AI’s Future Impacts on the Global Economy
Experts expect major impacts on the global economy in the future thanks to AI expansion. Yet, experts warn that not all these impacts will benefit the economy or families. Experts must consider the downsides to AI expansion to remain ethical. Only by doing this can they also find ways to reduce any negative impact.
Artificial Intelligence, such as image and video annotation, can:
- Increase economic growth
- Create larger gaps between developing countries
- Shift the labor market in one direction
- Perpetuate further inequality between individuals and communities
Despite some drawbacks, experts are developing long-term solutions to these concerns. Experts can potentially reduce negative effects by anticipating them and developing solutions. Side effects prediction will help AI expand globally without causing major global disruption.
AI Video Annotation Can Contribute to Economic Growth
Machine learning video annotation can primarily impact the global economy’s growth. By using AI, society can become safer and jobs more efficient. Since AI can do more work with less time and effort, employers can save money in the long run. Companies can also cut employees’ salaries. Since AI will be able to do their jobs for them, there is no reason to hire more expensive and less efficient humans.
A recent study estimates that AI will increase global economic activity by $13 trillion by 2030. Experts determined this by using the current rates of AI progression, such as video annotation services. This amount could fluctuate depending on the progress made in various industries. Some of these industries include automotive, medical, and transportation.
AI Can Cause Gaps Between Developing Countries
Though AI can increase the global GDP, it can cause issues within and between countries. For one, the gap between developed and developing countries may grow wider. AI will likely only be available in developed countries due to its high cost. A lack of this technology may also slow other aspects of the country's development. This is yet another challenge underdeveloped countries must face.
Developing countries will take longer to achieve AI technology than other countries. The inability to meet AI video annotation deep learning may also impede international relations. This could further keep them undeveloped and prevent future opportunities for development.
To combat this, some experts have suggested AI donations to undeveloped countries to level out the playing field. Developed countries could donate funding or technology to countries in need. This could also establish beneficial relationships between countries for future work. Countries on the receiving end of donations could use that technology to give back to others. They could also collaborate with other countries to develop AI further.
AI Can Shift the Labor Market One Way
The expansion of AI can also shift the current labor market. Since AI can perform various tasks currently performed by humans, AI may replace some human positions in the future. Future generations will have to change their job trajectory with certain jobs obsolete. This can impact families and the economy, as workers may be unable to find employment in their field. These workers will have to compete with a flooded market for other jobs.
Expanding AI also means the world needs more workers capable of handling it. Employers will consider applicants with AI experience more than those without. Since most future companies will use AI, workers will need training in AI to work in this growing field. The ability to work with this technology is essential for future generations. Successful companies will also need enough funding to afford AI for their workers. Without AI, new companies will have difficulty competing in the market.
AI Can Result In Further Inequality
Finally, the widespread development of AI can also lead to further inequality. Countries with greater funding can take on more AI technology than those without. This can result in trade issues between countries and fractured international relationships.
The need for more AI work can also lead to inequality between socioeconomic groups. AI positions need significant education and training for success. Those with fewer educational opportunities may be ineligible for this growing field. This can also lead to issues between communities. Since individuals with greater income can afford AI, they have more opportunities to use AI than those that cannot.
Experts Cannot Predict the Full Impact of AI
Though experts believe AI can result in these potential impacts, nothing is certain. It is possible that these effects will still occur but on a smaller scale. Currently, AI experts are developing AI that would work alongside human workers.
Some experts suggest that this would be more beneficial in the long run than replacing them. Other solutions outside of the AI field could also ease some of these concerns. This would include colleges and training centers offering educational opportunities to underprivileged groups.
Only time will tell how artificial intelligence video annotation will impact the economy. In the meantime, global industries are working to use AI to improve their products. This also includes increasing safety in the workplace and making work more efficient. A safer workplace can reduce stress and injuries, which results in happy workers.
AI video annotation, image annotation, and labeling annotation contribute to the world of AI. Though AI can have some beneficial impacts on the global economy, it can cause some negative ones too. As AI technology advances, experts must consider these potential side effects. In the future, Keymakr will use our video annotation services to contribute to a world where AI is for everyone.