The Future of Artificial Intelligence: ChatGPT
Technology is driving the world towards automation. Along with the most innovative technologies, Artificial Intelligence (AI) has gained increasing interest from global investors due to its wide applicability to a various range of industries. The most relevant implementation is towards the field of healthcare, to analyze medical images, assist in diagnosis and treatment plans, and predict patient outcomes; or finance, for fraud detection, risk assessment, and automated trading.
The term Artificial intelligence (AI from now on) refers to the ability of machines or computer systems to perform tasks that normally require human intelligence, such as understanding language, recognizing patterns, and making decisions. AI systems can be trained to perform a wide range of tasks, including data analysis, image recognition, language translation, and decision-making, depending on the specific type at stake. First, narrow or weak AIs are designed to perform single tasks or functions (e.g. facial recognition or language translation), while general or strong AIs can mock the whole spectrum of human intellectual activities, and they are even capable of adapting to changing situations and learning new tasks. Moreover, “supervised learning” AIs can make predictions based on a large dataset of input and output data, while “unsupervised” shall discover patterns and relationships among a set of input data only.
Since AI is likely to deeply impact the economy, this article will focus on its main challenges and opportunities, starting from the automation sector. Indeed, AI technologies such as machine learning algorithms and robotic process automation (RPA) can substitute tasks and processes that were previously performed by humans, with relevant increases in efficiency and productivity, as well as in cost savings for companies. However, it might also affect traditional employment models and displace human workers, which raises important questions about the need for policies and programs to support workers and provide for fair employment conditions.
On the other hand, AI may help create new industries and job opportunities, resulting in new markets and demand for AI-related products and services. This enhancement could lead to the emergence of new industries and job opportunities in fields such as AI development, data science, and machine learning engineering. Furthermore, AI is supposed to reshape international trade and globalization. For instance, AI technologies will facilitate goods displacement and services across borders, while they could simplify international business operations. However, some concerns are rapidly spreading about its potential for exacerbating global economic inequalities, as countries with advanced AI capabilities may have a competitive advantage in the global marketplace.
The size of the artificial intelligence (AI) economy has significantly grown in the last few years, and this trend is expected to go on in the next. MarketsandMarkets stated that the global AI market was valued at $24.9 billion in 2021 and is projected to reach $190.61 billion by 2025, at a compound annual growth rate (CAGR) of 59.5% during the forecast period. Moreover, according to Bloomberg data, AI will add $15.7 trillion to the global economy, while PriceWaterHouse Coopers says that the global GDP will be 14% higher in 2030 thanks to the implementation of artificial intelligence technologies. The growth of the AI economy is being driven by a number of factors, first of all the increasing adoption of AI technologies in several industries, including healthcare, finance, retail, and manufacturing. The more AI technologies become advanced and cost-effective, the more businesses are incorporating them into their operations to improve efficiency, reduce costs, and gain a competitive advantage. On the other hand, the growth of the AI economy has been significantly improved by the increasing availability of data and the development of advanced AI algorithms that can process and analyze it. The proliferation of connected devices and the rise of the internet of things (IoT, which refers to the network of physical devices, vehicles, home appliances, and other objects that are embedded with sensors, software, and connectivity, enabling them to connect and exchange data) are generating vast amounts of data, which can be used to train and improve AI systems.
In November 2022, the AI world drew unprecedented attention to the chatbot launched by OpenAI: ChatGPT. It is a natural language processing (NLP) model which is designed to enable chatbots and other language-based applications to have more natural and engaging conversations with humans. It is a variant of the popular GPT-3 language model, which was supposed to generate human-like text by predicting the next word in a given sequence based on the context of the previous words. One of ChatPGT’s key features is its ability to generate coherent text by maintaining a consistent topic and style throughout a conversation, even when it covers a wide range of topics. As a consequence, ChatGPT could be particularly useful for those apps requiring long-form text generation, such as chatbots, virtual assistants, and automated customer service systems. Moreover, it can also perform other NLP tasks such as language translation, text summarization, and entity recognition, which makes it a valuable tool for several language-based applications.
As a matter of fact, AI technology like ChatGPT can impact a dramatically wide range of economic fields and industries. For instance, as far as customer service is concerned, chatbots powered by ChatGPT can handle routine queries and provide information to customers, freeing up human employees to focus on more complex issues. With these regards, this technology has been tested by various companies, as the digital contract management startup Ironclad has implemented ChatGPT to summarize legal contracts. In the healthcare industry, ChatGPT and other AI technologies can assist doctors and nurses by analyzing patient data and providing treatment recommendations. Finally, when it comes to education, AI might design personalized learning experiences by tailoring content to their individual needs, interests, and cognitive biases.
Even though the potential benefits of these technologies are clear, one shall not neglect their risks and ethical implications. First, the high concern is spreading for AI to automate certain jobs and potentially displace human workers. Thus, it is important for policymakers and industry leaders to carefully consider the potential impacts of AI on employment, and to ensure that workers have the necessary skills and resources to adapt to a changing job market. However, the chatbot’s release has shown a possible solution: the opportunity for a human-machine hybrid work.
In truth, humans could control AIs implementation and development to check eventual mistakes: in this way, the interaction between artificial intelligence and people’s skills could enhance the potential benefits, while also preventing possible general layoffs. On the other hand, AI might perpetuate biases that are present in the data used to train the models, which could lead to unfair or discriminatory outcomes, especially if the AI is being used in decision-making processes such as hiring or lending. Regarding the results and texts which happen to be inaccurate and wrong, Stack Overflow (a coders forum) has banned the answers given from ChatGPT as they “have a high rate of being incorrect”. Therefore, it is important for AI developers and users to be aware of these biases and to work to mitigate them in order to ensure fair and ethical outcomes.
While Artificial Intelligence poses great foundations for future potential, as a disruptor in industries such as manufacturing, content creation, and healthcare, it also brings some downsides, as it seldom happens with great innovations. The future of GPT and other natural language processing technologies is likely to involve further advances and improvements in their capabilities. For example, GPT and similar models may become more accurate and efficient at language tasks, and may be able to handle more complex and diverse types of language and text. Additionally, the integration of these technologies into various applications and systems is likely to continue, enabling more intelligent and efficient communication and information processing. However, the exact direction and trajectory of these technologies will depend on a variety of factors, including advances in research and development, as well as the needs and priorities of users and industries.
ChatGPT potential applications are endless. It could be used to enhance customer service by providing instant, accurate responses to customer inquiries. It could also automate tasks and save time for busy professionals, allowing them to focus on higher-level tasks. Overall, ChatGPT represents a major advancement in the field of natural language processing, bringing us one step closer to having a human-like conversation with machines. We can't wait to see what the future holds for this exciting technology.
Sources
“Why tech insiders are so excited about ChatGPT, a chatbot that answers questions and writes essays” Jonathanvanian
“ChatGPT Is a Tipping Point for AI” https://hbr.org/2022/12/chatgpt-is-a-tipping-point-for-ai
“Analysis | Is ChatGPT the Start of the AI Revolution?” Bloomberg
“Artificial Intelligence” BCG Consulting Report https://www.bcg.com/capabilities/digital-technology-data/artificial-intelligence?utm_source=search&utm_medium=cpc&utm_campaign=digital&utm_description=none&utm_topic=ai&utm_geo=global&utm_content=ai-in-action&gclid=Cj0KCQiA45qdBhD-ARIsAOHbVdFfjRfBpCSV-Q0-TcOQDJCnEb-j27jxJSOQ6g3I9imbBSrZKq_6dR4aAlVUEALw_wc