Artificial Intelligence – An Evolving Transformative Technology
Published on : Friday 05-08-2022
Artificial intelligence is an evolving technology that is all set to transform the world, says Suchita Gupta.
Artificial intelligence is one of the emerging technologies that have influenced everything starting from healthcare to entertainment to education to banking. AI driven systems and software enable students to learn from anywhere in the world at any time. AI can make businesses more productive and can improve customer service. With deep learning, AI has proven to work better than humans. AI algorithms can help to discover data trends that can be used to develop more effective cross selling strategies. AI has transformed business management by integrating workflow management tools, trend forecasting, and many other innovations; enterprises such as Google, Tesla, and many more use AI edge chips such as aiMotive and Horizon Robotics. Artificial intelligence along with edge computing is used to manage healthcare and monitor patients remotely. This technology has the potential to offer customised real time recommendations to patients around the clock.
AI is a very vast field that covers many domains like Machine Learning, Deep Learning and so on. Machine learning is the sub-field of artificial intelligence, and deep learning is actually a sub-field of machine learning. Machine learning can accurately analyse thousands of computer records, data, and algorithms. It can identify the relationships between the data values. Machine learning can use real time data, past records and past information to enhance a significant task. Deep learning, similarly, comprises neural networks. It can eliminate a few of the manual human interventions and enable the use of larger data sets.
In addition, AI involves automatic speech recognition (ASR), or speech-to-text, computer speech recognition, which uses natural language processing (NLP). NLP technology is basically a subset of computer science, linguistics, and AI that can read human language. It allows computers to process human language in the form of text or voice notes and summarises large volumes of text rapidly, even in real time.
Furthermore, functions of AI involve robotics. It is a technology that is focused on the design and manufacturing of machine man. Warehouses have started adopting robotics technologies that can enhance speed, efficiency and accuracy of tasks in the warehouse. An automated guided vehicle, autonomous mobile robot, and automated storage and retrieval system are majorly used in almost all the large enterprises around the world.
These are the three stages through which artificial intelligence can evolve. The first stage is the artificial narrow intelligence (ANI) that can function only on a narrowly defined set of certain work which means it can only perform on the basis of a set of pre-defined functions. Siri, Alexa, and self-driving cars are a few examples of ANI. In the case of artificial general intelligence (AGI), on the other hand, machines possess the thinking ability and can make decisions just like humans. AGI is still evolving with the passage of time. In the current scenario, artificial super intelligence or ASI is just a hypothetical situation. It will come into existence when machines will take over the world.
According to a report published by Allied Market Research, the global artificial intelligence market size is anticipated to reach $1.5 billion with a considerable CAGR from 2021 to 2030. At present, North America is dominating the market with the highest share, attributed to its huge investments on artificial intelligence solutions in the government as well as public sector. The Asia-Pacific region, at the same time, is expected to manifest the fastest growth rate, owing to rapid technological developments in the emerging economies.
Moreover, the outbreak of the Covid-19 pandemic has boosted the growth of the global artificial intelligence market in more than one way. Since the beginning of the pandemic, AI enabled devices are offering an effective management of patients and medical resources to the healthcare sector. AI technologies have played an essential role to combat the pandemic situation even when the global supply chain was disrupted. With this drift on board, many healthcare enterprises in 2020 has developed AI driven diagnostic solutions and adopted various AI tools and devices to detect and diagnose the coronavirus.
For instance, in June 2020, GE Healthcare, in partnership with Lunit, a South Korean startup company, developed an AI powered chest X-ray analysis suite. Similarly, in July 2020, Alivecor launched Kardiacare, which is a digital health subscription service, helpful for managing heart health at home. This way, the global AI market has grown to a great extent during the pandemic. The pace of progress in AI technology is extremely fast, due to which, the global artificial intelligence market has a huge scope to gather exponential growth in the years to come.
Suchita Gupta, Associate Content Writer at Allied Market Research, is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day and a reader by night. Besides, she can be found entertaining her audience on social media platforms. Find her on LinkedIn & Instagram.