Global Perspective: Emerging markets are starting to unlock the wide-ranging benefits of artificial intelligence
28 Jul 2020
The development and implementation of artificial intelligence (AI) – a term that was originally coined in 1955 to describe a nascent sub-discipline of computer science – is anticipated to reshape economies across the world over the coming decades. AI refers to a set of technologies and tools that allow users to make better decisions through algorithms, using information that is recorded en masse to predict outcomes. AI offers significant analysis, innovation, creation and prediction opportunities – with virtually infinite potential. In 2018 global consultancy McKinsey estimated that AI analytical techniques could add between $9.5trn and $15.4trn in value to the global economy annually, thereby making AI an important component of the Fourth Industrial Revolution, also known as Industry 4.0.
Principal Uses
Many applications of AI are already a part of everyday interactions across emerging markets. Natural language generation software produces text for virtual assistants and generates reports, while speech recognition capabilities are continuing to expand to include more languages, dialects and accents – which can be transformed into speech by computers. This raw data can then be interpreted in order to understand sentence structure, meaning and intent through statistical and machine learning methods. These techniques are currently used in fraud detection and cybersecurity efforts across a wide range of automated assistants.
In service-facing industries, AI-powered chatbots can network with humans to give recommendations, building up a knowledge base through machine learning platforms that use large data sets. Deep learning algorithms are used to identify patterns in similarly large data sets, functioning as artificial neural networks. Other areas of the economy will be increasingly affected by manufacturing automation, particularly where human action can be replicated in order to create more efficient business processes.
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