Published on March 26th, 2020 | by Bibhuranjan

What Industries Benefit the Most From Artificial Intelligence?

Chances are, you’ve likely heard of artificial intelligence (AI) before and how useful it can be. With this, there’s also the understanding that some industries will become dominated by AI.

Experts estimate that 48% of workers will eventually be replaced by automation. This supports the notion that humans will lose jobs to robots and automation, which gives a good reason to fully understand the impact of AI.

This begins with knowing what industries will benefit the most from artificial intelligence. In many situations, AI can be used in combination with human effort and will not fully replace it.

To help you understand how AI will affect your future, we’ll outline a few key industries that will be revolutionized by it below.

Healthcare

Artificial intelligence has one of the largest impacts on the healthcare industry.

The reason for this is fairly straightforward because healthcare is one of the most important fields in the world. Business and service industries certainly have their value, but they do no good for people who have health issues and need care.

AI will become huge within healthcare due to how it changes the patient experience. It’s less likely that AI fully replaces doctors and nurses, but instead that it’s used in conjunction with medical professionals to make more accurate decisions.

With a healthcare team aided by AI, it’s easier to diagnose an ailment and choose a treatment plan. It can also be used to analyze patterns to help predict a patient’s outcome.

The full scope of AI in healthcare is yet to be developed, but it will surely change the way that patients are treated. This change is for the good and isn’t likely to steal many jobs away.

Transportation

AI is also shaking up the transportation industry.

The simplest way to describe this is self-driving cars. Autonomous cars are an incredibly appealing prospect because car accidents continue to be a prevalent challenge.

Most car accidents are a result of human error, which means that autonomous driving is a great way of limiting crashes. If the main method of transport became the use of self-driving cars, then the roads would be significantly safer and the number of car accidents would plummet.

As you can see, AI means great things for transportation because it saves lives. AI isn’t going to make a mistake like driving distracted or while intoxicated, while a person certainly can.

As autonomous cars become more common, AI should gradually take over the transportation industry. This will mean that jobs are lost if public transportation and private ridesharing services become replaced.

Retail

AI will also have a drastic effect on the retail industry.

The way that people are shopping today has changed and much of it is now done online. This means that many transactions are digital and don’t involve a physical store.

What better environment for AI to thrive in than a digital platform? AI is changing how customers buy their products as it helps them make better purchasing decisions.

For example, augmented reality is being used to help show customers precisely what their products will look like. This involves using a smartphone to augment your existing reality by adding in digital features and effects.

For a clothing business, this might mean showing exactly how an outfit looks on someone’s body by using an app on their smartphone.

AI can also be used to help predict a customer’s preferences and provide purchasing suggestions for them. Both uses mean that the customer experience improves and it’s easier to make a sale.

AI certainly can replace jobs in the retail industry as shopping will likely continue to trend toward an online focus. This will eliminate physical staff and customer service agents that won’t be needed to assist customers.

Manufacturing

AI will also have a direct impact on manufacturing.

This is likely the most obvious outcome of AI considering that production automation has always been the more effective method. Manual production is timely and costly while automation often produces better products faster and consistently.

Say that you need to produce 100 baseball mitts. Do you think it’s going to happen faster via 10 workers hand-stitching them or a machine specifically designed for it?

Automation will always reign supreme because it’s more cost-effective. As AI continues to increase in capabilities and availability, automation will continue to take over manufacturing.

This means that AI will eliminate jobs in this industry. Unfortunately, this is unavoidable as the benefit of automation is too good to pass up.

Closing Thoughts

Artificial intelligence is the way of the future for many industries and this means that some people will have their jobs replaced by robots and machines. Automation eliminates human error and is capable of greater productivity in a shorter time frame.

A few industries that will be significantly influenced by AI include healthcare, transportation, retail, and manufacturing. AI is likely to be used with healthcare professionals while it will probably replace many jobs in transportation, retail, and manufacturing.

As you can see, each industry is affected differently. AI is incredibly useful so it’s a matter of when it impacts an industry rather than if. With this in mind, you should embrace AI and seek a career that won’t be replaced by it!

Tags: AI, Blockchain, healthcare, industry, manufacturing, retail, transport

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.