AI has re-taken centre stage as never before. And it won’t cede the spotlight anytime soon.
With the growing implementation of artificial intelligence among organizations, it should come as no shocker that the market size of AI is set to increase dramatically. The latest data shows that the market size of AI applications is valued at $39.9 billion in 2019. This figure is projected to grow at 42.2% from 2020 to 2027.
Statistics from a recent survey shows that 91.5% of top businesses report having an ongoing investment in AI. It comes as no surprise with applications ranging from self-driving cars to healthcare, AI is already changing our world!
We’re on the cusp of the Fourth Industrial Revolution , or Industry 4.0. It will challenge our ideas about what it means to be human and AI is going to be the show stopper. AI is simple at its core. It is acting based on experience. It learns from the data and information it is fed and acts based on it.
How real is it?
AI is set to be a game changer and its revolution is underway. A quick example is – Google, the mother company running the world’s largest AI system built an algorithm for power management that decreases the energy costs at google data center by 15% which is a lot of money. AI is already transforming web search, advertising, e-commerce, retail, finance, logistics, media, and more.
What really is AI doing today?
The following data is from Andrew Ng who is one of the most active heads in AI research. Despite AI’s breadth of impact, the types of it being deployed are still extremely limited. Almost all of AI’s recent progress is through one type, in which some input data (A) is used to quickly generate some simple response (B).
As cool as it sounds, AI is not a magic wand. AI is not readymade; nurturing is required to build the intelligent tool itself. You can’t buy intelligence; you can probably get all base AI algorithms for free but they are not natively intelligent thus they have no business value. Instead, you need to nurture them by training them on data, a little bit like providing first experiences to a new-born child.
AI is not complex; it can help you find patterns even in real-world. You just have to train it with lots of data and tailor the approach to AI rather than to enact humans. Tailoring the approach to AI is where the expertise comes in.
New-age technology companies like Veltris bring in this expertise in a very customized and goal-driven manner. They help the algorithms to run at an unprecedented pace of developing intelligence by training and then deploy them at an enterprise scale.
At Veltris, we have the vision to foresee these rapid evolutions in technology, agility to proactively invest in new competencies and customer centricity to help accelerate the adoption of these new technologies.
If you have any queries regarding which stage of the digital and AI journey you are in, reach out to us today!