It’s been a mixed 12 months for those in the technology sector. Although some of the world’s biggest companies operating in this space have announced mass layoffs, the breakthroughs have been tremendous for those working in artificial intelligence (AI). The sector has witnessed an unbelievable influx of multibillion-pound investments and international visibility, and many believe that AI will completely transform our world.
For a piece of disruptive innovation to cause such a seismic change, inevitably, people will lose their jobs. Throughout history, there have been multiple examples of human beings being replaced by machines that can do the job better, safer or cheaper. Ultimately, this is all that matters for giant corporations.
While they don’t necessarily want people to lose their jobs, if they don’t implement these substantial technological advancements, which are often much cheaper, their competitors will. Once their competitors use their enhanced profits to gain a more considerable portion of the market, they will drive them out of business if they don’t get with the program. Executives often face a highly challenging decision, especially when presented with such innovative technology.
The last colossal innovation we witnessed started with the widespread use of the Internet in the 2000s, which has resulted in vast numbers of companies using this platform to turn their businesses into gigantic enterprises.
For instance, online game companies like casino companies expanded from small corners of the internet to gigantic global enterprises. Many surpassed their land-based adversaries and are continuing to elevate in size and stature. This huge expansion in the scope and profit margin of the casino industry simply wouldn’t have been possible without such a huge disruptive change like the internet, and many analysts believe AI will enact a similar transition.
It doesn’t matter if you’re a massive retailer like Amazon, a tech giant like Google or a European online casino company, the internet has provided a platform where companies can generate millions of pounds worth of profit per day. Artificial intelligence undoubtedly falls into this bracket, so what industries and vocations are immediately in the firing line?
The Top 4 Industries Likely to Be Impacted by AI in 2023
1. Content writing
We may as well address the elephant in the room. Believe it or not, a real person is writing this article, honestly! With the rise of sophisticated AI writing tools, it’s not just content writers who need to worry. It’s academics and authors who piece together literature on specific topics too.
With AI’s capability to effortlessly scan millions of words per second and generate an article in a few seconds, it is a worrying time for writers. When you supplement this with the fact that few people care enough who is behind the content they read on the internet and are more focused on how they can get their hands on it, content writers and their writing skills are being relegated to a worrying level of insignificance.
Following the emergence of ChatGPT, BuzzFeed announced they would use it as their primary source of content writing. This resulted in the stock price doubling within a few days.
When the market reacts positively to the news of content writers being dismissed effortlessly, expect to see more huge impacts in this sector throughout 2023 as a direct result of AI. However, AI struggles with certain aspects of content writing, and it still lacks a human touch, despite all its marvellous use cases.
2. Finance
There are many facets to the world of finance, but there aren’t any that will go unaffected by the rise of AI. The banking industry has started to work extensively with AI, resulting in customer service becoming automated and the algorithms and security that underwrite the banking system becoming more sophisticated.
In addition to this, the world of stock market trading will also become more automated. It is estimated that over 75% of trades are executed by bots, and as the intelligence of AI grows, this number will continue to rise.
Although we may not see the most significant impact in 2023, it will likely snowball as billions pour into the sector. Once this type of money begins to roll in, the innovations will increase in speed and regularity.
3. Transport and travel
With many huge companies such as Tesla successfully trialling the idea of driverless cars, the question is how far could this go. Although it is one of the main reasons people are looking to invest in the innovative electric vehicle company, it is something we should approach cautiously too.
Could we soon see driverless planes, trains and buses? The next logical step could be public transport, such as buses, if the technology is safe and reliable. I’m not sure about you, but I wouldn’t say I like the idea of getting into a driverless plane. However, you’d be surprised by how much air travel is automated already.
Again, as investment ramps up in AI, driverless cars could become one of the significant changes, impacting all sorts of industries, from delivery services to taxis and public transport. It will be a case of when and not if, and this wheel could start turning more quickly in 2023.
4. Healthcare industry
AI could transform the world of medicine to almost unrecognizable proportions. AI could be used for various activities within the healthcare sector, from relatively menial tasks such as data storage and collection to high-pressure, advanced medical diagnoses.
The ability of AI to scan vast quantities of data, including patients’ medical history and symptoms, means that it will be able to relate the information to a doctor much more quickly than manual research.
While some people are skeptical and believe that medical professionals should have a more well-rounded and imprinted knowledge of medicine, if this technology results in better patient outcomes, then who can argue the case?
We can’t rule anything out in AI, but it is improbable that phenomenally skilled medical professionals such as doctors or surgeons will ever be in surplus. If anything, it means that expensive middle management that oversee data collection and the trivial, more dispensable roles within medicine will be able to focus more on patient care rather than keeping records and organizing time schedules.
Conclusion
It’s hard to say which sectors will bear the brunt of the AI impact most heavily in 2023. Likely, this technology will slowly permeate its way through a variety of industries. Once the technology’s real, practical use cases become apparent, the decision-makers within these industries will act accordingly.
It is a crucial balance between keeping people employed and using the technology most efficiently. If these companies can work with AI and not against it, everybody should benefit without losing sight of what is most important.