Artificial Intelligence (AI) is one of the pivotal driving forces of Industry 4.0. With the expansion of human imagination and innovation, AI has grown and continues to grow exponentially. According to a recent study by Gartner, there will be about 2.9 million new AI jobs in 2020 alone. Moreover, by 2022, one in five workers performing non-routine tasks will rely on AI and robotics to get the job done. From a market perspective, AI augmentation will generate $2.9 trillion in business value in 2022. These statistics indicate that the potential of AI is vast in the upcoming years and this is the right time for aspiring AI professionals to learn new skills pertaining to this industry.
However, only 51 percent of companies have deployed their IT team for AI projects so far. There is immense potential to leverage AI for enterprise growth. Below, we discuss five industries that would be forerunners in embracing AI as well as offering opportunities in it this year:
AI is set to transform the education sector in a big way. Not only academic streams but educational institutions, right from the elementary to the university level, are being transformed by AI systems.
Some of the popular applications of AI in education have revolutionized the way humans learn:
The incorporation of AI has proven its prowess in saving lives for over a decade now. About 54 percent of people are open to receiving AI-enabled healthcare across the world. Applications like IBM Watson have been successful at diagnosing rare diseases accurately and fast. AI-assisted healthcare in the form of virtual nursing has lightened the load on many health workers. According to a report by Accenture, robot-assisted surgery alone will be able to save $40 million yearly for the US healthcare industry. Today, almost 63 percent of healthcare executives globally are investing in AI.
Interestingly, it was AI that flagged the emergence of the deadly novel coronavirus that has hurled the world into a global pandemic. The initial cases of unusual pnuemonia were highlighted by AI epidemiologist from BlueDot on December, 30th last year. It was nine days later that WHO released its public alert about the emergence of the novel coronavirus. AI has made it possible for healthcare authorities to take preventive steps to counter the spread of the virus faster and smarter.
AI is also largely benefitting the agricultural industry in terms of increased productivity. Here are some of the noteworthy applications of AI in agriculture the industry:
Industries involved in the production sector will enjoy major benefits with the deployment of AI. An Accenture report claimed that AI could boost the rates of profitability by up to 38 percent by 2035. This, in turn, could lead to an economic boost of US$14 trillion across 16 industries in 12 economies by 2035.
The advent of AI in manufacturing has already paved the way for shorter design time, lesser material wastage, stringent quality checks, and faster turnover rate. AI and IoT together have made predictive maintenance possible, which has curbed many losses for the manufacturing sector. AI-enabled systems can predict when the machinery in an organization needs periodic maintenance, well in advance. This is indeed a boon as in the UK alone the cost faulty machinery amounts to a whopping 180 billion pounds a year.
Fashion retailers across the globe have become more intelligent and tech-savvy thanks to AI. Fashion brands are already using AI to enhance their users’ shopping experience. While intelligent automation is boosting the efficiency of sales systems, predictive analytics are transforming sales processes. Foresighted fashion brands are already using AI-enabled systems to identify patterns in customer behaviour to derive more insight into their decisions. This data also helps these brands predict upcoming fashion trends and apparel recommendations.
The business landscape is the new playground of AI. AI deployment in any industry tackles all its existing shortfalls and brings forth new dimensions of expansion and innovation. While these industries get transformed for the best by AI, it’s important to mention that there are still not enough skilled AI professionals out there.
A recent study reported that only 300,000 AI professionals are available worldwide. This number is still largely inadequate to meet the gigantic job demand in AI. In fact, the job demand is only predicted to be growing in the upcoming years. According to World Economic Forum (WEF), 133 million new jobs will emerge in 2022. Individuals with adequate skills to meet the demands of such a growing industry will reap the most benefits out of the AI industry. Learning relevant skills in this domain will pave the way to several opportunities for trained individuals. So hop onto the AI bandwagon and get to the helm of transforming the world, one innovation at a time!
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