Artificial IntelligenceNews

The future impact of AI on businesses

Almost 40% of profit gains in 15 years - thanks to AI

According to research conducted recently, artificial intelligence is more than able to ensure profitability increases by over 40% by the year 2035. By the same time, economic growth of just below 2% should also be seen across more than a dozen industries. Many other industries will also be impacted such as manufacturing, communication, financial services, and the information industry is among those who will benefit from artificial intelligence over the next 15 years. Things such as accommodation, education, construction, and food services will be positively impacted during this time. This result has been obtained through a research project which had been looking at the economic situation of 16 different industries. Looking at important indicators such as gross domestic product and also gross value added it has been determined that with a properly integrated AI there is substantial potential for healthy economic growth.

Industries which will benefit most

 

Financial services can expect 4.3%, Manufacturing 4.4% while information and communication will see 4.8% growth. All of this will happen because of the direct influence of artificial intelligence. This study is providing evidence of the tremendous potential of artificial intelligence which will not only impact several vital industries but will also substantially boost economic growth. The information and communication industry will benefit the most from the impact of artificial intelligence. There is tremendous potential available when artificial intelligence is integrated into legacy information and communication systems. The benefits might be savings in time as well as cost and the benefits to businesses can be substantial. This can have a positive impact on the gross value added in 2035. There are several areas such as network, systems, cloud, and others which are considered to be high growth areas which can see extraordinary growth.

The influence of AI on education

 

Industries such as education, food services, accommodation, and construction will also be positively impacted by AI technologies. Some considerations are the automating of routine and mundane tasks which will take over from school, university and college instructors allowing them to focus on education. This will have a positive impact on profits in the education sector in 2035. The construction as well as accommodation and food services sectors which require a lot of manual labor will also benefit. However here also artificial intelligence can provide new insights and it is believed that the potential from artificial intelligence can provide a substantial boost to the industry. The manufacturing industry is increasingly dependent on the industrial Internet of things also known as IIoT. There are a lot more smart factories and many other sophisticated initiatives which are especially susceptible to the influences of AI systems. This is why research is predicting that artificial intelligence systems can be expected to contribute as much as $3.76 GVA to the manufacturing industry over the next 15 years. Other sectors such as forecasting, supply chain management and also production scheduling is a couple of the areas where substantial contributions can be expected from artificial intelligence. Profiting in those industries can increase sharply ensuring better economic forecast for those industries.

 

 

Avi Ben Ezra

Avi Ben Ezra is the Chief Technology Officer (CTO) and Cofounder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces. Avi has proven tech track record and 15+ years of demonstrated career success developing tech initiatives of organizations of varying size and scope. Avi possesses in-depth experience in developing digital market places within Fintech and AI.
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