What can we expect from artificial intelligence in 2030?
AI is poised to be the key source of transformation, disruption and a competitive advantage in today's world. It is already playing a key role in the development of innovative solutions for process automation, safety and efficiency improvement in various industries such as medicine, energy, finance or human resources. Thanks to the predictive models on which artificial intelligence is based, machines/robots will be able to immediately predict results that require months or years of research.
But What will be the economic potential of Artificial Intelligence by 2030? Where should companies target their investments?
We will unravel it in this article.
Economic projections of AI in the world economy
Artificial Intelligence is still at a very early stage of general development. Refined studies tell us that in 2030, AI could contribute up to $15.7 trillion to the global economy, more than the current output of India and China combined. in its worldwide contribution.
Of this figure, $6.6 trillion is likely to originate from higher productivity and $9.1 trillion from consumption spillovers, taking into account that some markets, sectors and individuals are more advanced than others.
From a macroeconomic point of view, opportunities exist for emerging markets to outperform their more developed counterparts and within their industry. Thus one of today's startups or a business that has not yet been founded could be the market leader within ten years. Global GDP could be as much as 14% higher by 2030 as a result of accelerating AI development and adoption: the equivalent of an additional 15.7 trillion $.
We know that the economic impact of Artificial Intelligence will be driven by the following factors:
1. Increased productivity through automation of processes within companies (including the use of robots and autonomous vehicles).
2. Productivity gains of companies to augment existing workforce with AI Technologies (Assisted and Augmented).
3. Increased consumer demand as a result of the availability of personalized services and/or AI-enhanced products with higher quality and better service.
The drive for Artificial Intelligence is based on the productivity improvement, This includes automating routine tasks, increasing employees' capabilities and freeing them to focus on more stimulating and value-added work.
Sectors such as manufacturing and transportation will see the greatest productivity gains from AI, as many of their operational processes are highly amenable to automation. Leaders in AI will have the advantage of superior customer insight, which will enable major competitive benefits that include an enhanced ability to tap into what preferences each consumer has. This innovation and degree of personalization is based on consumer data, for example the consumption of books, music, video and entertainment. These products are produced, distributed and consumed as a result of new business models, new market leaders and the elimination of traditional players that fail to adapt quickly enough.
Health services and finance are the sectors with the greatest product potential thanks to Artificial Intelligence.
Impact of AI by sector
In the AI impact index, we can see improvements in the customization and personalization of the quality and functionality of products and services. The business areas with the greatest potential for AI are marketing, finance and talent management.
Health sector
The three areas with the greatest potential for AI in the healthcare sector are:
- Diagnostic support to detect small variations from baseline in patient health data or comparison with similar patients.
- Early identification of potential pandemics and monitoring of disease incidence to help prevent and contain its spread.
- Diagnostic imaging (radiology, pathology).
Consumer benefits
Faster and more accurate diagnostics, paving the way for long-term advances in areas such as implantology.
More effective prevention, helping to reduce the risk of disease and hospitalization. In turn, detection and diagnosis will be faster, allowing timely intervention.
Barriers to overcome
Privacy and data protection concerns would need to be addressed. AI is likely to be adopted initially as an aid, rather than to replace human physicians. Diagnostics driven ????by AI will improve the accuracy of systems and, over time, provide sufficient confidence for physicians to delegate tasks to the AI system to operate autonomously.
Financial sector
The three areas with the greatest AI potential are:
- Personalized financial planning.
- Fraud detection and money laundering prevention.
- Automation of processes, not only in the back office, but also in customer-oriented operations.
Consumer benefit
More personalized and holistic (e.g., health, wealth and retirement) solutions, which will allow money to work better (e.g., channel surplus funds into investment plans) and adapt to consumer needs.
Time saved
The information customers need to understand the financial position and plan for the future is at their fingertips and adapts to changes in the market.
circumstances. Companies can support this to develop customized solutions rather than expecting consumers to sift through multiple options to find the right one.
Barriers to overcome
Consumer confidence and regulatory acceptance. While human financial advice is costly and time-consuming, developments in Artificial Intelligence as well as robo-advice have made it possible to develop tailored, mass-market consumer investment solutions in ways that, until recently, would only have been available to high net worth clients. Technology and data are on the right track, although customer acceptance still needs to increase to realize their full potential.
Retail sector
Areas with the highest AI potential
- Customized design and production.
- Anticipating customer demand, for example, retailers are beginning to use deep learning to predict customer orders in advance.
- Inventory and delivery management.
Consumer benefit:
On-demand customization as standard and greater availability of what you want, when and how you want it.
Time saved
Less time scanning shelves, catalogs and websites to find the product the customer is looking for.
Barriers to overcome
Adapting design and production to this increased agility and customized approach. Companies also need to strengthen trust around data usage and protection. If we look at fashion as an example, we could eventually move to a fully interactive and personalized design mode. Design changes could be made based on user and customer feedback.
Technology, communication and entertainment sector
The areas with the greatest AI potential are:
- Creation of customized content (marketing, movies, music, etc.).
- Personalized marketing and advertising.
Consumer benefit
Generation of increasingly personalized and interesting content.
Time saved
Faster and easier for consumers to choose what they want, reflecting their preferences and mood.
Production sector
The areas with the greatest AI potential are:
- Automatic supervision and correction in manufacturing processes.
- Supply chain and production optimization.
- Production under existing demand.
Consumer benefit
Indirect benefits of increased flexibility and rapid responsiveness, customized product manufacturing, with fewer delays, fewer defects and much faster deliveries.
Barriers to overcome
Making the most of supply chain and production opportunities requires all parties to have the necessary technology and be ready to collaborate. Only the largest and best-resourced suppliers and manufacturers are up to speed today.
Energy sector:
The areas with the greatest AI potential are:
- Smart metering: real-time information on energy usage, helping to reduce bills.
- More efficient network operation and storage.
- Predictive maintenance of infrastructures.
Consumer benefit
More efficient and cost-effective energy supply and use.
Time saved
Safer supply and fewer outages.
Barriers to overcome
Technological development and high investment in requirements in some of the most advanced areas.
High potential use case: smart meters. Smart meters help customers tailor their energy consumption and reduce costs. Increased use would also open up a massive source of data, which could pave the way for more customized tariffs and more efficient supply.
Logistics and transportation sector:
The three areas with the greatest AI potential are:
- Autonomous transport and delivery.
- Traffic control and congestion reduction.
- Improved security.
Consumer benefit
Greater flexibility, customization and choice in how goods and people move and the ability to get from A to B faster and more reliably.
Time saved
Intelligent scheduling, less traffic jams and real-time route adjustment for faster transportation.
Barriers to overcome
The technology for autonomous fleets is still under development.
In conclusion, how do we imagine the market in five years' time?
How can companies build their capabilities to compete? As we have discussed throughout this article, Artificial Intelligence has the potential to fundamentally disrupt markets through the creation of innovative new services and entirely new business models.
With the onset of AI, some of the market leaders in ten, even five years may be companies you've never heard of. Successively, some of today's biggest business names may be struggling to stay relevant or may even have disappeared altogether, if their ability to adapt has been late.
There are a few keys that a company must consider in order to keep pace and capitalize on opportunities:
- Are there game-changing openings within our market and, if so, how can we take advantage of them?
- Do you have the talent, data and technology to help you understand and execute on AI opportunities?
- How can you build trust and transparency in your platforms and applications thanks to AI?
If companies get it right, and find the potential to understand customer behavior, anticipate and respond to customer needs with precision, then we can extract the AI's full potential for our company. Some of the strategic choices that will be on the table will not match past experience or intuition, but good business leaders will have to learn to think differently. The prize is to be much more relevant, thanks to the possibilities that Artificial Intelligence will offer.
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