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What is Artificial Intelligence? Also known as AI, it imitates human intelligence processes using a machine. These AI systems are known to devour multiple labeled training data. The machine then analyzes its interconnections along with patterns, while using the correlations helpful to predict future states.
As AI is developing at a rapid pace, it is bringing a wave of change in every industry. In this blog, we understand how this technology is bringing a shift and the changes that it will lead to over the next decade.
Importance of Artificial Intelligence
Al allows us to automate processes and make decisions that would otherwise be too time-consuming or difficult for humans to do. Additionally, AI has the potential to help us understand and solve complex problems that are extremely difficult for humans to solve on their own.
AI & ML: Market Overview
The global AI market size was estimated at $58.15 billion in 2021 and is expected to reach $271.48 billion by 2027. The Compound Annual Growth Rate (CAGR) is projected to increase by 38.1% between 2022 and 2030.
Almost all devices and programs are using artificial intelligence, from unmanned vehicles to vital medical equipment. AI is a very important element in the coming digital age with many tech giants moving towards heavy investments in these areas. This includes companies such as Amazon, Google, Apple, Facebook, IBM, and Microsoft who are working towards making it more accessible for businesses.
Understanding Growth in AI
Artificial intelligence is having a major impact on many areas of humanity. AI is also at the core of upcoming technologies (IoT, Robotics, etc).
Let’s debunk some myths about AI
1. Superintelligence will be unreachable…until 2100
While AI researchers have been often plagued with the exact date wherein the world will witness human-scale AI, the experts have often avoided being specific about the answer. There have been many assumptions in these areas till date.
2. Automation will replace human workforces
AI brings with it newer changes in the workplaces. However, entire replacement of workforces is a subject that cannot be discussed at this stage. Experts opine that AI is also creating newer job profiles and we certainly cannot ignore that. The human would still be controlling the machine.
3. SuperAI will rule Problem-solving skills
The power of AI and automation is common knowledge. However, to consider superintelligent computers that will replace humans would be too soon to say. These superintelligent machines may take decades to develop and be available in the real world.
4. AI operates on its own
The truth is AI has not yet reached complete autonomy and power. Modern AI is not yet fully capable of making its own decisions. Specialists are needed to preprocess data and prepare models. However, the AI model can improve its performance on its own based on experience gained.
5 Predictions on the AI Landscape
AI and ML will Reshape Scientific Methods
In recent years, the scientific community has observed a slowdown in scientific progress. This may be due to the fact that large-scale scientific testing requires lots of time and money. Grand and revolutionary discoveries seem to be happening less often.
AI and machine learning can help researchers to accelerate their work. The technology has the ability to analyze huge data sets and find complex relationships and patterns.
Increase in AI Investments
Artificial intelligence (AI) and machine learning (ML) are technologies that have the potential to change the world as we know it. They have the ability to make our lives easier and more productive by automating tasks that are currently done by humans. This will attract higher public investments.
It is also claimed that the Governments of different countries will shift their focus on developing stronger partnerships with companies that keep innovation at its core.
Higher Satisfaction via Customer Service
The companies that choose AI to offer highly personalized customer service will gain an added advantage over others. It will revolve around how the data is collected and analyzed while being used for customer service. The ability for AI to use this personalized customer data will determine the success of the customer service for the company.
AI to personalize Healthcare
AI is expected to help doctors personalize treatments for their patients. By predicting which treatments will work best for each individual, AI can help to ensure that each patient receives the most effective care. This will improve patient outcomes and reduce the need for expensive and invasive treatments.
AI has the potential to significantly improve the healthcare industry. The technology makes the process of analyzing massive datasets about human physiology. This in turn helps one understand its impact on areas such as the environment we live in, lifestyle, areas of nutrition, and much more.
AI to Resolve Climate Crisis
For several years now, civil society organizations have been warned about the approaching climate crisis. Global warming poses many threats and there are a lot of measures that need to be taken up. AI is a powerful technology to combat the climate crisis.
This era thus heralds the beginning of a new technological innovation.
AI to Impact these Industries
AI is poised to bring a change in the following industries.
Healthcare
AI will help doctors to better analyze data and to tailor healthcare to the genes, environment, and lifestyle of each patient. This will result in a revolution in personalized medicine, from diagnosing tumors in any part of the body to deciding which cancer treatment is best for each case. Big data analysis will play a major role in the way healthcare is handled.
FinTech
FinTech customers will be touched by AI in the form of chatbots, which will triage cases and funnel them as needed to human customer service agents. AI will hold the potential to streamline customer verification and protect customers against malicious attacks.
This means smaller tasks such as customer verification, or setting up a new account will be streamlined for customers. AI also adds a strong wall of protection against cyber attacks adding more safety layers to the entire process.
Logistics & transportation
The AI driver is known not to be a distracted one! With the advent of driverless trains in Europe, AI is already showing how it can change this industry and bring significant shifts while adding to the safety factors.
Manufacturing
The repetitive tasks such as assembling objects or loading goods are already taken over by AI-powered robots. This work is done alongside human intervention to support and speed up operations.
Education
AI supports to bring a massive change in education by digitizing the education industry. Virtual tutors are now providing support to human tutors. AI also analyzes student behavior and emotions to leverage and improve a students’ learning experience.
Customer Service
AI is bringing a massive shift here. AI-based assistants will take over the mundane tasks such as setting up appointments for service providers. Certainly a time-saver for busy professionals.
Cybersecurity
AI adds layers of security for data protection. AI being automated is quick to detect malicious viruses and put a break on the damage it may cause. However, it’s important to note that malicious users can also use AI to serve a purpose for their own needs.
Tech giants have already invested heavily in AI. Experts opine people who are into regular or repetitive tasks need to upskill to ensure they are well-prepared for the massive shifts in the industries. They also suggest business owners to prepare their employees for new sets of roles. However, experts are quick to add these changes will not happen overnight.
The AI industry has thus grown in leaps and bounds. We, at Equations Work have been spearheading many AI projects that display our expertise and commitment in the field of AI.
AI applications include advanced web search engines (e.g., Google Search), recommendation systems (used by YouTube, Amazon and Netflix), understanding human speech (such as Siri and Alexa), self-driving cars (e.g., Waymo), automated decision-making and competing at the highest level in strategic game systems (such as chess and Go).[1] As machines become increasingly capable, tasks considered to require “intelligence” are often removed from the definition of AI, a phenomenon known as the AI effect.[2] For instance, optical character recognition is frequently excluded from things considered to be AI,[3] having become a routine technology.[4]
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AI applications include advanced web search engines (e.g., Google Search), recommendation systems (used by YouTube, Amazon and Netflix), understanding human speech (such as Siri and Alexa), self-driving cars (e.g., Waymo), automated decision-making and competing at the highest level in strategic game systems (such as chess and Go).[1] As machines become increasingly capable, tasks considered to require “intelligence” are often removed from the definition of AI, a phenomenon known as the AI effect.[2] For instance, optical character recognition is frequently excluded from things considered to be AI,[3] having become a routine technology.[4]