Every day, it seems, we hear bolder and more grandiose claims about how AI is poised to change the world. Most specifically, we’re told, it will affect every industry and change the
To put that into perspective, that’s equal to the impact of four new nations, each the size of Germany, emerging within the next five years.to reach $208 billion by 2030. AI advocates claim that AI can outperform doctors at diagnosing illnesses and will revolutionize the process of drug discovery., as professionals in the industry use AI to automate fraud detection, investment and trading algorithms, numerous back office functions as well as customer service.
Many of the predictions are based more on the potential of AI, than its actual capabilities. Meanwhile, in the real world, there are a huge number of hurdles that will need to be overcome before this potential will be reached. Predictions of astronomic leaps in value that AI will add to industries may be achievable in theory. But challenges around regulation and data privacy, as well as technical challenges such as overcoming AIIn retail, for example, all of the technologies mentioned – cashierless stores, smart mirrors, virtual fitting rooms – have been trialed and prototyped in recent years, but none of them have yet been adopted by the mainstream.
As with fire, electricity or nuclear power, AI isn’t going to go away, whether we like it or not. It’s only going to get better, faster and more powerful.