AI - Fact or (Science) Fiction

Artificial Intelligence has in the past been the topic for many science fiction movies (think I, Robot and Star Wars), however, now science fiction is becoming a reality in front of our very eyes. Developing at a rate that no-one could have expected; it has never been as important for companies to understand AI technology and how it could be utilised to improve business efficiency and growth right across the globe.

It has been a reality in many industries for quite a while now. Manufacturing companies have been using automated machines and processes for several years. The healthcare/ medical device industries are using and developing new ‘Smart’ products all the time for treatment, diagnostic and testing purposes. Customer Service and Transportation industries have been using technology for automating buying and delivery services, with autonomous vehicles now being developed and tested in a huge way. The Financial Industries are also using technology and robots for market forecasting, cyber security and automation of services.

AI is the fastest growing industries it is expected to be worth $14.2 billion globally by 2023, compared to a value of $525 million in 2025. Google estimates robots will reach levels of human intelligence by 2029 and IT research firm Gartner, estimates that by 2025 one third of jobs will be replaced by robots and smart machines.

Whether we like it or not, this is an industry that will affect us all and we can’t afford to ignore it. Many cities and communities around the world are already embracing it in a big way, encouraging tech talent to come in to their regions to develop new start-up companies, and providing the financial support and infrastructure to back it up - Montreal, Ottawa, London, Boston, San Francisco to name a few.

More communities, if they haven’t done so already, need to think seriously about where they stand within the development of the AI industry going forward, and how they can harness it – directly or indirectly –  to both safeguard, and develop their own economies in this modern world.

If you would like more information on how HMC can help communities harness opportunities in the AI sector, get in touch with the team at info@hmcglobal.co.uk


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