Economic growth with AI

Many economies had been facing stagnation. GDP in the range of 1% to 2% and in some cases even less. This world bank report gives an idea. There is another site which provides projected GDP growth rate for various countries and here too we see not so encouraging data for North American countries and most of the European countries.

Looks like (and I am joking here) growth with available human intelligence has reached to its peak or saturated and now Artificial Intelligence and Machines will have to accelerate growth for human. Jokes apart but a survey conducted by Accenture suggests that AI has potential to double the economic growth rate in major economies.

AI can significantly improve the productivity of human. New businesses and opportunities can be realized with the help of intelligent machines and human brain can focus on researching further new avenues of growth and development. Human will focus more on strategy, collaboration, innovation.

(Picture source: https://www.accenture.com/in-en/insight-promise-artificial-intelligence)

Driver less cars, detecting possibility of genetic disorder based on picture, recommendation to a doctor for treatment plan etc are already hot discussion topics for some time. Here are some simple cases where AI can help but this list can for to thousands of lines:

• Personal assistant for specially abled people (visual and hearing impairments) and elders.
• In agriculture: crop monitoring and suggesting farming practices, improvements and actions to be taken in specific situations.
• Customer care service and office assistant bots and process automation.
• Financial advice and financial portfolio management services.
• Detection of possible disease outbreak based on historical data, current environment conditions and current medical incidences.
• Teaching in classroom or otherwise as a personal tutor.
• Optimizing power distribution, balancing power consumption and taking corrective actions based on peak load, fault and lower load conditions
• Fault detection in factories and even predicting it. Preventive and reactive maintenance.
• Crime predictions, fraud detection and corrective actions. Cyber security threat prediction and prevention.

Major IT companies and non IT companies too are investing in AI research here is an interesting report. According to market research firm Tractica, AI market is going to be $36 billion by 2025. Website top500 refers to a report by Tractica providing Artificial Intelligence revenue by top 10 use cases. Some huge potential usecases are: image recognition, algorithmic securities trading, and healthcare patient data management.

AI is certainly for growth of economy, human capability and yes jobs too (don't fear robots taking your jobs :) ).