The global artificial intelligence (AI) market has seen exponential growth over recent years, fueled by consumer-products like ChatGPT, Google Bard, and IBM Watson. These products have grown so popular that around 50% to 60% of all organizations globally are utilizing AI-powered tools. This integration is expected to increase significantly shortly.
Forbes lists AI as one of today’s fastest growing industries, with a predicted market capitalization expected to expand at a compound annual growth rate of 37.3%. However, with this promising rise come several questions, especially when it comes to increased use of AI assistants, which seem destined to revolutionize many sectors, including legal services, public administration and citizen services. These tools provide increased availability, lower costs, and convenience for end users.
There are potential drawbacks, too. High dependency on AI could lead to dilution of job opportunities or loopholes in security. With no human involvement in the service sector, the absence of emotional intelligence could hinder optimal service delivery.
AI assistants are extremely effective in “decoding” more complex technologies like blockchain and smart contracts. However, for an individual unfamiliar with these technologies, misuse or misunderstanding could potentially lead to crisis situations. Also, the chances of sensitive data being compromised cannot be ruled out. On the other hand, their ability to perform complex operations like digital signatures or payments, formulating specialized agreements, and delivering corporate services is impressive and hard to ignore.
AI’s use is also spreading to Fortune 500 companies and in industries like law, HR, and finance. Many believe “no-code” solutions could democratize AI adoption, allowing integration into operations sans technical expertise. However, there are questions about data privacy, intellectual property rights, and technological uniformity that arise.
The emergent generative AI models can produce original information computed independently using new patterns built on existing data. Nonetheless, the credibility and accuracy of this information can be debated.
Natural language processing (NLP) systems, which make machines understand and interpret human language, are another facet of AI primed for growth. Yet, there are concerns surrounding their full-proof comprehension of different languages and dialects.
Finally, AI’s use in healthcare, particularly for diagnosing and treating patients, is growing. But, the high dependency and trust placed in an artificial system raise ethical questions.
AI in the future might very well hold the key to digitizing numerous industries. However, it’s crucial to handle it responsibly, ensuring that it serves humanity instead of ending up as a source of destruction.
Source: Cointelegraph
