The 9 Industries most likely to be disrupted by AI in 2024

To understand AI's disruptive potential - we need to get specific

Photo by Soheb Zaidi on Unsplash

You hear a lot about AI disruption, but what does it really mean?

Only when we consider specific industries, can we really understand what AI disruption might mean, and, how that disruption might actually happen.

Indeed, there will be some areas that might hardly be impacted by AI at all.

So which areas and industries are most likely to be impacted?

In this article, I summarise key findings of my research into the 9 industries most likely to be impacted by AI this year, and how.

Some of these areas may not surprise you, however a few might, and especially the reasons why some industries are likely to be disrupted by AI are not always obvious. 

I was certainly surprised by a few of these findings.

So let's get into it...

1. Healthcare

AI is poised to revolutionise healthcare through predictive analytics, personalised medicine, and improved diagnostics.

According to Spiceworks, AI could enable "predictive healthcare" by analysing patient data to make proactive health decisions.

The International Monetary Fund (IMF) also notes that AI could impact up to 40% of jobs globally, with healthcare being a key sector affected.

While the deployment of these use-cases to healthcare often poses significant ethical as well as practical challenges, the potential huge benefits to human well being and health explain why this is a key industry for AI disruption.

2. Customer Service and Experience

AI-powered chatbots and virtual assistants are set to transform customer interactions. McKinsey reports that over 80% of companies are investing in generative AI for customer care applications.

I wrote earlier in the year about how this was already happening, when Klarna claimed to have replaced the work of 700 customer service agents with AI.

This shift could lead to more efficient, personalised, and round-the-clock customer support, as well as the obvious potential cost savings.

However in practice, at least for now, a human element is still required for most customer service applications, usually as a fallback for when the AI chatbot can’t handle something.

3. Banking, Financial Services, and Insurance

AI is expected to revolutionise risk management, fraud detection, and personalised financial services.

The scale and reduced cost for detecting fraud is a huge potential win. This is a use-case that doesn’t require perfect detection to gain tangible benefits.

For example, AI fraud detection systems can be used to flag and prioritise potential risky behaviour, leaving the final decision to a human.

Forbes highlights that AI could also increase efficiency and reduce costs for banks while providing faster and more accurate customer support as they explain:

To secure a primary competitive advantage, the customer experience should be contextual, personalised and tailored. And this is where I think AI will become the breakthrough technology that supports this goal.

4. Manufacturing

AI is anticipated to be a key disruptor in the manufacturing industry in 2024.

AI-powered automation can handle repetitive tasks, optimise supply chains, and improve quality control.

Silicon Africa describes the wide range of roles in manufacturing that are open for disruption by AI:

AI in robotics, combined with machine learning, can easily adapt to variations in the manufacturing process, reducing the necessity for manual labor. This doesn’t only apply to assembly line jobs but also to roles in quality control, maintenance, and material moving. 

AI isn’t just replacing human roles; it’s also transforming the way products are manufactured. With increased precision, speed, and quality control, AI is projected to overtake a substantial number of roles in the manufacturing sector.

Forbes has also highlighted how AI may be the key to enabling the full potential of 3D printing for manufacturing:

“We’re entering an unprecedented era of manufacturing, not only technologically, but because countries around the world, from the U.S. to China, are actively deglobalising their supply chains,” said Omar Fergani, CEO of 1000 Kelvin. “3D printing stands to be a key enabler of this trend, but in order to do so, it will need to function properly and efficiently...AI could be one of the key missing ingredients to make the whole digital manufacturing thing actually work.”

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