The AI-Powered Economy: Identifying the Most Impacted Sectors
Artificial intelligence (AI) has taken the world by storm within the past decade with there being magnificent developments in the technology recently. AI is now able to do so many things within a matter of seconds that humans can take hours to complete, such as create unique content writeups and generate one-of-a-kind pieces of artwork using specific prompts. The possibilities of this technology are endless and it has already started to greatly impact multiple industries and sectors; for better and for worse.
Before we look at specific sectors, it’s important to touch on the impact that AI has had on the job force overall. It is projected that by 2030, 400 to 800 million jobs could be lost worldwide due to AI technologies, as they will be able to complete specific tasks at a much faster rate than humans can. However, this is just a prediction and might not happen, especially considering that a lot of sectors will likely still prefer the majority of the workload to be done by real life individuals as this will offer more original and individualised results.
This guide will explore the impact of AI and which sectors have been more affected by the current AI-powered economy that is unfolding right in front of our eyes. Continue reading for more information.
Industries Most Impacted by AI
Healthcare
AI has been revolutionary for the healthcare industry, as it has led to increased accuracy within the sector and made the whole process more streamlined. The technologies powered by AI have created advancements, such as predictive analytics, personalised medicine prescriptions and enhanced diagnosis. This has made the delivery of healthcare much more efficient and allowed healthcare professionals to put time into other aspects of their profession, which will improve the industry as a whole.
There will actually be an increase in the amount of jobs needed within healthcare due to the inclusion of AI, as they will need more data scientists, machine learning engineers and AI specialists to ensure that the technology is used correctly within the sector. With that being said, AI could eventually replace some jobs within the healthcare industry, such as radiologists and pathologists due the technology eventually being able to do this without the involvement of any human participation.
AI-powered robotic systems can also now assist surgeons with increased precision and minimally invasive procedures, which will benefit patients with improved recovery times and less chance of surgery going wrong. In the future, AI robots might be able to complete surgery without the involvement of a human surgeon, but we are very far from this being a reality.
Finance
AI technology has been very influential in the finance sector, as it is proven to be effective at protecting people’s money and assets. It can be great for detecting any attempts at fraud, as it can analyse large amounts of data and keep a store of them so that it can recognise any anomalies in patterns and put into place preventative measures to keep assets protected.
Automated trading systems are also now a possibility with AI technology. PlayOnBit was the first-ever trading terminal with an AI Enhanced Bitcoin Trading Bot to help users spot any gaps in the market that they could capitalise on, as well as find the most competitive prices. There have been many more bots that have been created to capitalise on the success of automated trading, which has propelled the industry into unseen territory.
Rather than leaving it up to finance professionals to rifle through large amounts of data, which can take days, conversational AI can provide real-time insight to finance teams to save them massive amounts of time and effort. It can also generate dynamic charts and financial reports within seconds with the correct data inputs. This has improved the industry significantly.
Digital Marketing
The digital marketing industry has been heavily impacted by AI, as it has led to streamlined data analysis, the automation of monotonous tasks, optimised ad targeting and offered insights into customer behaviours. All of these have allowed digital marketers to create more effective SEO campaigns for their clients, which can lead to improved search engine results page (SERP) rankings.
However, digital marketing agencies that conduct SEO in Manchester might not be convinced of the incorporation of AI in their campaigns. Using AI on a regular basis can lead to less personalised and original ideas and content, as many AI technologies like ChatGPT are trained to give similar answers for searches so you won’t get the most original results. Therefore, if you’re looking to get ahead of the competition in Manchester, AI might not be the solution.
Ecommerce
Online shopping has already taken over from physical stores dominance with more people than ever conducting their purchases online rather than leaving their homes and making the travel to a shopping mall or supermarket. With the incorporation of AI, retailers can now give more personalised experiences to customers due to better product recommendations and chatbot advice.
AI systems can assess consumer data to identify preferences and buying trends, then utilise that data to recommend products that are relevant to the customer. Chatbots also offer effective, round-the-clock customer support, which can increase client satisfaction levels. AI-powered inventory management solutions can help decrease waste and optimise product stocking, which will save money for ecommerce brands.
Education
The pandemic was the first real proof that AI tools can be used within the education sector due to the rise of remote learning. This provided schools and students who had the technology with an advantage over those that didn’t, as the technology can adapt to each student’s needs to provide personalised learning and feedback.
Teachers can also use AI-powered learning platforms to reduce their workload, as they can spend less time on planning lessons and grading work from their students. Virtual teaching assistants can now be used to provide quicker answers to any queries that students might have, which can significantly improve their learning experience. While human interaction is irreplaceable in education, AI has made the whole process much easier for both teachers and students.
Conclusion
While the potential benefits of AI are vast, including increased efficiency, improved accuracy and enhanced personalization, the concerns surrounding job displacement cannot be ignored. The projected job losses in some sectors, though uncertain, highlight the need for proactive strategies to address the changing demands of the workforce. Furthermore, the potential for homogenization in creative fields like digital marketing, due to the use of AI-generated content, underscores the importance of maintaining a balance between automation and human originality.