So many people have felt that their lifebecomes much easier with the advancements of technology, especially with thehelp of AI. Many industries and various sectors have also implemented thistechnology to increase productivity and efficiency. Because of this reason,there has been substantial growth in the global Artificial Intelligence market size .

According to a prominent research firm, GMIResearch, Artificial Intelligence market size would reach USD 1174 billion in2030. This rapid development is owing to the growing adoption of technology inthe digital sector across the globe.

What are The Benefits?

AI can be extremely beneficial for humanproductivity across various industries.

1. Reduce human error

As AI works with automation combined withmachine learning and data analytics, it can help in reducing human error. Itcan improve accuracy by gathering information and utilizing algorithms toensure proper programming and minimize errors completely. For example, theapplication of AI can help robotic surgery in conducting complicated procedureswith careful attention to detail to minimize human error, enhancing patientcare and safety in healthcare facilities.

2. Availability

Unlike human energy that have limitationfor certain durations, AI can be available for 24 hours a day. While humansneed time off to have breaks outside of their work hours, AI can workcontinuously without requiring downtime. In addition, AI can think and work ina quicker manner than humans while conducting numerous tasks and providingreliable outcomes. Chatbots, for example, can work and solve customers’ complexissues every night and day relentlessly, providing consistent customerassistance at all times.

3. Innovative developments

There have been innovative developmentsthat are driven by AI that can solve many complex issues. This can be seenthrough the development of autonomous vehicles which use algorithms thatautonomously steer through roads and traffic conditions. This can minimizetraffic jams and increase safety on the road. Another example is technologiesbased on AI that can assist doctors in detecting breast cancer in the initialphase.

4. Objective decision making

As AI does not have emotions, it can workin a rational and objective manner. It does not provide biased information thuscan help in shaping precision decision making.

5. Carry out repetitive duties

Repetitive tasks can be time and energyconsuming, especially if they are conducted by human labor. AI can help inthese works like make a confirming email or checking documents, while humanlabor can do more complex responsibilities. This function can improveproductivity and reduce labor costs. It can also potentially eliminate mundanetasks for humans.

6. Assist in daily tasks

AI can also be very helpful in people’sdaily tasks. From providing navigation, making calls, to replying to emails, AIhas become an inseparable part of people’s lives.

7. Improve effectivity and productivity

As automation features in AI can do workfaster and more accurately, this technology can increase productivity and effectiveness.In the manufacturing process, production output can increase, which may boostprofitability. In addition, as there will be reduced human labor and energyusage, companies can also minimize operational costs.

The Disadvantages

Despite its many benefits, the AI markethas some challenges as well.

1.     Expensive costs

Even though at some pointAI can reduce costs, the initial costs can also be very expensive. To developand acquire such advanced human intelligence can require a lot of money, time,and resources. Furthermore, AI requires the latest both software and hardwareto remain current and meet contemporary standards, which can result insignificant expenses.

2.     Lack of creativity

One of the main downsidesof AI is that it is lack of creativity as it is a machine and not human. Ofcourse it can learn new skills as the time goes by, however, it is stilldifficult to implement a creative approach.

3.     Drive unemployment

As many responsibilitieshave been replaced by robots and AI, this can lead to unemployment in somepositions. For example, chatbots that can replace human customer services orrobots that can replace operators in manufacturing productions.

4.     Foster human passivity

AI can help withrepetitive tasks and other works with its automation, that can drive humanpassivity. Furthermore, as AI helps people to think, there is a decreasedinclination that people will use less of their brains which can lead to seriousproblems for generations in the future.

5.     Lack of ethicalconsiderations and emotional responses

AI is a machine and nothuman, therefore it does not have ethical considerations and natural emotionalresponse. There are worries that the rapid development of artificialintelligence market size leading to a scenario where it could grow uncontrollablyand potentially pose a danger to humanity.

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