AI's Growing Impact on the Tech Industry This Year and Beyond

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AI's Growing Impact on the Tech Industry This Year and Beyond

Tue, 06/11/2019 - 09:23
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The growth of artificial intelligence (AI) in recent years has been at a lightning pace. AI now impacts nearly every element of our lives. Smart programs have filtered into our homes and workplaces. You can use AI to create a website, to order a meal in a fast food restaurant and in the background of any number of applications.

Artificial intelligence includes multiple features so machines can learn how to supplement human tasks on their own. Experts predict AI growth at 52% by 2025. As computers replace humans for menial tasks, companies should expect productivity for creative endeavors to rise, and this will be particularly noticeable in the tech sector.

Some of the ways you can expect AI to change our daily lives include the following.

1. Better Transportation

The employment of 5G this year provides instant data to road crews. If a pothole opens on the interstate, a crew gets deployed in minutes, preventing deadly accidents. The technology for self-driving vehicles has been possible for a while, but there are still bugs to work out before the technology is perfect. In the next five to seven years, expect more automobile manufacturers to leap onto the self-driving bandwagon. Improved cameras and the ability for 3D views make autonomous cars more of a possibility than ever before. Faster 5G data speeds give computers the ability to make snap decisions and avoid road hazards.

2. Smarter Homes

We've already seen AI technology in our homes. We have light bulbs that sync with our cell phones and turn on and off with a command or on schedule. Refrigerators snap photos and even place orders for grocery delivery for us. As the Internet of Things grows more extensive and the internet becomes more reliable in rural areas, expect to see devices you never thought of adding to the list of potential helpers for the home.

Expect to see devices for the average homeowner that make life simpler, such as voice-controlled showers, smart toilets and small robots that dispense treats and help your dogs get exercise. Some of the AI features people want include smart controls for older appliances, clothes-folding machines and smart closets.

3. Easier Contract Management

Move over, lawyers. While there might still be a need for legal services in final negotiations, AI will gather contracts from a variety of sources and piece together an authored contract for any number of business and personal scenarios. AI tools can also ensure the language of the contract flows naturally, so the wording is easier to understand with a minimum of "legalese." Contract lifecycle management systems will be better able to tag and sort content into the correct categories so you can pull up the relevant clause in seconds.

4. Advanced AI Assistance

Today, people use Siri, Google and Alexa voice searches and assistance without giving it a second thought. Expect to see the use of such services expand so you're using AI assistance to schedule appointments, stay up on your health care needs and order take-out. It's almost inconceivable to imagine all the daily tasks AI will improve in the next five years. There seem to be no limits as new ideas come to mind and inventors put smart technology to use on nearly every product imaginable.

5. Improved Investments

No longer do you have to rely on your broker to make an educated guess about which investments are best for your financial portfolio. Expect computers to run through thousands of scenarios and come up with the best possible choice in stocks and bonds for your needs. While even a computer can't predict everything that happens in the market, a computer can run through all the information available and process it in seconds.

6. More and More Apps

Experts predict that by 2023, more than 500 million new apps will become available. AI is allowing anyone to create an app with no coding knowledge needed, which means more apps hit the marketplace each month to meet the innovation needs of a rapidly advancing society. Today, we use apps to track a baby's feeding schedule, see what the weather is and meet health and fitness goals. In the next five years, even more apps will assist in everyday tasks, such as incorporating live chat with a camera so we can talk to our pets at home and a thousand other things we've not yet thought of.

7. Personalized Social Media Marketing

Already, social media marketing is highly targeted. Platforms such as Facebook and Instagram track user behaviors and allow businesses to target ads directly. However, advances in the way computers process data will create a more personalized experience than ever before. Imagine an ad campaign which directly targets a user by name and pain point and understands how many impressions and under what conditions the person takes action.

AI brings the ability to pinpoint the lead generation process and then nurture those leads. Although marketers will still need to understand how buyer personas work, computers assist in translating all the data into real-life applications.

8. Advanced Security Systems

For tech companies, more and more situations with outside entities trying to breach data will occur. Fortunately, AI provides stronger security than ever before, preventing the theft of personal information. Unfortunately, AI attacks will also occur, meaning those who create security systems and program the computers will have to be on top of their game. Cybersecurity is one of the sectors most likely to see growth and change in the next seven years.

Every Aspect of Life

These are eight areas where we're likely to see massive changes due to advances in AI. However, technology is poised to impact nearly every segment of our lives in the next decade. Some of the changes are easy to spot, such as automated transportation or additional smart features for our homes. Other changes will come as a surprise. One thing is certain: AI will change life as we know it today and impact tech companies more than nearly any other industry.