What is AI? In simple terms, AI means pouring human intelligence into machines and making them work with superior efficiency 24/7. Interestingly these machines are programmed to act and think like humans, they perform regular tasks such as problem-solving, learning, designing, proofreading, decision-making, and speech recognition. What’s special about AI is that it bypasses many technologies including natural language processing, robotics, and machine learning.
Its potential is completely a game-changer as it has revolutionized many industries and the way we work will be completely changed in the coming years and it’s changing presently as well. According to Authorityhacker.com AI will contribute 15.7 trillion to the global economy in the coming years. That’s an impressive number but what’s more impressive are the possibilities AI will offer. Let’s find out in this blog!
The Possibilities Of AI
The possibilities and probabilities with AI are endless: from self-driving cars to personalized healthcare, AI has penetrated all aspects of life. It’s no longer a futuristic concept and the reality that we were looking forward to is that AI is working in our day-to-day lives. As we move towards 2024, it’s important to stay informed about the key AI statistics and trends.
Tesla boss and billionaire technology leader Elon Musk admitted the fact that we will reach a time when no job is needed. He also said “ You can have a job if you want to have a job for personal satisfaction, but the AI would be able to do everything” he joked and the audience laughed.
Finding About AI And Job Loss
Unless you are living in a fool’s paradise you might have heard about the notion of AI taking over jobs and completely taking over the tasks that were deemed as a human’s responsibility. It sounds unbelievable, but it is most probably. Many experts do not believe that AI will take over jobs, they think it will create more jobs in the near future. History has taught us that whenever fear unfolds it brings about new changes, whenever there is a new invention it causes disruption in the market and so it has to face backlash but the countless possibilities it brings with it only show up with time. Let’s get to understand it with some examples:
- The Personal Computer
The concept of the personal computer was alien before the 1980s, but when it emerged, it was a game-changer for the world economy. Personal computers made performing tasks more efficient and effective, and they reduced the cost of communication and data processing, due to which a lot of industries came into existence, such as e-commerce, digital marketing, and software development. Personal computers led to increased productivity and economic growth as well. It paved the way for advanced technologies to thrive.
- The Internet
The advent of the internet has definitely changed the way we live, think, work, and connect with the world. And it’s one of the most significant technological advancements up till now. The internet has transformed traditional job-seeking methods, and it has curated industries for new opportunities to take birth.
The first and foremost impact of the internet was on the job search and the recruitment process, which took a hike when the internet came. Finding jobs is not as daunting today as it was back in the day when you had to give door-to-door interviews and find opportunities in the newspaper. Employers can now reach the global pool and recruitment platforms that were once a dream. The internet has facilitated freelancing and the gig economy, and we all know how much freelancers are earning.
Freelancing has indeed become one of the best options for people who want to work remotely and it’s definitely a huge change. The internet has impacted education through e-learning platforms that provide individuals the opportunity to access skills, qualifications, and workshops without stepping out of their houses. The e-learning and skill development has in turn made employees more efficient at their work, and they are able to meet the changing demands of the corporate landscape.
- The Calculator
Have you ever been threatened by a calculator? No. Well, it’s because there is no need to feel threatened about something that facilitates your work and reduces your time. In the early 1970s, when calculators were introduced, there was a heated debate among educators and mathematicians. And at that time, they were seen as something that would hamper the skill development of young people.
Mathematicians thought if students used calculators they would not be able to solve complex math problems manually, so they would be a bit slow on the uptake. The calculator made complex calculations easier and allowed free time to utilize more complex areas of Mathematics. Soon after 1985, the Connecticut State Board of Education initiated the use of calculators in state exams, and now it’s an important tool that aids in learning mathematics.
In each of these three cases, fear sparked up and people thought that they would lose their jobs until they came to leverage them. The resistance to AI is reminiscent of the resistance to calculators in the 1980s, there is a lot of fear surrounding the market right now. Artificial intelligence will not take over jobs at least for now but in the near future if you fear being replaced, developing unique human skills is the answer.
10 Statistics On AI In 2024
AI has become a bone of contention since it’s causing a stir in the market and leading to ethical debates among experts. But we don’t have an idea of how big the AI space is. So let’s quickly check out these statistics to help us better understand artificial intelligence.
1) AI Market Size
The AI market is growing at a rapid pace and more and more businesses are adopting AI. The artificial intelligence market is estimated to hit more than half a trillion dollars in 2024.
The reason for the faster adoption of AI is dedicated to the growth of the adoption of AI virtual assistants, cloud-based services, and conversational AI.
Not to miss customer service, the importance of customer service is also touching heights, as it’s an important factor when gauging brand loyalty. Therefore, the use of AI in customer interactions is undeniable, and it doesn’t seem that the AI market share will decline in the near future because continuously new opportunities are coming up and creating faster and more efficient solutions.
2) AI and Company Strategy
Every company wants to be a high priority. According to statistics, 83% of companies use AI to be on top of the game. The truth is that as more and more businesses are adopting AI, the competition has increased and the world is really moving faster. To survive in this competitive market, businesses use various AI tools.
For instance, Google Assistant, Siri, Amazon, Alexa, email automation services, visual AI, and most popular chatbot platforms. This shows that the adoption of AI will definitely increase in the future as businesses are looking forward to dabble in AI with its popularity.
3) AI and Productivity
The Forbes advisory survey claimed that approximately 64% of businesses believe that AI can help them increase their productivity, efficiency, and time management skills. The confidence in AI artificial intelligence has experienced a surge in recent years.
4) 100 Million People In AI By 2024
The New AI advancements are phenomenal, starting from Metaverse to machine learning and deep learning, these technologies promise to create numerous job opportunities. In the future, the demand will be so high that about 100 million people will find jobs in AI sectors soon.
But don’t worry, it’s not as scary as it sounds. Humans will continue working with AI, they will not be wiped out, robots will be there just providing a helping hand and making processes run smoothly.
5) People Are Unaware That They Are Using AI
According to a study conducted by Pagus Systems Inc., it has been revealed that a significant number of individuals, approximately 84%, are unknowingly utilizing tools powered by artificial intelligence (AI) in their daily lives. However, only a minority, around 34%, are consciously aware of this fact. This indicates that while many of us are benefiting from AI-driven technologies, a considerable portion may not realize the extent to which they are integrated into our experiences. In simpler terms, most people are using AI tools without even realizing it, showcasing the pervasive nature of AI in our modern world.
6) Companies Turning To AI Because Of Labour Shortages
Many businesses are facing labour shortages and to deal with this issue, 25% of the companies are turning towards AI adoption as quoted by an IBM report. As we all know AI tools can work 24×7 and more effectively and efficiently than humans. Therefore companies are leveraging AI to optimize their business operations and compensate for the lack of human resources that are short-lived.
7) China Reaches Peak In AI Adoption
More and more Chinese companies are using AI compared to the United States. In China, 58% of companies are already using AI, and 30% are thinking about using it. In the United States, 25% of companies are using AI while 43% are planning on implementing it. In 2020 the AI industry in China has reached over 727 billion yuan, most likely China will become an AI giant in the coming years.
8) AI Creating New Jobs
The belief that AI systems will create a disruption in the market and it will take away all the jobs is not true. The results are saying something else. AI technology, machine learning, and computing can create new jobs in various fields from retail to IT and design. If only job seekers and professionals were willing to learn about AI, they could definitely grab a ton of opportunities that have never existed before. The use of AI in customer service has created a successful example that deploying AI won’t be any threat. AI is predicted to create 133 million new jobs by the end of 2030.
9) Top Countries Investing in AI
China and the US are not coming slow when it comes to Artificial Intelligence. Most AI investments are focused in the United States and China and it shows their commitment to AI development and access to resources. Businesses considering AI projects can benefit strategically if they start concentrating on these countries. Job seekers should know that the U.S. and China will be key hubs for AI-related job opportunities, covering research, development, and application as well.
10) AI Talent And AI Skills
Since the launch of the prominent AI tool known as ChatGPT in November, a tsunami of people have followed many other AI tools as they want to learn AI skills. ChatGPT became the first application that reached 100 million users in the first two months. Learning AI skills is a hot topic currently, but there is a clear gap between the demand for AI skills and the current availability of AI talent. Businesses are aiming to hire employees not only based on their qualifications but also on AI skills. So if you are looking to boost your earning bracket then you should definitely learn AI skills for a bulletproof career.
Some Popular AI Tools
Similar to the internet and the smartphone, AI has also secured a prominent spot in the corporate landscape. The year 2024 has been a banner year for artificial intelligence, but it’s just the early AI tech adoption cycle, as a lot is to come. So let’s discuss some of the most prominent AI tools and websites:
- Chat GPT
ChatGPT, this AI chatbot, is based on a large language model, also known as LLM, and it’s trained to provide more detailed and precise responses in a human-like language. We have to write a prompt to gain a response. ChatGPT has the capacity to understand any language, peculiarly it also offers an audio feature in which you can say something, and then you will receive a response.
The loads of information it can provide is phenomenal. This website received approximately 14.6 billion visits in the year it was launched, which averages to 1.5 billion visits each. Since it was the first AI tool that was both easy to use and user-friendly, this platform gained traffic in no time, and it became popular.
- Character AI
Character AI launched in September 2022. It’s the second-most-used tool. It’s a chatbot that uses a neural language. With Character AI, you can engage in conversations with your favourite AI, celebrities, animated characters, historical figures, and stereotypical archetypes. The characters included in this site come from books, TV shows, movies, and as well as real-life people. It currently has 4 million active users per month.
- Quillbot
Quillboard is an online writing tool that was launched in 2017, but it’s still popular in 2024.QuillMod paraphrases restructures, rewrites, and improves your content. It can also check grammar, and plagiarism, and make use of various languages. In the year it was launched, it attracted 1.1 billion visits, approximately averaging 94.6 million monthly visits.
- Midjourney
Midjourney is one of the best AI image generator tools in the market, it was launched in July 2022 and turns text into visuals. It got 500.4 million visits in the first shot, making up 2.06% of all traffic. However mid journeys monthly visits dropped by 787,700, losing 8.7 million visits in total. The decline was due to the advent of new image generation tools, particularly Adobe Firefly but mid-journey never fails to amaze with its like illustrations.
- Google Bard
Google BARD was Google’s late response to OpenAI’s ChatGPT which took over the world by a storm. It was launched in Feb 2023 and launched in March of the same year. Google BARD and ChatGPT might seem alike, but they have huge differences as BARD collects information from the web while ChatGPT has no real-time access.
Bard is trained on Google’s own LLM or in simple words, it utilizes Google’s database and deals with traffic of 241 million within 6 months of its launch. The platform is experiencing continuous growth of 68 million visits, with an 8-week monthly increase of 11.2 million.
Ethical Implications of AI in 2024
Since AI is progressing at a faster pace, it has become even more necessary to tackle the ethical implications involved in it. From algorithmic biases to privacy concerns and job disruptions, there are a ton of obstacles that will come in the way of AI development.
What’s important is setting strict ethical standards and emphasizing transparency and accountability. We can enjoy AI’s benefits while reducing risks and making sure that it will benefit society in the near future.
How Not To Get Replaced By AI
AI is all about data, and without data, AI cannot exist. This means that AI struggles to adapt to new situations and experiences which we humans are capable of. Human creativity and reasoning are something that cannot be replicated or challenged. Even in the 21st century, soft skills like teamwork, effective organization, and sympathy give humans an advantage over machines.
Apart from soft skills, learning new skills and upskilling will help to focus on staying informed and building a strong professional network. If you are planning to learn some hard skills there are many popular platforms like Coursera, Udemy, and Upskill where you are taught by educators and professionals by educators and professionals. You can also buy courses and workshops free of cost if you register on these websites. Currently, tech experts only see AI as a tool that we can employ to boost our productivity and save time. No need to fear AI. Fear people who will use AI to replace you.
Final Thoughts
In 2024, AI holds immense potential and promise, and it offers new opportunities for each and every field across the globe. It is predicted that the industries with the highest AI adoption rates will include healthcare, retail, manufacturing, and finance. If these industries are leveraging AI, why can’t we use AI and upskill ourselves for a better and brighter future?