Far-Reaching Impact of AI Technology in 2024

Artificial Intelligence (AI) enjoyed a successful breakthrough in 2023. Generative AI tools like Midjourney, ChatGPT, and AlphaCode dominated the tech headlines with their impact on different industries. But while the benefits of AI are apparent, this tech can pose a threat if not properly used. In this writeup, we’ll highlight some positive and negative ways AI could impact our lives in 2024 and beyond.

Positive Impact of Artificial Intelligence

Let’s begin this article by listing the benefits of AI:

AI and Automation

Modern AI has already affected numerous industries that use data-driven models. Big companies like Microsoft, Apple, and Google spend billions in AI research annually. Several universities have also added AI and automation research to their curricula. Even the US Department is deeply involved in the AI game. 

These companies and industries are racing to embrace AI because of its immense automation capabilities. This technology allows organizations to streamline repetitive tasks and create more efficient processes. In return, companies can effectively deal with skill and labour shortages. 

Reduced Human Errors

The accuracy of AI systems is the main reason this technology is widely considered in automated industries. We all know that banking, accounting, cybersecurity, and healthcare professions have minimal room for human errors. The slightest mistake by professionals in these sectors could lead to huge losses and possibly loss of lives. 

If programmed correctly, AI systems can reduce errors to almost zero. These models make decisions based on specific algorithms and previously gathered information. For example, a robotic surgery system can perform complex medical procedures accurately and precisely. This reduces the risk of dangerous human error while improving patient safety. 

Cybersecurity

Cybersecurity is a trending topic in this age of the internet and smartphones. The rise of AI technology means security teams face challenges to keep up with AI-supported attacks. Additionally, the exploding data infrastructure may strain the limited capabilities of cybersecurity experts to monitor and safeguard data. These concerns only mean more rampant cyberattacks.

AI-powered cybersecurity solutions can analyze vast datasets in real-time and accelerate threat detection and responses. These systems can quickly identify abnormalities and provide summaries for cyber professionals to act on. An example is spam detection, where AI can identify patterns associated with spam content. It can quickly detect and filter out dangerous spam content from social media posts and emails.

Data Analytics

Data analysis is a common practice in almost all responsible organizations. Companies collect and analyze data to uncover future trends and gain valuable insights into consumer behaviours and expectations. This allows them to develop proactive measures to prevent possible damages or accusations. 

For instance, in the UK, the law requires online gambling companies to adopt measures that ensure safe and responsible gaming practices. Typically, it would take leading casino online UK sites lots of time and resources to manually track and analyze the activities of every member. This includes behaviours like deposits, withdrawals, gaming hours, etc. 

But with AI technology, data analytic processes are now faster and more accurate. These systems can quickly scan through vast datasets and detect any inconsistencies.  can even employ the use of AI to help collect data about its customers’ transaction history to ensure responsible gaming practices. This frees up time for human professionals to handle complex tasks. 

Full-Time Availability

Most countries have adopted the 24/7 economy model these days. Although promising, this economic structure can strain the already limited labour. That’s especially true with essential service industries like healthcare, banking, security, customer service, and energy. So, most organizations expand their budgets to employ more personnel to operate around the clock.

However, not every task needs human intervention. In 2024, these companies will likely incorporate AI to perform repetitive and monotonous tasks. AI-based systems are available 24/7 and are readily accessible whenever required. Chatbots are good examples. These systems are already a mainstay in the customer service industry. AI-powered bots provide instant responses to the customers’ satisfaction. And they can only get smarter!

Negative Impact of Artificial Intelligence

Experts warn that the celebration of AI invention may be short-lived. The benefits of this technology can turn out to be a threat if not properly managed and applied. Here are some of the dangers posed by AI that you should know:

Job Losses

Employers will be looking to exploit AI’s automated capabilities in 2024. However, this will be at the expense of innocent employees. As AI systems become more competent, some tasks will require less human involvement. This means AI-powered automation is a concern in the labour sector worldwide. This technology may displace millions in the manufacturing, marketing, and healthcare industries. 

But there is some good news. Research estimates the robot revolution will come with 97+ million new jobs by 2025. Skills such as analytical thinking, flexibility, and creativity will be in high demand. The trick is to learn a new skill that aligns with technological advancements like AI to stay ahead of the curve. 

Increases Cyber Attacks

According to Google’s cybersecurity forecast, the rise of AI will pose new online threats. The tech giant opines that attackers will use generative AI and LLM (large language models) to scale up their operations. This includes phishing, spamming, and generating deepfakes to make someone’s voice and video appear legitimate. 

For example, generative AI can mimic natural language and promote rampant phishing attacks. In other instances, scammers can feed LLM content to systems and create a modified version to suit their goals while maintaining the original style. Moreover, AI prompts can easily create fake news and phone calls. 

Unregulated AI

AI technology is simply too critical not to regulate. As it stands, the unregulated nature of AI is among the main legitimate concerns among regional and national authorities. Most governments still don’t have adequate measures to regulate this exciting yet dangerous technology

Meanwhile, the risk of flawed characters doing dangerous things with AI is even higher with its openness. Almost anyone can access AI tools on their smartphones or computers. All it takes is an internet connection to explore the unlimited capabilities of this tech trend. So, if AI isn’t properly regulated, malicious actors will have an upper hand in the future. 

Summary

The complete development of AI technology could be good or bad. Those slow to embrace this tech trend may find it difficult to compete. However, AI still has a long way to go to match human intelligence. This could even remain to be a mere fallacy. So, let’s focus on the benefits of AI and how to exploit it to mitigate its potential drawbacks. 

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