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What is the first thing that comes to your mind when someone says Artificial Intelligence? For most of us who have grown up on Marvel comics and movies, it is Jarvis, the AI-based user interface computer system that Tony Stark, a.k.a Iron Man, creates to assist him in his various endeavors.
It gives us a fair idea of what Artificial Intelligence is and the numerous ways it can be used. However, even though we are close to achieving that level of dependency on computers and machines, there is still a high scope for improvement in the near future.
Let us start by learning what Artificial Intelligence is.
What is Artificial Intelligence?
As the name suggests, Artificial Intelligence is the intelligence displayed by computers and machines, unlike the natural intelligence displayed by living beings. In essence, it is a simulation of the human brain and its intelligence that is processed by machines and computers so that they can perform in a similar manner to humans, given the circumstances.
Using AI, machines process huge amounts of data and utilize the information to perform a multitude of tasks, ranging from very basic calculations to taking business-related decisions, based on their learned intelligence.
What is the future scope of Artificial Intelligence?
In this digital age, Artificial Intelligence has already infiltrated our regular day-to-day lives so much that it is almost impossible to pick and separate AI and humans. From the smartphones in our hands that not only collects multitudes of personal data but also use it to customize what we see on our screens on a constant basis, to the high-level machinery in use in the manufacturing industries or the health sector, AI has made its use so necessary that now, there is no going back.
Circling back to the Marvel reference, there is a high chance of a dystopian reality wherein the computers and machines take over, but that accountability lies on humans to train the AI responsibly.
Now, let us take into account the sectors the AI is going to influence and develop in the fast-approaching future.
1. Banking
One of the most important sectors of the current economy, banking is no stranger to AI. The sector is majorly in need of an AI-based overhaul that has been slowly and steadily happening. From recording data of customers and employees to identifying and authenticating records to better customer support, and more, AI has been an integral part of the development of the sector.
The current and near-future implementation of AI in the banking sector will allow for better security of funds with the technology being made to quickly identify and prevent any payment fraud or theft, regulate KYC norms, and improve the Anti-Money Laundering process. The integration of AI in the form of chatbots and virtual assistants will help deepen customer relations. Not only this, AI will allow for better, personalized insights and recommendations based on customers’ history. AI can be leveraged to transform the entirety of the sector.
2. Healthcare
The healthcare sector is also utilizing the technology to its advantage. The most common example you would find is the remarkable development of the Collaborative Cancer Cloud by Intel and the Knight Career Institute. It allows doctors to diagnose cancer at an early stage by comparing symptoms with past data collected by the cloud from cancer patients and other patients with a similar disease.
With the constantly increasing integration of AI in the healthcare sector, there is going to be a drastic reduction in errors in diagnosis, a reduction in medical costs, a rise in the availability of virtual nurses, an increase in the efficiency of drug testing and synthesizing, and a rise in even the cures available for life-threatening diseases. AI in healthcare will speed up the potential of scientific research.
3. Cyber Security
Over the years, as the world has gone more and more digital, cyber security has become an increasingly important issue. Most organizations, if not all, have backed up their data on cloud servers. To ensure the safety of their data from various hackers and cyber attacks, they have now started using AI to ensure a fail-proof system of security. Not only organizations, the amount of user data available and accessible to anyone and everyone, allows regular consumers to be at risk of scams, identity thefts, blackmails, and more. AI, therefore, has a bright future in cyber security.
One of the areas that AI can be used in is fraud detection which allows organizations to detect frauds and scams and therefore prevent them from happening. One of the methods of doing that is using recurring neural networks which allows the detection of fraud in the early stages thereby reducing the chances of it happening. AI in the Cyber Security sector can also help in solving cyber crimes without the involvement of a high number of human resources being deployed, thereby reducing cost as well as errors based on human bias.
4. Agriculture
Even though AI in agriculture is at its nascent stage, it has proven to be of huge help to improve and develop the agriculture sector. With tonnes of data being produced about the soil, temperature, water level, weather, etc., AI yields useful insights. It not only allows to understand the quality of the soil and the crops but also analyzes the pattern of the crops and the seasons, thereby resulting in a better harvest.
Precision agriculture is the term given to when AI systems aid in improving the quality and quantity of the harvest. With rapid development in AI, the agriculture sector is sure to reap benefits in the form of better detection of plant diseases, the right time to sow seeds, precise targeting of weeds and delivering weedicides, and the kind of seeds to sow that will yield a maximum harvest, and more. Not only superficially, but AI will also be greatly helpful in the physical labour required for a good harvest by being employed in machines and tools used to plough the land, sow seeds, and harvest with accuracy and speed. This will result in drastically reduced costs and high quality yields.
5. Education
AI was just beginning to enter the education sector when Covid-19 hit and forced a global shutdown. This meant a massive pause in the education of the youth. However, as necessity always results in inventions, the education sector all around the world molded itself and developed a way to make sure education reached the ones who wanted to learn.
The future scope of AI in education is massive. It will allow education to be accessible to anyone, anywhere, and will also ensure the quality isn’t compromised. By employing AI to do the time-consuming tasks such as marking and grading and keeping a track of student records, teachers will be able to focus solely on teaching the students. It can also be employed to answer queries immediately with the help of chatbots or virtual assistants. The AI will also be able to analyze the strengths and weaknesses of students and provide a personalized program for the students to achieve their goals.
AI in other sectors
Apart from the sectors mentioned above, there are multiple other sectors such as manufacturing, transport, management, home, etc. where the technology can be employed in.
In homes, we already have devices such as Alexa and Echo that work as smart assistants. AI can be further developed to keep a track of the groceries and order them as and when required, ensure the safety of the house with an integrated security system, save energy by sensing human presence, and more.
AI is already being used for transport in the auto-pilot system of airplanes and is also in the process of being used as drivers in driverless/self-driving cars. In terms of the manufacturing sector, AI will result in lower errors and higher efficiency of production. When it comes to management, AI will help in analysing the data and providing better predictions and insights into the future course of business decisions.
Conclusion
In recent years the world has been taken up by a technological storm. Artificial Intelligence has emerged in ways that were only heard of in science fiction, all in the matter of a few years. Adding to the fact that it has already engulfed our world so much, it is also rapidly developing and touching parts of our lives that no one knew required Artificial Intelligence. Therefore, it wouldn’t be wrong to say that Artificial Intelligence does not have a future, but Artificial Intelligence is the future.
