Experts predict that artificial intelligence (AI) will add anywhere from $13 trillion to $16 trillion to the world economy by 2030.
Key Details
- AI and its potential uses have been a hot topic in the business world over the last year. The emerging technology has the potential to reshape multiple industries.
- Professional services firm PwC and consultant group McKinsey estimate that AI will contribute anywhere from $13 trillion to $16 trillion to the global economy in the next seven years.
- While AI’s applications are numerous, the main industries the technology will likely affect are healthcare, energy, and cybersecurity.
Why it’s news
As AI becomes more accessible and company leaders become more knowledgeable about its uses, the technology will be incorporated into more systems and industries.
In healthcare, AI will aid in drug development and research. It may also one day be able to assist in preliminary diagnoses and streamlining treatment plans. One of the most significant problems it may be able to solve in healthcare is alleviating paperwork for healthcare professionals.
AI will also have practical applications in the energy sector. Smart grids will begin replacing current energy grids as they age out. Smart grids, powered with AI technology, can make resource decisions and direct energy where needed. The program will provide service areas with more efficient energy and will even be able to integrate various energy generators, Forbes reports.
Cybersecurity specialists can do their job better with new AI tools. These special programs can better protect data from hackers and will help companies extract information from large, difficult datasets that would otherwise take years for researchers to analyze.
While AI development will directly affect healthcare, energy, and cybersecurity, every business will have some area of their business affected by the new technology, Forbes reports.
In general, businesses can expect to see increased productivity, greater employee engagement, and changes to business finances.
Productivity will likely be the most noticeable change at first. AI allows workers to automate mundane tasks, giving them more time to work on complex jobs. Time to focus on more rewarding tasks will also help with worker engagement. Employers can also use AI to analyze employee behavior and gain a better understanding of workplace morale.
Companies can also use AI to make financial decisions. With data science modeling tools, AI-powered enterprise software, and automated machine learning, companies can make more informed financial decisions, Forbes reports.
