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June 11, 2024

Exciting Advancements in AI and How it May Help with Economic Growth

For years, when we heard murmurings from the scientific community about artificial intelligence, it usually had to do with robots coming in to take over our lives. But AI is actually developing in a new, positive and exciting way. To learn more about recent AI-related research and how this may help pave the way for economic growth, consider the following examples:

Smartphones are getting smarter

Remember when smartphones were only used to make phone calls? Thanks to innovations like AI mobile platforms, mobile devices can now do a lot more than call your friends and family. The Qualcomm Artificial Intelligence platform is designed to not only help your phone but vehicles and other devices adapt to their users and the environment. This increase in intelligence can make our phones and other devices more productive, which leads to better user experiences. In other words, thanks to AI mobile platforms, your smartphone will likely be able to anticipate when you are likely to make phone calls, based on your past experiences.

AI is becoming more “brain-like” than ever

A number of exciting AI-related trends are developing this year, including understanding exactly how AI relates to the theory of deep learning. Right now, AI and its deep neural networks can already mimic the human brain, allowing these networks to “learn” from the sounds, pictures and words that it sees. A new theory that researchers are working on is looking at the notion that AI is able to “forget” meaningless information while focusing on and remembering the important data that will allow it to perform as optimally as possible.

AI’s impact on economic growth

Thanks to the way AI can enable machines to understand, learn and act on their own or along with humans, it definitely seems to have the potential to change how work is done in some industries. As Accenture notes, their research on the impact of AI in 12 developed countries has found that this type of technology could double annual economic growth rates by 2035. In addition, research has found that AI tech can increase labor productivity by as much as 40 percent, while allowing people to use their time as efficiently as possible. As for how artificial intelligence will boost economic growth, Accenture notes there are three key ways: intelligent automation, which allows self-learning machines to learn and perform complex physical tasks; labor and capital augmentation, which means thanks to AI taking over certain tasks, workers can focus on more innovative and imaginative work; and innovation diffusion, which means AI will inspire new innovations as it works its way through the economy. By speeding up the development of new products, AI can help businesses to create new streams of business that can boost their profits.

AI and jobs

In addition to its positive impact on economic growth, AI is also predicted to help create a large number of new jobs. As Gartner reports in its 2017 research, AI will create 500,000 more jobs than it will take away in the next three years, and it will bring in a variety of new job opportunities for medium to high skilled workers. Jobs will be enriched by AI rather than simply replaced, and new opportunities will be created by the technology; for example, companies that need people on staff to maintain and upgrade the AI devices.

While pessimists may argue that AI will take over our job market and thus negatively impact the economy, the reverse definitely seems to be true. Thanks to new innovations in AI including smarter-than-ever mobile devices and computers that think more like people, to specific ways that AI will help grow the economy, it will be interesting to watch as this type of technology sets the stage for impressive economic growth.

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