Artificial Intelligence is the new buzz in the information technology industry. It has become a point of debate and gossip all over the world. Companies such as Google, Meta, Microsoft, OpenAI, Apple, and Tesla are leveraging the capabilities of AI. Well, no one can deny the fact that AI development has made significant changes and made people less reliant on each other. On the other side, people think that more advancement in this will be a threat to human employment. Artificial Intelligence making the work process easier, smarter, and less dependent, and other side people are using them to generate deep fake images, videos, and audio. Artificial Intelligence has equally high challenges and opportunities. Let’s see the potential pros and cons of Artificial Intelligence.
What is Artificial Intelligence?
Artificial Intelligence in a simple way puts human intelligence into machines and software. It is developing technology that can perform tasks, and make decisions without the need for human intervention. For example, AI can write a blog for you just with a topic name, it can generate a video, recognize a person from the video, replicate a person’s voice, and so on. The technology of AI is divided into two main categories – Introductory AI and Advanced AI. Currently, we are in the Introductory AI era where AI is helpful and performs specific tasks at specific levels. After that, they need human instructions. Advanced AI systems will perform intellectual tasks like humans without needing anything.
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Stats of the Artificial Intelligence Industry
- By the end of 2024, the size of the AI market will touch the mark of 184 Billion US Dollars. It is a jump of 50 billion us dollars from last year.
- It is estimated by statistics.com that the AI market will reach the 826 Billion US Dollars market till 2030.
- As per McKinsey’s report, AI advancement will generate 12 million jobs by the end of 2030.
- The IMF report stated that almost 40% of current jobs will be affected by AI. Either AI will replace these jobs or the person has the chance to do the work.
- There are 57,933 artificial intelligence companies currently operating around the world. The United States has the largest number of AI companies, with 25% of total AI companies.
- Open AI, Microsoft, Alphabet, NVIDIA, Tesla, Adobe, IBM, Palantir, and Mobileye are the best AI companies in the world.
- Italy is one of the first countries who ban the AI tool ChatGPT due to its wrong information.
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Pros of Artificial Intelligence
- Artificial Intelligence technology is developing a new industry and new market. This technology is evolving with time at a rapid pace which is making our lives a bit more easier and advanced.
- It can be used for security purposes such as face recognition, voice recognition, and robots that can detect the threat themselves.
- AI can be a game changer in the healthcare industry as it can predict various things about the deceased based on the information. Also, Robotics doctors are coming which will remove the shortage of doctors.
- The video gaming industry will be leveraging AI the most as it can offer a more immersive experience to the user. Earlier games use the bot which is annoying, easy to eliminate, and kept on doing the same thing. AI can make the opponent look much smarter and will think just like humans.
- In lifestyle, AI is making our life amazing as we can try things virtually and it suggests the things that best suit us.
- Artificial Intelligence leverages data to produce results that are best suited for all. So it will be changing the landscape of data science and analytics forever. It will provide better analysis of data, better prediction, and speed of work.
- With AI there is no room for human error as it works on data and will always produce the result within the limits of information it has.
- Driverless cars, self-running software, automated robots, and generative technology are possible only because of AI.
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Cons of Artificial Intelligence
- Firstly it will impact the job market for sure. It will eliminate all the redundant jobs and with an increase in its efficiency, it will start taking entry-level jobs in the future.
- Machines can malfunction and depending on AI can be harmful to us it can lead to some serious situations. For example, a chemical company using AI for gases to release somehow if due to any error, a particular gas is released then it can take the lives of many in seconds.
- Deepfake is one of the great examples that how AI can backfire on us. People are creating adult and misinformative deep fakes of celebrities and common people. Later it is used in memes or to blackmail a person.
- Stephen Hawking, Elon Musk, Bill Gates, and various people showed their concern about Artificial intelligence. In an interview, Elon Musk said “AI is far more dangerous than Nuclear.”
- AI doesn’t have emotions so it can make some decisions that can be harmful. It can’t be able to find what action can do if the emotions of people are damaged.
- Artificial Intelligence can show bias as it relies on the data it has. It will favour one side and disagree with the other based on the information it has.
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Conclusion
Artificial Intelligence is the industry 4.0 revolution and we should welcome it. It will change the way this world operates and in a good manner. This technology makes the work more effective, speedy, and easier. AI will replace humans or not which will be a question for the future but as of now, AI will help humans. If a person wants to secure himself from AI replacement then they have to upskill themselves and stop redundant work. Also, AI is very powerful, and like every other thing we need to use AI with responsibility. Negative uses of AI will be harmful to humanity as we are seeing viral deepfakes and voiceovers. Humans have to use this tech for the betterment and if used correctly AI has the potential to change how industries are operating these days.
References
- https://www.statista.com/topics/3104/artificial-intelligence-ai-worldwide/
- https://www.imf.org/en/Blogs/Articles/2024/01/14/ai-will-transform-the-global-economy-lets-make-sure-it-benefits-humanity
- https://www.mckinsey.com/mgi/our-research/generative-ai-and-the-future-of-work-in-america
