How Artificial Intelligence Is Revolutionizing Industry Around the World

Artificial Intelligence seems like something distant and unrelated to our lives. Fueled by science fiction, for many people this technology brings to mind highly intelligent robots that will replace humans in any task or even subjugate the human race.

Nothing could be further from the truth. Artificial Intelligence (AI) is here to revolutionize our lives and is already being used in many fields, with effects that can already be felt in our daily lives. And we’re only at the beginning of this revolution.

According to the report “Artificial Intelligence Market 2020–2027,” published by Fortune Business Insights, AI is playing an increasingly important role in various industries, and the the global market for this technology is expected to reach $267 billion by 2027, contributing $15.7 trillion to the global economy by 2030.

The current landscape, however, is quite varied: some companies are still in the early stages of implementing this technology, while others have already taken their first steps, and still others are already reaping the benefits.

Brazilians See the Benefits of AI

Currently, artificial intelligence is being used for a variety of purposes: to boost productivity, improve the customer experience, speed up decision-making, generate new revenue opportunities, and enhance efficiency.

Brazilians view technology favorably. An Ipsos survey for the World Economic Forum, published in January, reveals that 57% of respondents believe that services and products based on Artificial Intelligence offer more advantages than disadvantages; meanwhile, 51% of respondents say that, over the past five years, their own lives have been profoundly and positively impacted by products and services that use AI.

Brazilians are also very confident about the future of this technology. The same survey shows that 61% of respondents believe that AI will bring about profound changes over the next five years, while 65% believe that the use of artificial intelligence makes everyday life easier.

How the Pandemic Accelerated AI

A trend that was already on the rise received a further boost during the pandemic. The report *Keys to Successful Innovation through Artificial Intelligence*, published by the Harvard Business Review, states that the COVID-19 pandemic forced companies across all sectors to revamp their operations and invest in technology.

Many companies had to adapt in a hurry, either by creating new systems or by rapidly scaling up projects that, for one reason or another, had stalled or fallen behind schedule.

A Harris survey shows that 55% of companies accelerated their AI implementation strategy in 2020 because of COVID-19. Meanwhile, a survey by NewVantage Partners found that nine out of ten industry-leading companies invest in artificial intelligence, although only 15% of them actually use it.

This difference is due in part to the fact that many companies do not fully understand the potential of this technology or do not have clear strategies for achieving their goals.

According to professors Marco Iansiti and Karim Lakhani of Harvard Business School, “AI-driven processes can be scaled much more quickly than traditional ones” and “can be integrated with other digital businesses to create powerful opportunities for learning and improvement.”

Implementing AI, however, can be a winding and even difficult path for companies. According to the two experts, the first step is to identify a specific problem and, from there, develop a strategy to solve it. Next, it is necessary to democratize access to data so that everyone working on these projects can benefit from its use.