A number of technological revolutions have unfolded throughout history, starting with steam power, followed by electricity, electronics and finally, IT. Now, we find ourselves in the midst of the fourth industrial revolution (4IR), where digital, physical, and biological technologies such as AI, blockchain, and IoT are revolutionising every aspect of our lives.
AI, in particular, stands out as a game-changer. It is enhancing how businesses connect with customers and deliver services. Companies are increasingly embracing AI to enhance productivity and reduce costs. For instance, the use of chatbots is experiencing a surge in the finance sector, simplifying processes for customers.
Experts project that AI could contribute a staggering $13 trillion to the global economy by 2030, equivalent to the combined economic output of India and China. Forbes has noted that AI is already disrupting industries like customer support and cybersecurity.
In Bangladesh, AI is also making significant strides, with a growth rate of 7.1 per cent and the potential for a 45 per cent increase in gains. The IT sector is thriving, and automation is becoming commonplace in industries such as banking, telecom, and garment production. However, there is still considerable room for improvement, particularly in sectors like agriculture and construction.
In sum, AI is fundamentally altering the economic landscape on a global scale. So it is time for industries to embrace this revolution.
Samantha Rahman,
Student,
North South University, Dhaka,
samantha.rahman@northsouth.edu