According to Moore’s law, the number of transistors in a dense integrated circuit (IC) doubles every two years while the prices of the new devices will remain affordable. This may seem irrational in an instant thought. If I were to tell someone from the ’80s, when the average cost of storage was a whopping $193000 per GB, this cost would decrease exponentially over time while the technology advances at the same rate. I would be referred to a mental clinic.
But this wild observation, made by the co-founder of Intel, Gordon E. Moore, is the reality. Due to this, the Tech industry is the most booming industry in the modern economy. Technology has influenced almost every sector in this modern era. This technological advancement, with AI, Machine learning, neural networks, Crypto, and Metaverse, has made everyone curious about the future.
What will be the effects of this technological advancement on industries, Behaviours, and the economy? Well, Nothing is certain. Based on specific observations, studies, and facts, we can paint a picture. The purpose of this blog is to present my future perspective based on my understanding and research of artificial intelligence, or AI, and its impact on the future of technology. Before we get started, let’s first understand this burning technology topic.
Understanding AI: How It Affects Your Behaviour
According to Oracle, AI refers to systems or machines that mimic human intelligence to perform tasks and can iteratively improve themselves based on the information they collect. In other words, it is the use of computers and technologies to perform tasks that require human intelligence.
AI is being used everywhere in this era of technology. The tech giants like Meta and Google, Amazon and Apple are advancing with the use of AI. Our dependence on tech AI is becoming so powerful that it knows us better than ourselves. Have you ever wondered how you came across the specific product ad you were looking for?
Out of billions of other users, that ad was shown only to you because of AI. This is one of the examples to demonstrate the advancement of AI, which is changing consumer behaviour. Tesla used AI to improve its automated cars. Google and Apple use AI in the form of virtual assistants. These technologies affect our behaviour as our dependency on tech is increasing daily.
Our Inclination Towards Technology
Technology is becoming more important to the new generation than ever before, and this trend will continue. We rely on technology for everything from entertainment to Shopping and many more. Technology is becoming an indispensable part of our behavior. It has become a part of our life, and this trend will likely increase in the future.
We are now inclined at using automated lights and switches in our homes that work on voice commands. Similarly, We use virtual assistants and chatbots to solve problems and perform specific tasks. We want to use tech for Shopping, traveling, payments, and many more. Slowly and gradually, our behavior is becoming more tech-inclined than ever, and it may reach new heights with companies working on advanced projects like neural chips. These chips can be transplanted into the brain and coordinated with our body.
With Tesla inventing automated cars, Devices becoming smart, people are wondering about the achievements of tech and AI in the coming future. Especially their effects on other industries and the economy.
What Lies Ahead For Industries and The Global Economy?
Industries will become more dependent on technology and AI in the future. According to a report, 70% of companies will depend on AI technology by 2030. Forbes mentioned The valuation of the AI market was around 329 billion dollars in 2021 and is estimated to grow to 1394 billion by 2029.
These advancements, as per current estimations, are looking beneficial to the economy. However, there are some challenges, and the major challenge is AI replacing the human workforce in various industries.
Will AI Take My Job?
The primary concern with the rapid growth of AI has to be job replacement. The current workforce is insecure with AI as they believe it will replace them at work. With computers and machines rapidly replacing workers in factories, It looks like everybody’s job is at risk, doesn’t it?
Well, I beg to differ. The whole AI will take your job thing does not apply to all jobs. It can’t be denied that AI will replace some jobs. However, such massive growth in the domain of AI will also bring new opportunities. Here are some opportunities and challenges for the economy that will arise with the enhancement of AI in the future.
Challenges For The Future Economy
A major challenge has to be the loss of jobs. With the growth of AI, Companies will prefer computers over humans. But this is very specific to certain industries like Manufacturing.
AI will take a long time to replace humans in jobs requiring higher use of human intelligence. AI can replace only those jobs where one has to perform repetitive tasks most of the time.
You should only be concerned if your job is just a repetition of day-to-day tasks. But these lost jobs won’t hamper the economy. For such advancement of tech and AI, a lot of highly skilled manpower and new technologies and frameworks will be required. This will create new jobs and opportunities in the job market.
Another challenge might be the disproportionate pay. With the advancement in AI and tech, Winner takes all models and will become dominant. The one with the best skills will dominate the market, the tech companies or the employees. In such cases, the best will benefit massively while the medium and small skilled companies and manpower will have fewer benefits comparatively.
Openings For New Opportunities
Along with the challenges, technological advancement and AI will also create many opportunities. One significant opportunity is the limitless possibilities for the economy. The advancement in tech will open doors for many new industries in the market that seem irrational now.
Suppose we analyze the current market trend and compare it to the last decade’s. These giant tech corporations, cryptocurrencies, and social media, valued at billions and trillions, seemed Nothing in the past. Still, they have become massive and are helping boost the global economy.
The upcoming generation will have the greatest consumer market in human history. With over 90% of the world’s population on the internet, the possibilities are limitless. Similarly, in the future, we may witness some new industries with humungous potential that will strengthen the economy. It can be anything from robot manufacturing, machine learning algorithms, or anything out of the box.
Advancements in technology and AI will bring some challenges, but the potential and opportunities that come along are infinite compared to the challenges. So, Overall the advancement in technology and AI will boost the economy while industries and individuals will be more inclined towards technology in the future.
That’s it for this one. For more such content, check the blog section on the website. Shoot your thoughts on this topic in the comment section, and also let us know which new industry will be the new big thing in the future.