From Theory to Reality: The Evolution of Artificial Intelligence

AI is going to contribute $15 trillion to the economy across the world.

Artificial Intelligence (AI) is perceived as machines that work on a network of stimulations humans develop. AI is a network of software that solves real-life problems faced in various sectors, from finance to national security. These machines can anticipate issues and solve problems with practical judgment, contemplation, and intention.

Artificial Intelligence is making strides in the world of digital transformation. Google CEO Sunder Pichai says, “AI will be the next breakthrough in humankind’s history after fire and electricity.” As per the research done by Gartner, by 2022, the business value derived from AI will be evaluated at an estimated $4 Trillion worldwide.

Transformation of the World with AI

Artificial Intelligence is an ever-evolving and in-demand concept because it provides consistency, efficiency, transparency, accuracy, and seamless opportunities for companies to improve their business models with a highly innovative amalgamation of their data and the internet. The essence of Artificial Intelligence lies in three aspects of machine learning: adaptability, Intelligence, and intentionality.

Finance:

The financial sector organizations use AI-enabled automation technologies for a more transparent and efficient work atmosphere. Financial organizations can use AI-enabled chatbots to make communication channels more efficient and approachable for customers.

AI mitigates the risks significantly along with a highly efficient fraud detection system. A highly relevant example is Robotic Process Automation used by JP Morgan Chase to regulate, extract and capture the documentation for better risk management.

Healthcare:

The possibilities of AI in the healthcare sector are endless, from medical diagnostics to drug research and development.

In healthcare, deep learning uses the Natural Language Processing (NLP) feature for speech recognition. NLP systems can help analyze unorganized clinical notes for patients. AI-enabled technology is slowly replacing the old-age rule-based systems to interpret data algorithms.

DeepMind Health from Google solves real-world healthcare issues with its human-brain mimicking general-purpose learning algorithm with clinicians and researchers.

Artificial Intelligence can do wonders for humankind by -being extremely efficient and cost-productive in doing repetitive, dangerous, and mundane tasks. As per the estimates by McKinsey, Big Data can save around $100 billion in the healthcare sector.

Education:

Around 47% of learning management tools will be AI-enabled in the next three years. AI can revolutionize the education sector with optimized knowledge and teaching techniques.

Jill Watson, a virtual assistant, was introduced by the Georgia Institute of Technology to assist the students with individual attention technology to ensure they do not quit school.

Duolingo, an online language-learning tool, is highly adaptive and responsive to aspirants who want to learn a new language.

Climate Change:

Artificial Intelligence can assess, predict, and mitigate climate change risk with its unique paradigm and efficient use of data, learning algorithms, and sensing devices.

The efficiency level of AI-driven technologies is paving the way for a fair war against climate change and pollution. The fulfillment of sustainable development goals will be possible with the help of robotic-driven tools and self-learning programs.

AI can be the game-changer for the companies and government organizations that are fighting against climate change — the impact of decoupling with the help of AI-enabled technologies in decreasing environmental damage significantly.

AI is integrated into various sectors like security, finance, healthcare, automobile, e-commerce, and smart cities. Deploying the right Al-enabled technologies can save big organizations time, effort, and resources by optimizing routine processes. It can help in improving productivity and transparency by making efficient operational activities. Organizations can reap the benefits of Big Data and deep learning methods by using cognitive technologies.

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