AI is the new electricity- Andrew Ng
AI is having its moment. Almost overnight, it looks like the technology has taken the world by storm from relative obscurity and paved way into real-world implementations in every industry. Today, AI is so intertwined in everything that we do; it is difficult to imagine living life without AI. It has effectively changed every walk of life. We are relying on Artificial Intelligence more than we could ever imagine –
AI is finding the Latest Musical Hit
AI has adorned the Virtual Chef hat presenting the most recipes in the world
AI can tell you about life on other planets, the key for Mars2020 mission.
AI is the Smartest Investor
AI is the Superhuman Doctor
AI is the Marketing Guru
AI is the Sales and Customer Service Genie
AI will soon know more about people than you ever thought of.
Artificial Intelligence is the hottest tech trend – the searches and Google trends are clear proof of evidence. If you look at the searches and trends of artificial intelligence online, you can see over 470 million results and a clear exponential trend in the past 5 years. Futurists, AI experts, and even professionals with a keen interest in technology expect AI to grow in popularity in 2019 and beyond, making it the most important technology for years to come.
Everyone is talking about AI. According to Business Wire, AI is anticipated to grow at a CAGR of 52% between 2017 and 2025 generating high waves of innovation.
Why is all the craze surrounding AI? What makes AI trendy and the new center of innovation of the 21st century?
Efficient Big Data Management
Big data is a major reason why organizations are shifting towards AI-based solutions. AI-based systems require large amounts of data to work with accuracy. For any AI system to make a smart decision like suggesting which product a customer must buy next or to classify an object in an image, the system needs to be trained on large data sets. Big data makes this possible.
Although AI has been there for quite some years as a field of study, it is only now being implemented extensively on a mass level, all thanks to Big Data. There are now plenty of large unstructured data sets that are handy for training machine intelligence. Initiatives like language translation, emotion recognition, image recognition, activity recognition, and facial recognition are based on highly accurate predictive analytics as the data becomes richer. With the rise of big data, there are lots of datasets to be explored for intelligence. An amalgamation of AI and Big Data helps companies know their customer interests in the best way in the least possible time. Furthermore, novel open-source technologies like Hadoop and Spark foster speedier development of scaled AI technologies applied to big data sets.
Advancement of Hardware and Software
Earlier, only the big tech companies like Google, Amazon, IBM, and Microsoft could implement AI as AI systems were too expensive and difficult to implement for smaller companies. Today, machine learning tools in the cloud are making AI accessible to a broader audience. It has been known that parallel processing neural networks are the key drivers of AI as they closely relate to the working of the human brain.
Artificial Intelligence requires a lot of computing power and the emergence of technologies like GPU has made it possible to deploy complex deep learning models. The emergence of GPU based computing speeds up neural network processing capabilities. So whenever there is a need for added processing power companies have easy access to huge cloud computing resources on Microsoft, Amazon, and Google.
Recently, Google released Cloud AutoML, a suite of pre-trained systems that makes it easy to train high-quality models specific to business needs. Azure is teaming up with Amazon to provide Gluon, an open-source deep-learning library that will make building neural networks as easy as developing a mobile app. All taken together, parallel processing hardware and deep learning software make a simple and powerful machine intelligence platform accessible to everyone.
Tech Giants to Start-ups -Everyone is investing in AI
According to a Stanford Study on Artificial Intelligence, the investment into AI start-ups by VC’s has increased 6 times since 2000 and there has been a whopping 14 times increase in the number of active AI start-ups.
Universities, governments, tech giants, and start-ups all are investing heavily in AI. Big players are investing heavily in various AI-based technologies beyond simple R&D extensions of existing products to significantly improve the efficiency of machine learning algorithms. Be it Google’s investment in DeepMind, driverless cars, and quantum computing, or IBM’s investment in Watson. It’s not just the tech giants but even several start-ups ( Niramai, FrontDeskAI, Haptik, Sigtuple to name a few) that are providing solutions in the areas of computer vision, NLP, and deep learning to garner love from investors who expect to reap big profits.
Increase in Business Productivity
According to Accenture, AI has the power to increase business productivity by 40% or more by 2035.AI brings desirable changes in the overall business processes and systems by making them faster and qualitative. Artificial Intelligence increases business productivity by automating repetitive tasks efficiently and with accuracy so businesses can make decisions faster and with confidence. For instance, if you are a manufacturer, how will you know what to fix first at the manufacturing plant? Artificial Intelligence can be of great help in this as it can automate and prioritize the decision-making processes so your maintenance team can easily take a decision on what to fix first with more confidence.
Before You Go!
These are some of the many reasons why AI is becoming a tech trend and why you should step up and learn more about AI technologies. Trendy or not, Artificial Intelligence is promising to be the next frontier in innovation. A study by IDC and Microsoft predicts that by 2021, AI will increase the rate of innovation in India by 220% and employee productivity by 230%. There is no endpoint to this AI race for years to come. The AI surge is inescapable, and its adoption, pertaining. Artificial Intelligence will progress over the next few years like a gradual rising tide. And that’s something to be excited about.