Space Exploration and Other Future Multi-trillion Industries Powered by Artificial Intelligence
A decade ago most people were still grappling with the concept of Artificial intelligence. Machines that can think and act like humans! Unbelievable.
Well, the technology is no longer science fiction and it’s implications on our current economy have been tremendous. Businesses that have embraced it are thriving.
For instance, Amazon launched a cashier-less retail store, and immediately after its launch, Amazon stocks went up by 2.5%. Just like that, Bezos was $2.8 billion richer.
If that is anything to go by, AI is going to be responsible for the growth of multi-trillion dollar industries marching into the future.
While we can’t accurately predict the future, Covid 19 has taught us better, we have identified three industries that look set to grow exponentially by incorporating AI into their processes.
In 2019, the global space economy was estimated to be worth around $423.8 billion. This was before some major strides in the industry in 2020 such as SpaceX sending astronauts to the international space station.
We still have a long way to go before we can conquer outer space but, AI will help hasten the process. It is already being applied to identify potentially dangerous risks such as cosmic radiation and it has been key in discovering stars, galaxies, and just recently, two new planets.
AI is also going to contribute to the growth of the space industry through its integration into space mining. There are extremely valuable asteroids floating in space but the current mining technology is still underdeveloped.
Just recently, a NASA telescope discovered an asteroid that is estimated to be worth 70,000 times the world economy.
Some work still needs to be done before we can achieve full-fledged autonomous cars but, if current progress is anything to go by, it’s not a long way off. AI and IoT will play a big role in making it a reality.
Once full autonomy is realized, we are going to see the adoption of driverless cars in various transport sectors like public transport, courier services, and corporate transport such as escorting guests to restaurants.
The self-driving car industry is expected to be worth about $7 trillion by 2050.
When asked about death, Peter Thiel had this to say, “You can accept it, you can deny it or, you can fight it.” The PayPal co-founder has chosen to fight it. And, he is not alone.
There are countless companies in the market right now that are dedicated to curing death and, many of the world’s billionaires are investing in them.
The industry is estimated to have a current worth of $200 billion and this only includes non-therapeutics such as cosmetics and procedures.
The increasing acceptance of AI solutions in the healthcare industry will see doctors begin to entrust machines with designing drugs which will significantly reduce the medicine development cycle.
Doctors can also leverage AI to quickly analyze large amounts of data to identify patterns and insights that can save lives and increase longevity.