Of late, a great topic of discussion is on the true meaning of Artificial Intelligence. As the field is witnessing progress there is a constant evolution in the meaning as well. In simple words, artificial intelligence is the ability of the computer to perform tasks commonly associated with intellectual human being. It is predicted to fundamentally reshape the way in which organisations work.
Artificial intelligence and Machine intelligence is often misunderstood as a substitute for each other. Machine learning is basically getting the computers to program for themselves, here it allows the data to internally train the data sets. Machine or Artificial intelligence on the other hand means ‘intelligent computers’, computers without human intervention capable of pattern discovery, discerning context, to reason, and to learn and improve themselves overtime.
What’s in the Future……?
In the future with this type of evolution, it will not necessarily be Humans v/s Computers, but man and computers working alongside in harmony to improve the way we work. So the employees who do routine manual or routine cognitive job roles, will have a high chance that their jobs will be replaced with computers and they will have the availability of time to invest in areas that they are interested or jobs that require advanced skills. Making machines responsible to do the repetitive tasks can go a long way. It will take the creativity and innovation quotient of the human race to enhanced levels. Furthermore, this technology is not only set to impact the workers with routine repetitive jobs, if your job is of routine cognitive nature then artificial or machine intelligence will play a role of a digital advisor, it will play a role where man and machine collaboratively work in tandem for betterment. Artificial learning and automation of certain jobs will then to a large extent become a good thing.
There are some researches which predicts that artificial intelligence will be responsible in making workers more productive and create new jobs. There is a belief that AI will help with automation that will not only assist companies to focus on higher skilled tasks and more creative jobs but will give them insights which will enable workplaces to use that knowledge in ways that cannot have been imagined so far.
Some stats on Artificial Intelligence:
- By 2020 85% of customer interactions will be handled without a human
- 44% of executives believe “artificial intelligence’s most important benefit is that automated communications that provide data that can be used to make decisions”
- By 2018 ‘customer digital assistance’ will recognise customers by face and voice across channels and partners.
- By 2020, smart agents will manage 40% of mobile interactions.
- 9% of business data technology have artificial intelligence solutions deployed.
The artificial intelligence market is estimated to reach $40 billion by 2020
In the future, you will witness an Artificial intelligence revolution in marketing, where smart data and machine intelligence in collaboration will use artificial intuition which ape’s human intuition. For e.g. creating advertisements whose images and phrases evolve based on viewer response.
However, reaching the state where organisations will be machine intelligent is not so easy. The majority of our efforts at present is on supervised learning, where we are training the computer on instances that are labelled with reinforcement, and doing that takes time. Also there is the impending challenge of embedding the technology into existing enterprise application. In doing that we will one day make the computer as intelligent as the human brain.
25 years ago the internet impacted the wider world, it revolutionised the way we existed, changed the way organisations functioned. We are at the identical brink of time where in the next 25 years Artificial Intelligence might have the same impact on the way we work and live.
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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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