Artificial Intelligence is on the march, and the world is going to witness new changes every day. Over the years, AI technology has shown significant improvement and contributed greatly to the economy. More and more organization are adopting the AI- based model for their business operation for the pursuit of profits.
“It is an estimate that companies invested up to $500 million in 2010 only to increase up to $4 billion in AI startups by 2016.”
This remarkable leap is evidence of how AI is ready to shape the future in the coming years.
From the aviation and healthcare sector to finance, transport and advertising, AI has become a part of our lives. The reason behind its colossal application and influence in every industry is because of its ability to learn from a consumer’s behavior and thereby predicting outcomes with the help of defined patterns.
Why invest in Artificial Intelligence?
The emergence of artificial intelligence has the potential to change the business operations entirely by disrupting the existing technologies and outdoing them with intelligent machines.
As per the Economist, “ The world’s most valuable resource is no longer oil but data.”
Here are several reasons as to why should companies invest in Artificial Intelligence:
➢ High returns: The technology offers remarkable solutions to every industry that deals with big data. With its high processing speed, the loathe of data can be taken care of in less time span thereby giving great returns.
As per McKinsey, “Established MNC’s invested approximately $27 billion in 2017 on AI-related projects.”
➢ Strengthened economy: People often consider that AI will leave thousands of people unemployed, but many influencers can’t disagree more.
As per Matthew Lieberman, PwC, “The combination of humans and machines will be unparallel and has the ability to bring revolution in the job market.”
AI will complement and augment the human capabilities but not replace them. It’s no more about individuality but collaborative intelligence where both AI and human can support and enhance each other’s strength. While humans will bring leadership, teamwork and social skills on the table, AI can focus on scalability and speed.
Thus, efficiency would be more, when together, to complete a task.
➢ Performing tasks beyond human capability: There are specific tasks beyond which humans can’t function. It can be rightly said that after a certain level, humans have more questions than answers. But when machines come into the picture, their intellect will outdo a human brain by performing tasks in seconds based on inputs provided.
As per Wade Burgess, Shiftgig, “ This technology will help in focusing on high order functions and will eventually improve life’s quality.”
If history is any evidence, one thing is for sure that Artificial intelligence has slowly and gradually impacted many niches and sectors over the years. The global forecast on revenue for Cognitive and AI systems shared by IDC to Worldwide semiannual cognitive Artificial Intelligence systems spending guide is that this sector will continuously see corporate investment. The compound annual growth rate (CAGR) by 2020 is expected to be 54.4%, which is more than $46 billion.