AI Forecast: Industries we can expect to transform by 2030

Since the grand entrance of large language models (LLMs) and generative AI into the world, we’ve seen many industries transform before us – enabling new and innovative use cases within customer operations, marketing and sales, software engineering, as well as research and development. 

The industries that have been quick to adopt these technologies are banking and finance, retail and eCommerce, media and marketing, and IT. And they’ve seen astonishing results. 

But it seems AI and machine learning are only getting started. 

Research shows that generative AI has the potential to generate $2.6 trillion to $4.4 trillion in value across industries. And that 50% of the work activities that took place in 2023 could be automated by 2060. 

The adoption of AI and machine learning that we’re experiencing today is only the beginning – and it will trickle into more industries as we see further developments and even more use cases. 

But to understand the effect these technologies will have on industries that require heavy human involvement like education, law, social work, and the arts, let’s first look at why businesses are turning to these solutions and some of the positive outcomes we’ve seen so far. 

From internal processes to customer communication – conversational AI, generative AI, and machine learning technologies have helped businesses automate various parts of their operations, resulting in higher outputs, lower costs, and ultimately higher ROI. 

The key areas of AI for business use can be summed up into three benefits: 

Piecing these parts together, industries of all sizes have started to transform with a wide range of new use cases which businesses can implement internally and externally. And the payoff often leads to increased revenue, lower costs, and higher customer satisfaction. 

Here are a few of the most popular ways AI is used in the business landscape today: 

Let’s look at the impact AI has had on the industries that are in full swing of its adoption: 

The banking and finance industry has always been pinned for sticking to traditional forms of operation. But AI has changed the game with chatbots, virtual assistants, and personalized banking to name a few examples. 

Cloud-based AI solutions have made it easier for banks to: 

A good example of an AI-first bank is Capital One, which released its NLP virtual assistant, Eno, in 2017 to serve customers through its mobile app, on its website, and via SMS or email. Customers can contact Eno to check their bank balance, track purchases, pay bills online, and monitor their accounts. 

The virtual assistant also doubles as a fraud alert tool and is set up to prevent potential card fraud by creating virtual card numbers (VCN) for specific merchants. Eno automatically fills payment pages and forms with these virtual numbers to simplify the process and increase security for customer accounts. 

Neobanks, banking platforms that operates exclusively online, have also entered the market, providing customers with AI-powered experiences that are accessible and easy to use.  

Blink is a neobank that has a vision to drive innovation in the market and tackle financial inclusion in the region. It was born out of a simple belief: money is meant to be easy; it’s meant to work for people, and not the other way around. 

Retail and eCommerce brands are tackling their own unique set of challenges related to customer service, product inventory, and marketing campaigns with AI, using it to: 

The healthcare industry has seen some of the most transformative use cases when it comes to AI. From medical diagnosis to drug discovery and virtual checkups, AI has filled gaps in healthcare faster than we could have imagined. 

Here are the most common ways healthcare organizations use AI technology for the greater good: 

The industry-wide results are remarkable, making healthcare more accessible and accurate. 

We’re expecting AI to shift the insurance industry from a “detect and repair” to a “predict and prevent” model in the next few years. But that’s not to say we haven’t seen big strides in the right direction. 

AI has simplified the long and tedious processes that come to mind when we think of insurance: processing claims, sending documents, making regular payments, and renewing policies. 

Conversational channels powered by AI cut time for these processes in half, enabling two-way real-time communication where clients can share pictures, videos, and documents all in one place. With the vast amounts of data insurance companies hold, AI technology makes it easy to personalize and tailor products, services, and communication to yield better business outcomes. 

But these are not the only industries taking an AI-first approach. Soon, we’ll see knowledge work industries including education, law, the arts, and social work, take on new use cases and adopt this technology as well.  

Here’s how we can expect AI and machine learning to affect these industries: 

We can expect to see more immersive learning experiences within the next few years. From AI-driven tutors that provide one-on-one chat assistance and mimic a human tutor to virtual and augmented reality (VR/AR) that will create interactive experiences for hard-to-understand subjects. 

We can also expect hands-on learning and gamification to increase student motivation and engagement, while real-time translations and speech-to-text tools will make education accessible and inclusive for all.

Teachers, however, will benefit from AI automation for grading tests and assignments, tracking attendance, and monitoring classroom behavior. 

Admissions processes and application analysis for higher education will also be streamlined as AI sorts through them more efficiently, analyzing data and providing predictive insights to optimize enrollment strategies. 

The legal services industry consists of a wide range of practices and specializations, and AI can help any or all of them. 

With its power to process vast databases, AI will be able to: 

How will this help? Lawyers will be able to build stronger cases, advise clients more effectively, improve customer satisfaction, and offer more affordable services. 

Generative AI changed the perspective of AI in the arts industry, since now it can create original content. What might this look like in the future? 

Artists will be able to use AI to generate ideas, create new forms of arts, and explore innovative techniques. It will also be able to provide inspiration and suggestions to artists painting, composing, or writing. And leveraging its data, AI systems might be able to create its own original work, too. 

From a business perspective, artists can use AI to analyze market trends, predict the value of their artwork, and get recommendations for pricing – optimizing sales and marketing efforts. 

They can also increase engagement with AI-powered personalized recommendations and interactive art installments that respond to movement, voice, or emotions. While museums and galleries might take a new form through augmented reality experiences, interactive guides, and personalized tours. 

Artists with accessibility barriers will likely experience greater inclusivity as we can except AI to help visually impaired artists create and engage with visual art through tactile interfaces and audio descriptions. 

AI’s impact on the social work industry is expected to result in greater efficiency, better client outcomes, and data-driven decision-making. Here are some key changes we can expect to see in the next few years: 

These changes through AI will help social workers become more proactive, data-informed, and client-centered, leading to more effective and efficient social services. 

Charities and non-profit organizations will benefit from AI-powered tools, too.  

We’ve seen many industries take strides forward regarding AI adoption and innovative use cases. But there is more to come. 

Industries that rely on heavy human involvement will begin to incorporate the data processing, predictive analysis, and automation AI technologies offer to create immersive experiences alongside the emotional understanding and critical thinking that humans provide.  

Education, law, social work, and the arts are all on the road to transformation through AI. And as new use cases are realized, these customer experiences will continue to grow even more connected, engaging, and powerful.