Key Takeaways:
- Similar to the launch of the World Wide Web in the 1990s, artificial intelligence will bring positive and negative changes.
- Computer scientist, John McCarthy, coined the term “artificial intelligence” in 1956.
- AI is already innovating virtually every industry from healthcare to fashion, and the future of artificial intelligence is poised to unlock even more possibilities.
Can you imagine a world where technologies can learn, make thoughtful decisions like humans and shop on behalf of them? This is becoming a reality with rapid developments in artificial intelligence. The future of artificial intelligence (AI) innovation is reminiscent of the popularization of the World Wide Web in the 1990s. Since its inception, the internet has brought about many positive and negative changes — many of which we continue to experience today.
The future of AI will likely be the same. Alongside the promise of AI innovation comes important questions about humanity, job security and ethics. After all, AI was developed by humans, and some AI technologies are trained by existing content on the internet — it is bound to reflect human error and cause roadblocks.
Ahead, we explore more of the positives AI can have on the future of our society. We discuss the history of AI, its growth and its current state. Additionally, we highlight the future impact of AI on different industries.
A Brief History of AI
The concept of “a machine that can think” dates back thousands of years. Since then, AI has developed from theoretical concepts to useful applications. In the last few decades, breakthroughs have propelled AI closer to its ultimate potential. Below are several key milestones:
- In 1950, mathematician and computer scientist, Alan Turing, published Computing Machinery and Intelligence. In this publication, Turing posed the question: “Can machines think?” and proposed a test. The test, commonly known as the Turing Test, consisted of a human interrogator who would attempt to tell the difference between a computer-generated and a human text response.
- In 1956, computer scientist, John McCarthy, developed the term “artificial intelligence.” The same year, the first AI software program, Logic Theorist, was created by computer scientists Allen Newell and J.C. Shaw and political scientist Herbert Simon.
- In 1967, psychologist Frank Rosenblatt generated the Mark 1 Perceptron. The Mark 1 was the first computer with a neural network that gained “knowledge” through experimentation and refinement.
- In 1997, IBM’s Deep Blue, a chess-playing system run on a supercomputer, beat world chess champion Garry Kasparov in a match.
- In 2015, technology company Baidu launched Minwa, a supercomputer that used a special neural network to find and organize images more precisely compared to most people.
- In 2022, OpenAI launched AI chatbot ChatGPT.
The Current State of AI in Business
Since ChatGPT was released, there has been an explosion of new AI technologies that are transforming the way we work and live. In fact, hundreds of new AI-focused technologies are released each week, specific to different industries and needs. When it comes to work, research about AI from a 2023 McKinsey & Company survey shows that people think AI will lead to significant changes in their industry. Specifically, more than three-quarters of survey respondents believe AI will cause notable transformations in their industries in upcoming years.
AI has also become a top priority for corporate executives, at least a quarter of the leaders surveyed use AI tools for work. Also, more than 40% of the organizations involved in the survey plan to increase their AI investment. Additionally, 79% of respondents indicated they have experienced generative AI at work or in their personal life.
Data from the survey also shows that companies are not fully ready to incorporate AI into their processes and to combat its possible risks. Only 21% of the survey participants expressed their companies have implemented policies regarding employee use of AI technologies for their work. Even fewer respondents said their organizations have taken steps to prepare for errors, such as inaccurate information.
Get Industry leading insights from Robert F. Smith directly in your LinkedIn feed.
Get Industry leading insights from Robert F. Smith directly in your LinkedIn feed.
The Future Impact of AI in Different Industries
From health care and education to law and fashion, there is almost no industry that AI has not impacted in the last few years. It is easy to understand the hype about AI in business when you consider its potential benefits. When used effectively, AI can help businesses reduce operating costs, identify insights, increase efficiencies and create personalized consumer experiences.
Many AI experts anticipate that AI will significantly boost productivity for certain professionals, such as doctors, lawyers and computer programmers. They also believe advancements in AI may also lead to the displacement of some workers. Considering how far we have come in the last few years, the future of AI in different industries could be limitless.
Health Care
The future AI technologies used in healthcare can revolutionize patient care, clinical decision-making and medical research. Specifically, AI tools can streamline administrative tasks, improve treatment plans, offer predictive analytics, remote patient monitoring and robot-assisted surgeries. Ultimately, this can enhance efficiencies, reduce healthcare costs and empower clinicians to be more accurate.
Education
Future developments in AI technologies can revolutionize education by improving learning experiences, teaching strategies and educational outcomes. New AI technologies can help teachers create personalized learning experiences based on the unique needs of their students. Possible AI technologies include AI-powered tutoring systems, virtual assistants and automated grading tools. These types of tools can provide real-time feedback, support personalized learning paths and identify areas for improvement, which can enhance student learning and academic achievement.
Law
AI in the field of law has the potential to streamline legal processes, help professionals make informed decisions, enhance research capabilities and improve access to justice. Tools such as AI-powered chatbots and virtual assistants can provide thoughtful legal advice and support. For example, GPT-4 has proved its potential to excel in the bar exam. Companies like PriceWaterhouseCoopers (PwC) are considering making an OpenAI-powered legal chatbot available to its associates.
Cybersecurity
As AI technologies evolve, they will have the power to transform cybersecurity and protect people and companies from cyber threats, such as ransomware and phishing attacks. AI technologies, such as machine learning and behavioral analytics, can help security systems find and combat cyberattacks more efficiently. Not only will this help improve threat detection capabilities, but it will also make response times faster.
Entertainment
The future of AI tools in the entertainment industry is posed to offer a world of immersive and personalized experiences across different types of media. AI technologies will continue to revolutionize content creation, distribution and consumption. For example, companies will be able to use AI to offer personalized unique content recommendations, curate content and offer realistic imagery and virtual reality (VR) experiences. Additionally, AI will transform the music and gaming industries by enabling adaptive gameplay experiences and tailored soundtracks.
Fashion
The use of future AI innovations in fashion will transform the industry. AI technologies can assist with tasks, such as trend forecasting, and improve supply chains and personalized shopping experiences. For example, AI tools can carefully analyze data from social media and consumer behavior to identify emerging trends, predict demand and inform design decisions. This can help fashion brands to stay ahead of the curve and create relevant products. Also, fashion brands can offer AI-powered virtual try-on tools to their customers to provide size recommendations and style advisements to enhance the online shopping experience.
To learn more about the future of artificial intelligence and other engaging topics, follow Robert F. Smith on LinkedIn.
