While Artificial Intelligence transforms everything from transportation to cloud computing, more organizations are coming forward to use the technology’s potential to grow faster, having realized that it’s a safe bet that will positively influence almost every aspect of their business. But despite AI’s popularity and large scale adoption, there are many businesses that still don’t know many interesting things about the technology.
In this blog, we will take a look at a few facts about AI that might surprise you.
AI covers many different types of computer learning
The term AI is generally used to refer to computer systems with learning capabilities. But AI is so much more. It encompasses several designations like machine learning, deep learning etc. AI isn’t new. As a matter of fact, it has been around for a long while. It started gaining momentum only a few years back when people started seeing intelligent machines and devices becoming available. However, this eventually resulted in a wrong notion that AI is ‘programmed logic’. It isn’t. True AI is where the machine learns itself after parsing the data fed to it.
AI drives the $127 billion autonomous vehicle market
Self-driving cars are not a concept from a sci-fi flick anymore. They are real and they are expected to be worth an estimated $127 billion worldwide by 2027. Without AI, these cars wouldn’t have become a reality. The Drive PX Pegasus – an AI and GPU-powered computer manufactured by NVIDIA specifically for driverless cars had a lot of takers when it was announced last year. The project is considered a success, and the warm welcome it received emphasizes that companies are placing their bets on AI.
AI & the Internet of Things
The Internet of Things (IoT) is already a buzzing trend with more people coming forward to invest in a ‘connected home’. In such an environment, various devices would be connected to each other in a private network to serve the home owners more conveniently. The trend was sparked by personal virtual assistants powered by AI namely the Amazon Echo Line and Google Home. AI evidently contributes to the growth of the smart speaker market.
Not all tech leaders approve of AI
Elon Musk, the CEO of Tesla, Inc., has stated on multiple occasions that AI could be dangerous to people and humanity as a whole. He has also made it clear that there should be some regulations around the technology, and has also specifically recommended a ban on AI-powered autonomous weapons – which is also probably halfway to being a reality as some governments are reportedly working on weaponizing AI already.
The value of AI market keeps rising
A few years back, a PwC report estimated that Artificial Intelligence will contribute over $15 trillion to the global economy by 2030. Judging from the various AI-related advancements that are coming out, the value seems to be going up further. It’s a safe bet to assume that the AI market would, by 2030, would exceed $15 trillion.
Because of the vast potential of AI and its many use cases, it will be quite challenging for investors to determine which aspect of AI can grant them maximum profit when leveraged. Still it seems only big companies are reaping the biggest profits from AI. We have seen a number of small businesses adopt AI this year. Hopefully this trend will keep up enough so AI becomes a standard regardless of a company’s size and scale.
At AOT, our expertise in AI when it comes to application development and machine learning is something that we are proud of. Give us a ring to see what else we can do with AI.