The future, where humanity will go hand in hand with artificial intelligence (AI), inspires and frightens at the same time. For the next decade, AI will become the main technological trend and business opportunity. Its contribution to global GDP is currently estimated at 15.7 trillion dollars. This number will be 14% higher by 2030. China, which intends to become a leader in the field of AI by 2030, will enjoy the greatest benefit. China’s GDP may be 26% higher. North America has a good potential as well as increase of up to 14% in GDP is predicted.
Even though AI is still at a very early stage of development, some markets are already more advanced than others. From a macroeconomic point of view, tremendous prospects open up for developing countries. They can make a breakthrough and catch up with more successful rivals.
What is the economic effect of AI
- Increase in productivity by automating business processes (including the use of robots and self-guided transportation).
- Strengthening existing working resources with the help of AI (solutions that help and expand the capabilities of the human brain).
- Increased demand due to personalization of services and goods powered by AI.
No doubt the development of AI will lead to the extinction of some professions. However lots of new jobs will appear. In a number of production chains people will no longer be needed. However, changes in productivity and consumer demand will also lead to the emergence of new jobs, specifically jobs that have to do with the launch, support, management, and regulation of technology-related processes. Efficiency is a key success factor. The faster a business masters the technology, the more benefits it will receive and the less it will lag behind its competitors.
How will different industries be impacted by AI?
For health care, artificial intelligence means processing huge amounts of data, making more accurate and earlier diagnoses, assigning an individual treatment plan, effective disease prevention, and prevention of epidemics. In the automotive industry, the influence of AI will be most pronounced in the emergence of full-fledged driving assistants. The financial sector will benefit from the emergence of personal planning, protection against fraud and money laundering, and full automation of processes.
Despite the fact that artificial intelligence in advertising technologies is the reality, not the far future,not everyone is ready for deep interaction with AI. Marketing is becoming more personal. Artificial intelligence helps analyze a large array of data, taking away the routine work of processing information and finding the best solutions for building communication with the user. Ultimately, companies that have started exploring AI will win the market.
Automation in marketing is already underway, but this does not mean that the role of the marketer goes into the background. He should help to formulate business goals, which are to be achieved through an advertising campaign, and translate these business goals into actions.
Victoria Liset is strategic business & technology consultant to SMEs. She helps businesses improve their performance by using data more efficiently, and helping them to understand the implications of new technologies such as AI, Machine Learning, Big data, blockchain and IoT.