Although artificial intelligence can benefit the human race in many ways, there are also plenty of concerns regarding the wholesale adoption of such technology. Below is a pro and con list of artificial intelligence's effect on contemporary life.

Advantages

By eradicating the possibility of human error and analyzing live data almost instantly, AI technology can spot trends, provide guidance, and generate accurate results to improve efficiency and reduce costs.

For instance, brick-and-mortar casinos have started to adopt AI to allocate staff to specific areas of the gambling hall to cope with demand. If most gamblers play roulette, rather than staff being evenly spread out across various gambling table games, AI systems will alert the establishment and direct management to where staff are needed and where they aren't, allowing casinos to offer a more seamless, cost-effective experience.

Personalization has become a marketing strategy for years, but AI is taking this to the next level. Companies can take data collected by AI and target specific individuals by analyzing consumer trends, habits, and preferences. Various industries now use AI algorithms — retail, food, entertainment, lifestyle, and the automotive industry (think driverless cars,) to name but a few. 

Additionally, the creation of 24/7 virtual assistants has significantly improved customer service. AI-automated chatbots can instantly respond to most queries and questions, improving customer experience.

The ability of AI-driven technology to offer research-backed answers, spot trends, enhance personalized marketing, and analyze consumer data has transformed many industries, like healthcare, finance, and entertainment. For example, AI has helped tackle fraud and improve customer service in the finance industry.

The ability to develop and speed up medical breakthroughs is one of the most significant benefits of AI. It's already enhanced the detection of diseases in hospitals, helping save lives and relieve strain on an already overburdened workforce. 

Thanks to AI, smart homes are revolutionizing daily life. For instance, through motion sensors and AI-powered cameras that alert homeowners and security cameras when motion is detected, AI has vastly improved personal security.

Disadvantages

As for the cons of AI, if its cognitive, analytical, and writing skills are used extensively, this could result in entire workforces — blue- and white-collar — becoming disposable. Some experts argue that the impact could be a repetition of the Great Depression of 1929-1939. 

As AI begins to replace live dealers, these concerns are heightened in the gambling industry. Dealers across the world are fearing the worst. 

There are also some real ethical concerns about the use of AI, too. While it can replicate many human activities, its level of emotional intelligence is causing concern about whether AI systems can mimic the requisite level of morality in their decision-making calculations.

With only data driving its thought processes, another worry is potential biases. Unable to analyze more than numbers and algorithms, some experts believe AI-based decisions could become discriminatory in hiring employees.

Future Predictions