Why Is AI Important In Healthcare

AI has the potential to make the world better and already has a market projected to reach $70 billion by 2020 (Simonite). Some industries, more than others, have massive potential for AI integration. Many experts consider AI as the fourth industrial revolution and many industry leaders are betting big on its massive potential. In terms of productivity, logistics and distribution and health care are the two industries with the most potential. The logistics and distribution industry is a massive industry with a combined revenue of about $8 trillion (Down). The use of AI and machine learning can help improve efficiency in the coordination of billions of products through the global shipping network. AI also has massive potential in the healthcare

In fact, in a recent paper, John Fernald, an economist at the Federal Reserve Bank of San Francisco, found that the last 5 years saw close to lowest productivity growth ever measured in the United States (Rotman). The last time there was significant innovation was during the second industrial revolution, which began in the United States in the late 19th century after the Civil War and was “sparked by an array of innovations and inventions like the railroad, telephone, Bessemer process, among others” (Britannica). The transcontinental railroad changed the lives of many Americans as Americans would be connected across the country and this allowed people to get produce and meats from different parts of the country. Roads, steamboats, and the Erie Canal also linked previously isolated communities together. The new methods of transportation created a domestic market for raw materials and manufactured goods. Astonishingly in just the year of 1879, Thomas Edison tested the first lightbulb, Karl Benz invented an internal combustion, and David Hughes transmitted a wireless signal which led to an unprecedented growth in the economy and health and standard of living for Americans. This industrial phase transformed America’s economy into its modern urban-industrial form. This economic revolution during the Second Industrial Revolution was unique in human history due to the fact that most of the achievements could happen only once. Today’s second machine age has the potential to replicate the effects of the industrial revolution by connecting most people on the planet via a common digital network which mirrors the surplus of innovations and inventions during the Second Industrial