Artificial intelligence is becoming incredibly important to the modern economy. Analysts predict that the market size for AI tools and services will reach nearly $310 billion within the next five years. Hollywood has instilled a strong fear in society when it comes to embracing artificial intelligence. However, despite the movies, artificial intelligence is relatively safe and has already made its way into everyday life.
Artificial intelligence is the employment of algorithms and mathematical formulas placed into a computer to help replicate the human decision-making process.
These algorithms can make changes and predict issues likely to arise in the future. In other words, these kinds of programs make the world smarter. Although, to the dismay of some, it seems unlikely that our current adaptation of artificial intelligence will result in them taking over the world.
When it comes to the automotive industry, several companies have already embraced the technology. Artificial intelligence, in some instances, has made stocks rise. XPEL stock is an automotive stock to watch. They offer consumers automotive surface and paint protection, headlight protection, and automotive and architectural window films, as well as proprietary software.
Here is a list of several uses that artificial intelligence has in the current industry. Here are some of the likely changes to occur in the future because of it.
Production and AI
Robots have played a crucial role in the manufacturing of automobiles for some time. So, it should not be surprising to hear how artificial intelligence has influenced car production.
Currently, Hyundai, in their North American factory, had employed a wearable robotic device for their employees. In 2018, the backpack-style device, a chair-less exoskeleton, is believed to assist the body by decreasing muscle stress by almost 80%.
In other words, artificial intelligence is helping their employees work smarter by assisting in physical labor without removing the human from the equation.
In 2016, an artificially intelligent robot, designed by Otto Motors, was introduced as a way of handling materials. The intelligent self-driving robot can navigate any expansive warehouse.
In the future, it is likely to see similar technology applied for commercial use. In other words, it might not be too far-reaching to expect to see self-driving technology employees in the streets.
Transportation and AI
The concept of a self-driving car is not new. In fact, in 2015, Tesla employed the technology in their Model S car. It was called the “automatic driver assistance system.”
While the system is continuously updated and perfected, the technology remains at the forefront of most consumer’s minds. Currently, several car manufacturers are using similar technology in smaller forms.
For example, several brands offer advanced braking systems, parallel park assist, and more. This technology is not new by any means, but it is helpful to remember that this is only the beginning.
While it may be unrealistic, as of now, for a car to manage a social media page, it might not be in the future. As artificial intelligence continues to evolve, the possibilities for the future are limitless.
Vehicle Maintenance and AI
Some companies, like Predii, have introduced artificial intelligence into the vehicle maintenance system. Imagine that a car breaks down and instead of waiting for a mechanic to troubleshoot, the vehicle’s onboard system can diagnosis the problem and sends a replacement part.
Not only can the system order parts, but it can report issues happening to vehicles on the road in real-time. The applications of this technology can help with emergency services and more.
Insurance companies might also benefit from this technology by measuring and predicting driving habits for their clients. Driver and vehicle safety is a top priority and has been made easier with the help of artificial intelligence. And, still, these are early adaptations of the technology.
The Future of AI
It’s hard to say what the future will look like, but all projections suggest that artificial intelligence will be extremely common within vehicles.
It is not unlikely to see fully autonomous vehicles driving passengers on the freeway or in developments. This technology is being used not and will likely receive a greater embrace by the general public in the near future.
While it may be unlikely that smart cars using artificial intelligence will attempt to take over the world, there are some concerns about them. For example, what will the infrastructure for driving look like in the future?
While it is hard to say definitively, it is also likely that artificial intelligence will play a key role in solving that problem as well.