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

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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  • March, 11th, 2017
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The Promises of Artificial Intelligence: Introduction

Artificial Intelligence

The field of Artificial Intelligence seems to working on a winning streak. In the year 2005, the U. S Defence Advance Research Project Agency, held the DARPA Grand Challenge, which was supposedly held to spur development of autonomous vehicles, basically in order to make self-driven, smart cars. This challenge was taken up and successfully completed by 5 teams. In the year 2011, in a great competition of Jeopardy, the IBM Watson system, was successfully able to beat two long time, human champions of the same legendary game. Another great win of technology over the human race would be in the year 2016, when Google DeepMind’s AlphaGo system was able to successfully defeat the world champion of Go Player, who was reportedly the world champion for 18 consecutive times.

While these feats of technology over the human brain are extremely commendable, today the long surviving dream of humans, which basically revolved around developing technology to control their surroundings, has finally come to fruition. This has resulted in the form of Google’s Google Assistant, Microsoft’s Cortana, Apple’s Siri and Amazon’s Alexa. As a result of all of these AI (Artificial Intelligence) powered virtual assistants, people are able to make greater use of technology in order to live better lives.

Artificial Intelligence is considered to be a field of computer science, which is entirely devoted to the creation of computing machines and systems, all of which are able to perform operations that are similar to human learning and decision making. According to the Association for the Advancement of Artificial Intelligence, AI is, “the scientific understanding of the mechanisms underlying thought and intelligent behaviour and their embodiment in machines.” While these intelligence levels can never be compared to those of the humans, but they can certainly vary in terms of various technologies.

Artificial Intelligence includes a number of functions, which include learning, which primarily includes a number of approaches such as deep learning, transfer learning, human learning and especially decision making. All of these functionalities can later help in the execution of various fields such as cardiology, accounting, law, deductive reasoning, quantitative reasoning, and mainly interactions with people, in order to not only perform tasks, but also to learn from the environment.

While the recent changes may be extremely mind blowing, the promise of AI has always been existing since era of electromechanical computing, this began in the time period, after the World War 2. The first conference of Artificial Intelligence was held at the college of Dartmouth in the year 1956 and at that time, it was said that AI could be achieved within the time period of summer. Later on, in the 1960’s there were scientists, who claimed that in the next decade, it would be possible to see various machines controlling human lives. But it was in the year 1965, when the Nobel Laureate, Herbert Simon, who is supposed to have predicted the words, which would have some substance and which were, “In the next 20 years, it would be possible that machines would be able to do any work of labour that man can”.

With Artificial Intelligence, going in full fervour, the field which it has affected most in the field of Data Science. And as there are many who believe that there is a great to achieve in this field, have begun to get trained in the same by approaching professional training institute – Imarticus Learning.

  • February, 20th, 2017
  • Posted in