Written by: Michael Curcurito & Matt MacDonald, CISA
Significant innovation platforms are converging to create unprecedented growth in technologies that are critical for the future. As we have experienced technological enhancements to retail in the last few decades, such as smartphones, smart wearables, and other smart devices, we are still in the midst of an important innovation era. This time period will be crucial in supporting widespread business economies to create “super technologies” through artificial intelligence (AI), public blockchains, robotics, energy storage, and multiomic sequencing.
According to ARK Invest, artificial intelligence and neural networks are the most important catalysts in taking these other technologies and making them actionable together. However, there are several other technologies that serve as launch pads for innovation. With the support of artificial intelligence, we can expect to see rapid technological transformation that will make humans more productive with their time, create efficiencies across workloads, and improve decision-making capabilities with new infrastructure.
As machine learning continues to improve due to the technical convergence of artificial intelligence, old and new tasks will increase in automation. Looking at the image below, we can see the difference of 25% of historical tasks and 57% of new tasks that are executed better with a robot through AI language than a robot without AI.
As we look toward the future, there are endless potential opportunities to help individuals through the support of machine learning and autonomous AI infrastructure. ARK Invest makes the case that innovation platforms could carry more than a 40% compound annual growth rate compared to traditional equity markets over the next decade.
However, as there are two sides to every coin, technological convergence has its downsides, as well. As people may over-rely on the new tech of “super technologies,” they could lose their ability to think for themselves with a human sensibility. It is important to maintain our humanity as we advance with these technologies and find a healthy mix of leveraging new technologies with a deft touch.
This is one piece in a series covering ARK Invest’s “Big Ideas” for 2023 — head to our table of contents to read more!
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