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Artificial Intelligence has grown into an increasingly popular concept in recent years. Capable of managing data and tasks at a speed much faster than the standard human being, AI has phenomenal potential in virtually every industry. It’s already responsible for helping us search through the internet, and solve problems through intelligent guidance.
Currently the market size for AI is growing at a phenomenal rate of around 20.1% CAGR, with an expected value of $1394.30 billion by 2029. Yet, even with the rapid development of the industry, there’s still a lot we don’t know about AI.
Here are some of the top facts about AI you may not be familiar with.
Read more about artificial intelligence on our dedicated AI in the Enterprise page
The Concept of AI Goes Back Several Decades
Most of us see artificial intelligence as a relatively new concept, but the idea actually dates back much further than you’d think. Alan Turing, a computer scientist from England is considered to be the father of AI, thanks to his creation of the “Turing test” for machine intelligence in 1950. Even the term “artificial intelligence” was coined almost 70 years ago, by John McCarthy.
Though many of the major moments in AI history happened during the 1900s, some experts believe we were already dreaming of intelligent machines long before this. In Greek mythology, there are a set of robots built to serve Hephaestus, capable of responding to voice commands. Even medieval alchemists believed in the possibility of giving a human brain to an inanimate object.
AI is Changing the Health Industry
While AI has the potential to transform virtually every industry, PwC and other market leaders believe its largest impact so far is in the healthcare space. AI and the Internet of Medical Things can help to deliver treatment and health guidance to patients without the need for a human doctor. Artificial Intelligence systems based on deep neural networks are also helping to detect diseases more rapidly, and in earlier stages. Machines can detect cancer up to 30% faster than humans, with 99% accuracy, according to some studies.
Google DeepMind is working with physicians and clinicians on solving real-world problems and seeking out new treatments for ailments, while IBM Watson supports better diagnosis. AI can also assist with determining which drugs work best in overcoming previously world-changing ailments
AI Bots are Becoming More Human
For years, machine learning experts and AI specialists have been working on ways to make bots more “human”. We’ve seen the evolution of natural language processing and similar tools which allow us to speak to bots in recent years. Plus, machines are becoming more effective at understanding human intent and emotion – ideal for the consumer landscape.
One area gaining increased attention is the development of AI creativity. Open AI’s DALL-E 2 has been making headlines recently thanks to its ability to create artistic representations from simple prompts. Some AI machines are even capable of writing articles and stories similar to a human being. In some cases, human beings even struggle to tell the difference between humans and bots. Chatbots managed around 70% of all chats in 2021 from beginning to end.
Almost Every Job will be Influenced by AI
As artificial intelligence has grown more advanced over the years, consumers have grown more concerned about what this could mean to the job market. Statista forecasts AI will create around 2.3 million jobs by the end of 2022, and eliminate around 1.8 million. Some tasks are already being taken over by bots, such as building machines, or entering data.
Certain tasks which were previously considered untouchable by AI are becoming more intelligence-driven too. For instance, AI has been used in the courtroom since the 1980s to help judges make more intelligent decisions about how to charge a defendant. There’s also the potential for a future where certain AI bots take over from doctors
AI Bots Are Usually “Female”
If you take a look at some of the most famous bots and applications powered by AI in the world today, you’ll notice the majority have a female voice. Think of Alexa, Siri, or even Google Home. There’s a reason why companies choose female names and identities for their creations. First, the female voice is considered clearer, and often easier to understand than a male voice.
Additionally, women are perceived as warmer and more welcoming than men. The female gendering of bots helps to humanise them and make them seem more accessible. Notably, many of the “female” bots in the world today have an option for a male voice or counterpart.
AI Ethics are Growing More Important
Ethical guidelines on how to implement and use AI have grown more crucial in recent years, as systems have become more intelligent and human-like. Sophia, an AI-powered humanoid robot has Saudi Arabia citizenship, and her own passport. As we move towards more sentient and capable AI, government groups are beginning to implement new policies.
AI laws and ethics are being introduced throughout the world, and companies are requiring a higher level of transparency from developers when it comes to determining how machines work and come to specific conclusions. Companies are even beginning to create new roles for people in their team responsible for looking after AI.
AI Startups Attract More Investors
Though there are concerns throughout the world about how intelligent technology might become, the possible benefits of AI attract a huge number of investors. AI has the potential to cure illnesses, reduce inefficiencies in the workforce, and unlock new realities. It’s no surprise then that investments in AI are growing at an accelerated rate.
According to the OECD, VCs invested more than $75 billion in AI initiatives during 2020. In 2021, this number soared to around $93.54 billion. It’s not just savvy business people investing in AI either. Most governments around the world have their own AI initiatives in place.
Almost Half of Companies already Use AI
During a 2019 survey, Gartner discovered around 37% of all organisations had already implemented AI in some form. Within a period of 4 years, this meant adoption of AI increased by around 270%. According to Gartner, part of the reason for this rapid adoption is a lack of human talent in the workplace. With skill shortages affecting almost all industries, businesses are turning to AI to help bridge the gaps in their workforce.
Around 54% of companies in the study said skill shortages were their biggest challenge, and the main reason for AI adoption. Companies are also embracing AI for a range of other purposes, such as to boost workforce efficiency with automation, and gain better insights into business data.
AI Can Read Minds, and Tell the Future
AI still seems like a futuristic sci-fi concept to many of us, in part because of its incredible abilities. For instance, one study in 2020 found AI may be able to read thoughts, intent, and emotion based on brain activity and signals. Scientists believe some AI solutions may be able to read our thoughts in the future, allowing for more advanced consumer purchasing journeys.
Other research also suggests AI can potentially predict the future. A super computer created with AI technology analysed millions of news articles for sentiment, location, and other data. As a result, it was able to predict various outcomes, and even determine where Osama Bin Laden’s location was with incredible accuracy.
People Don’t Always Trust AI
While AI might have a number of benefits to offer, we still don’t necessarily trust bots as a species. According to studies, around 19 in every 20 customer interactions will be assisted by AI by the time we reach 2025. Already, AI is responsible for managing a range of customer communications, and guiding the online purchasing journey. However, only 7% of people trust chatbots when dealing with complex consumer interactions.
This fact shows us that while bots and AI tools might be more efficient at certain tasks, they can’t necessarily replace the human employee entirely. People will always seek out emotion and empathy from the people they interact with. AI bots aren’t quite capable of delivering this – at least not yet.
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