“It’s when you are thinking too small that you pretty much guarantee yourself a pretty small future!” – Futurist Jim Carroll
Twice a month, I update my many speaker bureau partners – there are in excess of 40, companies who have booked me at one time or another over a 30-year career – on things I’m seeing related to the topics I cover.
I sent them an update yesterday, and here’s a bit of a rewrite turned into a post! The key point? One I made earlier in the week – in this year of “All AI all the time,” we need to realize that the AI trend is even bigger than all of us think. This time, I dug out some fascinating numbers to emphasize the point. Maybe everyone is thinking too small! Here are some points to ponder.
- Spending on AI in manufacturing is going to go from $6.6 billion in 2022 to $178 billion by 2030. Little of that has to do with ChatGPT.
- Spending on AI in healthcare, medical sciences, and pharma was about $10 billion in 2022 but is expected to be between $87.4 billion and $177.4 billion by 20230. Little of this has to do with ChatGPT.
- Spending on AI in insurance is going from $2-3 billion in 2022, to between $30.7 billion and $67.9 billion by 2030. Little of this has to do with ChatGPT.
- Spending on AI in the construction industry? From $1.3-2.1 billion in 2022 to between $11.9 billion and $23.1 billion by 2030. Little of this has to do with ChatGPT.
- I have similar numbers for virtually every other industry.
Do you see the trend here? What’s the point?
Everyone in every industry will be dealing not only with the impact of ChatGPT – but with the massive, disruptive, transformative industry and skills change that goes far beyond what you are seeing right now. That’s why I keep hammering the “AI Megatrends” theme – the stuff beneath the surface, the trends you are not seeing right now. With that in mind, you need to know that the acceleration of AI is not just about the technology; it’s not just about ChatGPT; it’s the transformative and disruptive concepts involving such things as predictive diagnostics, autonomous technologies, and machine vision, the hyper-connectivity of intelligent devices, the integration of AI into robotics and virtualized digital twin technologies, workforce and process augmentation technologies, virtual knowledge assistants, real-time risk monitoring, product reinvention, and transformation through embedded AI, and so much more.
Where does this take us? Into a world of BIG change. In the world of insurance, spending on AI has to do with the fact that we are shifting the way that we assess and underwrite insurance risk from looking back in time to looking doing it in real-time or even looking forward. This is being done by using sophisticated AI risk analysis tools – and that’s but one small aspect of the role of AI in the industry. In the world of healthcare sciences and medicine, AI has already had a profound impact. We are embedding it into medical device technology, using it to identify disease earlier, undertaking highly specialized pharmaceutical research, and more. The opportunity going forward is massive. In the world of construction, we are using AI in digital twin technology, virtualization of processes, heads-up display technology, and more – and in essence, using AI as one part of our toolkit to fundamentally; change how we build things. In the world of manufacturing, it’s about predictive diagnostics, process monitoring, layering AI into IIoT (The Industrial Internet of Things), and more. It’s about the smart factory, the Factory of the Future, Factory 4.0.
None of these megatrends has anything to do with ChatGPT. They have everything to do with the AI Megatrends. At this very moment, you need to move your mind beyond ChatGPT to think even bigger – because you are probably thinking too small. There is so much more going on. Go back and look at the numbers above. Now think about what this represents, and what it means to your corporate team or association or professional membership. Your industry is being transformed by AI; your education skill set is being massively impacted; your structure is changing. Let me give you but a few examples.
No doubt, ChatGPT, and large-language models are tremendously exciting – there is so much happening, and they will have a PROFOUND impact on everything we do going forward. But I’m willing to bet you aren’t thinking about the AI Megatrends – the things are found behind the staggering numbers above. You need to think beyond ChatGPT; you need to think bigger; you can’t be small. You need to understand how AI is redefining your industry, profession, company, and career – and what you need to do about it. Because this is big, and getting bigger.
A few years ago, one of my books, The Future Belongs to Those Who Are Fast, outlined in clear terms why one of the most important things anyone should do today is to align with the new world of speed.
Maybe I should do a second edition, titled “=The Future Belongs to Those Who Live in Hyperspeed. It’s bigger and it’s faster.
WAY bigger. WAY faster!