The Promise of AI: The Value of Artificial Intelligence and its Applications

March 11, 2017

Read the previous part here.

When it comes to predicting the value of AI, things can get a little vague and confusing. This is mainly because of the wide applications as well as the rapid evolvement of Artificial Intelligence. It is estimated by the Data Corporation, that the market for technologies of or related to Artificial Intelligence, is bound to increase up to $40 billion by the year 2020. While this market would deal with all those technologies that help in analysing unstructured data, it is believed that it will be generating productive improvements, which promise to be well over $60 billion worth of the United States market per year.

Consequently, a majority of investors have begun to discover and realize the true value of AI and as a result of this, more and more investments have begun to take place in the venture capitalist markets. Let’s talk about figures, the year 2013 saw about $757 million, being invested in AI start-ups, 2014 saw about $2.8 billion, 2015 saw around $2.3 billion and if these figures are anything but telling, it is guaranteed that the investments will only be growing in proportion for the coming years. The Mckinsey Global Institute has estimated that all the automating knowledge work, with Artificial Intelligence, is bound to generate anything around $5.2 trillion to close to $7 trillion. It is believed that the advancement in advanced robotics by primarily relying on Artificial Intelligence will generate anything up to $2 trillion. All of these estimates are made for up to the year 2025, which is barely a decade away.

Thus, we can conclude that the value of Artificial Intelligence is not only humongous, but it bound to increase manifold soon enough. It is believed by many experts that the AI has so much power, that it can go ahead to solve global issues like climate change and food insecurity. Artificial Intelligence already has and is bound to have a varied number of applications. Mapping poverty with satellite data, measuring literacy rates, cracking down on human trafficking rackets, preventing abusive internet tools from taking up actions are some of the social applications of AI that will definitely benefit the society in the near future.

When it comes to public safety, artificial intelligence could very well be applied for pinpointing the various happenings during crimes, for prediction of crime hotspots, for disposing of car bombs autonomously, for predicting the fire or earthquake risks of building accurately, for ensuring that every type of security screening is less invasive and so on. Industries would benefit majorly from AI as it would ensure the prevention of breakdowns or power cuts before they even take place, everything from intelligent manufacturing to automated factories could be very possible, improvement in terms of the dairy supply chains with the help of market forecasting would be a real thing and much more.

Thus AI shows a lot of promise in terms of changing the world for the better tomorrow and as a result of this, it would make a great career. There are many institutes in India like Imarticus Learning, which offer a number of comprehensive courses in Data Science, that would help an individual further their career in AI.


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