State of AI in 5 years

Introduction

Artificial Intelligence (AI) has come a long way. Even as recently as 2015, there were few applications in popular usage that were obviously based on AI. As such it was a source of excitement for engineers and scientists, but the public was by and large not very concerned with it. In less than a decade, it has become an integral part of our lives. Today every school kid can name at least one touchpoint in their life that is based on AI, from smart speakers to smart cars. It’s moving so fast that today most futurists agree that the state of AI in the next five years is going to be a game-changer for multiple industries. In this article, we will explore what the future holds for AI and how it is going to impact our lives in the upcoming years.

AI in Healthcare

The continuing digital transformation of Healthcare, especially with integration of AI will lead to more accurate diagnoses, faster vaccine discovery, and more accurate medicine delivery to deliver better patient outcomes. AI-powered medical devices and healthcare robots are already beginning to help doctors catch serious diseases like lung cancer early. Insurance companies can do better pricing through predictive analytics and incentivize healthier habits. In the near future, AI-powered x-ray reading and data analysis of disease spread, with appropriate “human-in-the-loop” will reduce workload on doctors. Another promising area is making quality diagnostic healthcare more accessible remotely. All of this goes towards the basic human goal of improving quality of life for people of all backgrounds and circumstances, anywhere in the world.

AI in Finance

In the US alone the Financial Services and Insurance sector employs over 6 million people and contributes almost 8% to the GDP i.e. $2 Trillion1. With so much as stake, the sector is an early adopter of new technologies, including AI. Today AI is used to build new financial predictions, manage risk, and do ultra-fast trading. As AI advances retail investors will benefit from better retirement planning to improved wealth management to achieve life goals, be they children’s education, buying homes, or saving enough to take care of healthcare needs. For instance, JP Morgan Chase uses AI to analyze legal documents and extract valuable insights. In the future, AI can also help banks to better assess credit risk and prevent fraud.

AI in Education

AI in the education sector creates tantalizing possibilities. On the one hand, it shows promise to bring interactive education to areas where teachers are in short supply. On the other hand it can help create personalized learning experiences to improve student learning. For example, AI-powered chatbots will help students with their queries and provide them with instant feedback. In the future, AI will also help grade exams and assignments, saving teachers’ time for more productive tasks.

AI in Industry 4.0

The next advancement in industrial production will see AI manage complex ordering, cost optimization, supply chain, and robotic manufacturing processes. From auto-generation of complex blueprints to analyzing real-time data to suggest improvements, AI assistance will become prominent in both menial and supervisory roles. This will enable brand new manufacturing paradigms as humanity begins to take early steps towards bold new frontiers like going back to the moon, or monitoring delicate earth ecosystems to boost production sustainably.

Conclusion

We are still in the early stages of AI adoption. ChatGPT, DALL-E and other AI tools are just the beginning in what promises to be as transformative a technology for the 21st century as the steam engine was to the 18th. We at Manipal Digital have created our own proprietary AI+People -based workflows to deliver high quality imaging work. In the next five years we expect we will be able to scale new heights in production volumes and quality while keeping costs low using AI. The future is exciting, and we are ready!

Bibliography

https://www.zippia.com/advice/financial-services-industry-statistics/