What happens when EVERYTHING is embedded with intelligence?
Today I’m launching a new blog series looking at the Top 20 Metatrends that will shape the decade ahead (2023-2033).
The first Metatrend is in the realm of AI.
Over the next 10 years, everything around you will become smart.
From AI and home automation, home healthcare AI, to AI and retail and AI-enabled supply chain…
This Metatrend is enabled by the convergence of 5G networks, embedded sensors, internet of things (IoT), networks, edge-cloud computing, and machine learning systems on the cloud.
The price of specialized machine learning chips is dropping rapidly as global demand increases. At the same time, expanding 5G networks coupled with ever-increasing compute on the cloud means we’re heading towards a future in which all devices in our environment will become connected, intelligent, and interactive.
Your child’s toy remembers his or her face and name. Your kids’ drone safely and diligently follows and captures video of all the children at the birthday party.
Sensors embedded in your clothing, furniture, and on your body are constantly monitoring your biometrics, the sound of your cough, the shuffle of your feet, and the tone of your voice to decipher your health and mental state.
Appliances respond to voice commands and anticipate your needs.
Your environment—lighting levels, music selection, desired temperature—will anticipate your needs, and respond “automagically” to your desires.
When everything is embedded with intelligence, it will impact nearly every industry: from retail and healthcare, to education and transportation networks.
In today’s blog, I’ll share 3 examples of how this first Metatrend is already showing up in our lives.
Let’s dive in…
EXAMPLE #1: WALMART’S EMBEDDED AI IMPROVES EVERYTHING FROM SUPPLY CHAIN MANAGEMENT TO FITTING ROOM TECH
The world’s largest retailer, Walmart, is using embedded AI in three distinct ways to improve both the company’s operations and the customer experience:
1. Improving its global supply chain
Over the next 3 years, Walmart will launch 4 next-generation fulfillment centers that will use machine learning and robotics to speed up the fulfillment process further. When combined with its traditional fulfillment centers, the company will be able to reach 95% of the U.S. population with next-day or two-day shipping.
AI has allowed Walmart to move from simply predicting sales demand (i.e., how much will sell that is already in the stores) to predicting consumer demand (i.e., what customers will actually want to buy) through analyzing data across channels: from Google searches to TikTok feeds.
2. AI-powered fitting room tech
Walmart’s dynamic virtual fitting room tech allows customers to shop for clothes online and see how a given item will actually look on them.
The company’s “Choose My Model” experience offers customers a choice of 50 models between 5’2” – 6’0” in height and sizes XS – XXXL. This allows customers to choose a model who best represents their height, body shape, and skin tone.
3. Conversational AI enhances the customer experience
Walmart’s “Text to Shop” technology is powered by GPT-3 and allows customers to text or say what they want and have the item automatically added to their cart. The digital shopping assistant platform leverages departments across the company, including Customer Care, and runs on both Google and Siri.
EXAMPLE #2: SMART TOYS WILL PLAY AN INCREASING ROLE IN KIDS’ DEVELOPMENT
The global market for smart toys is expected to grow from $12.4 billion in 2020 to over $54 billion by 2031.
Smart toys, powered by AI, can react to triggers, learn from interactions, and choose the way they behave with the user in accordance with pre-programmed patterns.
They allow kids to learn and play in new ways.
Here are a few examples of AI-powered toys for kids:
- Moxie by Embodied Robotics is an AI enabled robot that knows your kids name and face, and supports social-emotional growth in kids through fun activities and creative play.
- Artie 3000: Artie 3000 is a programmable coding robot that draws. It comes with a variety of games and can be programmed by kids to draw a variety of shapes and objects.
- Talking Tom Cat AI: This AI-powered robot records, responds to questions, sings songs, and much more. It’s easy to use and can repeat recordings back to the user.
EXAMPLE #3: AI WILL CONTINUE TO DISRUPT THE HOME HEALTHCARE MARKET
The home healthcare market was valued at over $330 billion in 2021 and is projected to nearly double to $635 billion by 2030.
Artificial intelligence will play the key role in this growth.
Here are 4 ways in which AI will improve the quality of home healthcare in the decade ahead:
- AI sensors for biometric-based triggers: AI-based sensors can be used to track a patient’s biometrics 24/7—even when they’re resting or sleeping. Everything from their heart rate and body temperature to the sound of their cough and the pace of their typing. AI will monitor their blood glucose levels through sensors and applications such as Levels Health.
- Diet monitoring through AI apps and devices: For example, take the need to monitor and manage diet and nutrition, critical for conditions such as diabetes. By using AI-powered imaging with software such as Passio.ai, AI can offer real-time recognition and AI-driven nutrition advice.
- AI voice assistants for updates and information: Future versions of today’s voice assistants (e.g., Siri, Alexa, and Google Assistant) will remind you to take your medicine, check your blood pressure, create and remember your medical appointment, or seek information about the nearest physician or symptoms for a disease. And as demand for telemedicine grows, AI-based virtual assistants will play an increasing role in providing care at a distance.
- AI in healthcare insurance: One of the key ways that AI is transforming healthcare is through insurtech. To provide customers (both potential and existing) better coverage, companies are using AI-based machine learning programs to collect data from wearable devices and previous patient records.
By tracking eating habits, fitness levels, sleeping patterns and more using devices with sensors, insurtech manages to not only offer better coverage but also mitigate risks for both the customer and the insurer.
We are living during the most extraordinary time ever.
My dear friend, cofounder, and colleague Ray Kurzweil predicts…
“We will see as much progress in the decade ahead (2023 – 2033) as we have seen in the past century (1922 – 2022).”
In our next blog in the Metatrends series (#2 of 20 Metatrends), we’ll dive into the notion that “AI will achieve Human-Level Intelligence.”
DOWNLOAD MY FULL METATRENDS REPORT
If you’re interested in what I think is *most important* for entrepreneurs, creatives, and leaders to understand over the next 10 years, then download my full Top 20 Metatrends & Moonshots Report for 2022 – 2032.
The 20 Metatrends are key topics I focus on during my annual Abundance360 Summit every year in Los Angeles.
Abundance360 brings together leading entrepreneurs and thinkers to show how these Metatrends are revolutionizing industries and redefining tomorrow’s generation of businesses.