During the 1960s, 70s and 80s, electric power was added to countless products, ranging from lawn mowers to tooth brushes and everything in between. We are now at the beginning of a new phase. In the next 20 years, artificial intelligence will be added to all those same products, and many more. Who will deliver this intelligence? Who will capitalize on this trend?
Today, toilets flush on their own when we finish using them. That’s a simple form of artificial intelligence. Outside lights automatically turn on when we walk by. That’s another example. But with the Internet of Things (IoT) in full swing, the extent of intelligence will accelerate dramatically. The products and services we use will become more intelligent and that’s a huge opportunity for businesses that see the potential.
There’s another aspect to AI that is much bigger than the one mentioned above. Some experts estimate that over 50% of current jobs will be replaced by technology solutions in the next 20 or 30 years. All of these solutions will involve some form of artificial intelligence. The cost savings for corporations will measure in the hundreds of billions, or even trillions of dollars.
Autonomous vehicles are a perfect example. The software that allows them to drive autonomously involves significant artificial intelligence. Meanwhile, there are over 200,000 taxi cab drivers in the United States and about 3.5 million truck drivers. Once autonomous driving has been perfected and legalized, those jobs will be eliminated within a few years. It’s simply cheaper to use the technology, and the same thing will happen in dozens of different industries.
Artificial intelligence will revolutionize our economy. There will be many winners and many losers. Trend Mastery will help you navigate the implications and profit along the way.
Patrick Schwerdtfeger is a regular keynote speaker and can cover artificial intelligence at your upcoming event. Contact us to check availability for your event date.