5 Trends Reveal Exciting Opportunities

Original article was published by Zidor on Artificial Intelligence on Medium


AI — Artificial Intelligence

Almost everything we touch and see today is being and will be affected by the growth of Artificial Intelligence (AI). Healthcare, transportation, and education is already being affected, but AI will creep into every area of our lives. This is mainly due to increasing processing power and much larger data storage then we thought possible even several years ago.

All companies will employ AI related occupations consequently creating a dramatic rise in the need for employable related talent.

Dangerous and routine work will be the first that will be automated. However, as technology advances the scope will only increase. Jobs will disappear, change, and be created as our world becomes more and more automated.

The vast majority of executives are planning to increase AI investment over the next several years, with almost half of new companies planning to implement AI. Automation will affect and even put at risk nearly half of North American employment in the next decade. Interestingly, OECD countries having far less automatable jobs, will be far less affected.

What does this mean

We will become far more accustomed to AI through our work and daily lives. Already we are working with AI lawyers, AI doctors and other AI assisted services.

Skills in digital fields already have become a foundational ability that will be complemented by broader applications. Demand for trained computer science, math, statistics, and economics-based applications will far exceed supply. Language and educational programs will be exponentially created to support AI learning and training.

Virtual Reality + Augmented Reality

Virtual reality (VR) enables individuals to see the world from a different point of view and engage with people and places in ways that would otherwise not be possible.

Augmented reality (AR) provides information that is layered over the real world to provide something new.

These technologies will change the way the whole world will work, learn, interact, and experience the new worlds they live in.

They will immediately present an increased need for skilled developers to build and maintain this technology.

In person experiences in all aspects of life (e.g. tourism, retail, personal meetings) will decline as people opt for in home experience through VR and AR.

Demand for health and wellness service will spike as people spend more and more time with their VR headsets and reduce physical activity to possibly dangerously low levels.

Virtual reality software markets will skyrocket in value in the near future with augmented reality users far outpacing virtual reality users.

Currently, companies are already using AR to train workers on the job. Healthcare is using VR and AR to train medical residents and help surgeons prepare for surgery. VR is being used by the military to treat PTSD. Even the film industry is using VR to help actors assume new roles. It is being used to assist the interior design industry along with a growing importance in mechanical engineering, building systems, architecture, and education.

What does this mean

Increased competition for jobs with employers gaining access to global talent that was not available.

New opportunities for workforce training and mentoring which will influence existing education and training models.

Working from home and being able to interact face to face with the employer. Possibly a serious drop in travel either for work or vacation since VR headsets can be purchased instead of airfare.

Healthcare costs will increase due to a less physical lifestyle resulting from inactive VR experiences.

3 D printing

This technology is still at an emerging stage with enormous potential. Printing on-demand custom items will upset supply chains, increase speed to market, offer products at lower cost and provide an outlet for infinite creativity. From disaster relief shelters, to clothing, food, and human organs, 3D printing could change the way we produce and consume goods in the future.

Manufacturing will shift to become less reliant on human labour with large manufacturing crews replaced by single machines and shortened time to complete jobs. Physical factory space will be reduced because products are printed in one piece on one machine.

The retail sector could decline and be replaced by plans and machines where individuals can print their own products. This could impact many sectors including healthcare, construction, and food.

Companies currently using 3d technology have already made decisions to increase investments in it. Global 3D markets are projected to multiply ten times over the next 5 years. Scientists have already developed a new method which enables 3D-printing of living tissue.

Various companies are projecting they can revolutionize the way that homes are built using a self-made 3D printing rig. They claim this rig can build a home in a little more than 30 hours. It is easy to see how this could be used as a solution for people without shelter.

Fashion designers have unveiled shoes and clothing made via 3D printing. Some experts foresee a day when we could print customized garments right in the store, or maybe even from 3D printers in our own homes.

3D food printers already make both savory and sweet foods with fresh ingredients. Machines are already in production but not commercially available.

What does this mean

3D printed human organs could become accessible and affordable for everyone, extending lifetimes dramatically.

Artists will create things that could only be imagined previously since they would not be held back by cost or time.

Custom homes in the future could be accessible to many more people, costing $50,000 to build instead of $500,000.

It would also seem possible that as the cost of 3d printed products decrease so will handmade products increase in value.

Lifetime learning and working in retirement

Lifespans are increasing dramatically. Longer living forces people to work extended years to support their financial needs. Concurrently, the pace of progress demands ongoing learning abilities. Learning will have no start or end date and be governed by increasing AI induced methods. University educations will become less and less important. And even more so since many future jobs have not even been thought of yet.

Working seniors will need continuing support. Household responsibilities, physical care, and transportation will all increase to accommodate. Retiree directed activities could become less needed as leisure time will not continue to grow as expected. It would make sense that learning products and services would be more in demand with the possibility of this being provided by employers.

Over half the men working in North America in some form today are over 65 years of age. According to census takers the share of people over 65 are now greater than the share of children.

Skills are changing faster than traditional education is keeping up. Individuals will be in school for their entire lives. Google, Apple, and IBM are no longer requiring applicants to hold a college degree.

People no longer expect to stay in one job for life . Scientists have already proven there are “super agers”, people who are 80 years old but have the cognitive health of people who are 30 years old.

What does this mean

There will no longer be a retirement age. The concept of retirement will change from a leisure lifestyle to a working retirement from necessity. Grandparents will have less ability to take care of grandkids making childcare more in demand.

College and university campuses will become more age diverse with courses and degrees becoming far more personalized. Companies might create their own onsite postsecondary institutions to provide on the job training. They could potentially offer learning augmentation technologies as employee perks.

People may not be willing to take on student debt without demonstrated value and may want to be paid to learn. Brain enhancements may make it seamless for individuals to participate in ongoing learning.

Declining Capitalism

Roughly half of the population under 40 are indicating they no longer support capitalism. Their concerns are related to fairness, inequality, and the creation of value at all costs. Millennials (24–39) and Gen Z (17–23) may start to demand a new and better economic system and push for a new financial approach to replace capitalism.

Declining support for current economic norms could lead to radical changes in the rules governing markets, resulting in changes in consumer behavior, worker rights, worker-employer relationships, company behavior and growth patterns, and overall income distribution.

Those entering the workforce today are far less likely to earn more than their parents when compared to children born two generations before them

What does this mean

Life could slow down if people have greater focus on sharing, bartering, and community benefit and less on advancing individual interests.

New political parties may be created to respond to this sentiment.

There could be public unrest, including marches and walkouts as people navigate the transition to a new economic system.

The desire to support local and smaller companies may increase, resulting in the destruction of the trillion-dollar company.