When we talk about Artificial Intelligence, it’s easy to imagine some dystopian science fiction future where robots have taken over the world and enslaved us. But AI is actually a way to enable people to accomplish more by collaborating with smart software. We can think of it as putting a more human face on technology: A technology that can learn from the vast amounts of data that are available in the world; A technology that can understand our kind of language and respond in the same way; A technology that can interpret the world the way that we do.
Artificial intelligence can dramatically improve the efficiencies of our workplaces and can supplement the work humans can do. When AI takes over repetitive or dangerous tasks, it frees up the human workforce to do work they are better equipped for — tasks that involve empathy among others. If people are doing work that is more engaging for them, it increases their happiness and job satisfaction.
With better monitoring and diagnostic capabilities, artificial intelligence can dramatically influence healthcare as well. By improving the operations of the healthcare facilities and medical organisations, AI can reduce operating costs and save money. One estimate from McKinsey also predicts that big data could save medicine and pharma up to $100B annually. The true impact will be in the care of patients. Potential for personalised treatment plans and drug protocols as well as giving providers better access to information across medical facilities to help inform patient care will be life-changing. While artificial intelligence algorithms are powered by data. As more and more data is collected about every single minute of every person’s day, our privacy does get compromised.
As per George’s analysis, the use of AI is necessary for the field of Big Data. Over the past 2 years, about 95 per cent of all world data was generated, while 90 per cent of the data are not structured and fragmented. In this regard, in the era of the digital economy, there is a need to implement AI-based solutions, without which the processing of a huge amount of data becomes impossible.
While there’s no universally standardized means of measuring the value of the AI market or its potential, there are plenty of estimates suggesting that a huge value will be created directly and unlocked indirectly with the technology. A report from PricewaterhouseCoopers (PwC) also estimates that artificial-intelligence technology will lead to improvements in labor productivity, product value, and consumption that go on to create $15.7 trillion in global annual gross domestic product (GDP) by 2030.
Here are a couple of reasons, why every company is investing in AI, as a tech-trend at this moment-
1. The AI market is forecast to hit $15.7 trillion by 2030
A report from PwC estimates that artificial intelligence will add $15.7 trillion to the global economy about a decade from now.The analysis forecasts that AI will make companies more efficient, and allow them to introduce new products across a wide range of sectors including healthcare, automotive, financial services, retail, communications, manufacturing, energy, and transportation. The cost savings from applying AI to older systems, as well as revenues from new services and hardware, underlay that massive potential.
2. AI is improving data sorting
AI isn’t just about cool new tech gadgets. The tech is also being used to make existing systems more efficient. And in the case of data sorting, it can make it easier than ever to protect and share sensitive information.
3. AI is boosting the cloud-computing market
Cloud-computing services from some of the world’s biggest tech companies rely on artificial intelligence. Amazon, which at 32% has the largest share of the cloud-computing market, uses machine learning and AI systems in a host of its cloud products.
There is a risk in everything but the fact that AI is progressing continuously, and that AI is the future of the Internet, computing, etc. AI will strengthen the Internet of Things and IoT is expected to increase exponentially over the next 2 years. Simply put, there are currently about 23 billion connected devices, and this number will increase to over 75 billion, which is more than 200 per cent by 2025.
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written by Simran Kaur