems are able to analyze and categorize data much faster than humans. It would be easier for law enforcement to identify which incidents require priority response.
AI-based systems are also capable of analyzing crime scenes and providing forensic evidence. It can, for example, analyze blood stains and body fluids at sex crime scenes to identify criminals. These algorithms can help to reconstruct crime scenes with greater accuracy. The law enforcement sector also needs to develop more advanced systems for analyzing network traffic in order to detect suspicious activity, such as cyber threats.
7. Shipping and Delivery
AI is just what the sector needs to improve labor scheduling, track deliveries, and plan delivery routes. The systems analyze traffic patterns and weather to determine the best delivery route. The package will arrive at the customer’s address on time.
In order to deliver goods on time, the US and other countries are using AI-powered robots and drones in congested cities. Drones are mainly used by the health sector to deliver humanitarian aid and medicines. According to the National Library of Medicine, using unarmed drones can deliver life-saving medical items.
In order to improve the speed and efficiency of order fulfillment, AI drones and robotics can perform tasks in the warehouse. AI can also optimize the supply chain in order to reduce costs. An e-commerce company can, for example, identify and analyze its best suppliers, analyze feedback from customers, and offer a UPS refund if the parcel does not meet the quality requirements.
8. Education
Global Market Insights estimates that the AI in the Education Market is expected to reach $30 billion in 2032. Now, students can access educational resources even if their teachers are not physically present. They can also study at home and take continuous assessment tests. Arizona State University is a good example of an institution that offers AI services. Amazon Alexa is used to help students with their daily activities.
Teachers will be able to spend less time teaching and more time grading and assessing the exams and assignments of students. AI will not replace teachers, but it will certainly reduce their workload. Teachers will be able to offer more personalized education as AI advances. It is also advantageous for teachers and institutions to deliver personalized instruction.
A more advanced AI intervention could help to identify learning disabilities early in both public and private schools. It will also determine the students’ capabilities by analyzing behavior and performance data. Early intervention allows teachers to provide specialized care for the student.
9. Stock Market
AI has already begun to disrupt the financial and stock markets. Traders can first use smart technologies in order to identify market trends and potential profitable trades. The software can analyze financial data and help investors make informed decisions on the stock market. AI-powered tools also make it easier to assess risk factors.
AI will improve quantitative trading. These advanced systems analyze market data and news sentiments in order to make quick trading decisions. AI-assisted trading can take advantage of market inefficiencies and short-term price fluctuations to minimize risk. AI will, therefore, gain in popularity among investors.
AI-powered systems also analyze trading and transaction activities to detect anomalous patterns. As your company grows, this detection will help reduce the risk of potential threats. The system will protect the integrity of the market by preventing insider trading, fraud, and other forms of misconduct.
10. Construction
Statista predicts that the real estate sector will grow from US$498.60 billion in 2023 to US$729.40 trillion in 2028. This shows that the real estate industry is growing rapidly. Artificial Intelligence is being used in construction for increased efficiency, safety, and cost-effectiveness. Engineers can plan and schedule projects more efficiently with the aid of AI.
Automated systems ease the work of architects and engineers. AI robots are also a great way to make work easier and more efficient in the construction industry. AI software can help with budgeting and cost estimation from the beginning of a foundation to the final activities, all within budget constraints. Fusion 360 redefines computer-aided designs (CAD), while Planswift provides a cost estimation. There is something to suit every expert in construction, from an electrical engineer to a deckbuilder.
Expect changes across several fields as AI advances. It is a question of when and not if. These automated systems will change the way we live, work, and interact with our environment. These technologies will have a profound impact on people but also create new and better opportunities. Visit our website to find out more about AI, the latest buzzword.
