Through this post, we shall be highlighting the significance of Artificial Intelligence and its applications in the coming days. AI Software market is surely growing at a great pace. So, you need to be well equipped with all the useful and interesting information on AI.
Artificial Intelligence (AI): A Glimpse
For deep-learning pioneer Andrew Ng, a genius you might know as the brain behind Google Brain, AI is the modern man’s electricity – a technology that’s groundbreaking by itself. The mere existence of artificial intelligence, Ng explains, is revolutionary enough.
Applied AI, just like harnessing of electricity, has the potential to change the world.
Now let’s put this bold claim in perspective.
Experts estimate that we’re still eight decades shy of having a fully self-sufficient robot, the kind of conscious, super smart computer that most people imagine when they try to fathom AI. As for now, this tech is comfortably tucked in the age of implementation.
So, when we say that AI has the potential to change the world, we don’t say it lightly. It’s happening as we speak, and it’s only a fragment of what is yet to come.
Above all, AI seems to be growing at the speed of light.
What the Near Future has in Store?
Recent predictions about the future of artificial intelligence, its hardware, software, and services, as well as its innovative applications, reveal two things.
Firstly, the number of research papers, statistics, and studies revolving around AI showcase that this tech is a big deal. In other words, the hype is real.
Secondly, each of these extensive reports concludes on a similar note – by 2025, the global AI market is expected to grow tremendously. The exact number of millions of dollars varies from one research to another. But, the end figure is colossal in each of them.
Artificial Intelligence: Expectations
Tractica, for instance, predicts that global revenue from AI software implementations will increase from $8.1 billion in 2018 to $105.8 billion by 2025.
According to MarketsandMarkets, the entire artificial intelligence market is expected to grow from $21.46 billion in 2018 to $190.61 billion over the next six years.
The technology is currently “spilling out of the lab and into the world”, as former AI researcher Kai-Fu Lee explained.
Stacking our racks with intelligent toothbrushes, screening our CVs, and helping us look flawless on selfies, technology turning into practical utility. Isn’t that amazing?
Of course, this is nothing in comparison to its applications in healthcare, for instance, where AI is making a real change. Even the notorious self-driving car speaks of its immense potential. In warfare, on the other hand, AI is being weaponized by Pentagon’s top scientists.
But, this age of implementation allows us to learn.
For good or for bad, somewhere prosaic and elsewhere meaningful, implementation means that we can finally test and push the boundaries of AI in real life. Artificial intelligence is no longer a concept. And by 2025, implementation will make us more intelligent too.
The Driving Force behind AI Growth
Tractica research director Aditya Kaul sees the challenges currently faced by the AI sectors as “part of the maturity curve for AI, where the next few years will see a sobering of expectations, while the momentum around use cases and applications continues to build”.
These use cases and applications are the main driving force behind the predicted growth.
Take chatbots, for instance.
One week after implementing a digital assistant, Adidas Women UK has seen its retention rate being boosted by 60%. The US health insurance provider NIB has scored a 70% success rate a year into its chatbot’s life. The interest in this solution has jumped from 2% to 25% in no time.
It seems like everyone’s googling “how to build a bot” these days.
The cited report by MarketsandMarkets names the increasing demand for intelligent virtual assistants one of the major drivers for the AI market, along with the adoption of cloud-based applications and services, and big data.
Artificial Intelligence: The Bottom Line
The point we’re trying to make here is that current applications of AI, however immature they might be, are helping businesses grow across industries and sectors. Retention rates, success stories, and ROI stats clearly showcase that consumers are loving it too.
Telecommunications, consumer, advertising, business services, and healthcare are expected to be the top 5 industries in terms of AI adoption and spending between 2018 and 2025. These are followed by retail, automotive, legal, public sector, and insurance sectors.
By 2025, AI could make them very rich. Because by 2025, AI will be much more mature. Do you feel so?
This is where we currently stand with artificial intelligence – the difficult, abstract work of ideas, research, and realisation is almost done. However, the age of implementation has only begun. We now have six years to live up to our own expectations.
So, it’s surely the perfect time to roll up our sleeves and start changing the world a bit faster. What do you think?
Is Artificial Intelligence and chatbot the next big thing that can impact our life in different ways? Can you visualise the pace at which AI is growing and what implications it can have in various sectors? Feel free to drop in a comment on the applications of AI and any opinions thereon.