Artificial Intelligence: Trends and Why is it important?

December 8, 2022
5 min Read

“The science and engineering of making intelligent machines, especially intelligent computer programs” ( John Mcarthy, 1956)

In the tech era in which we are living in, the flow of innovation never ends. To overcome the limitations of the previous one, absolutely ridiculous inventions and futuristic technologies are created every day. One of the innovative technologies that have a substantial influence over both technology and human life is artificial intelligence (AI) services. Artificial intelligence allows machines to replicate the capabilities of the human mind. From the development of self-driving cars to the proliferation of intelligent assistants like Siri and Alexa, AI is a growing part of everyday life. As a result, researchers and organizations are employing all their data and computing capabilities to offer the world powerful AI capabilities.

“We are evolving for a mobile-first to AI-first world. Computing will be available everywhere in the context of a human’s daily life”

— Sundar Pichai, CEO of Google

TRENDS

The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030, the global AI market is expected to grow to $1.81 trillion by 2030(13X), according to Grand view research.

“We see a substantial acceleration in AI adoption this year,” said Jim Hare, research vice president at Gartner. Likewise, research and innovation directed by Tech companies are driving the adoption of advanced technologies in different industries, such as automotive, healthcare, retail, finance, and manufacturing. The COVID-19 pandemic has caused a massive impact on businesses & humans and has stimulated the market growth of next-generation tech domains, including artificial intelligence. Research done by PWC shows that 45% of total economic gains by 2030 (roughly $15.7 trillion1 to the global economy in 2030, more than the current output of China and India combined) will come from product enhancements, stimulating consumer demand. Because AI will drive greater product variety, with increased personalization, attractiveness, and affordability over time.

Leaders in technology are still attempting to grasp how AI functions and how they may apply it to their respective fields. Before implementing AI, it’s critical to have a specific vision of what you want the system to do. It is crucial to comprehend the data and what you require the AI system to accomplish.

Why is Artificial Intelligence Important?

2021 is a record year for AI with $66B+ in funding, a surge in M&A activity, and a 5x increase in unicorn births, according to CBNinsights.

AI has a range of applications, from advancing vaccine research to finance and entertainment. Although there are drawbacks, such as high research costs and the potential for automated robots to take over human occupations, AI can be crucial in boosting production and efficiency while at the same time reducing the likelihood of human error.

Salesforce’s Einstein Search tool, which has successfully implemented AI, allows them to entirely reimagine CRM search. With more than a billion searches every month, it is already one of the most popular features in Salesforce. Additionally, according to Salesforce’s analysis, productivity could increase by up to 50%, allowing them to accelerate customer success at scale for their clients.

As more businesses and research institutions adopt new tools, processes, and technologies to spur creativity, the usage of AI will continue to increase. Business strategy, customer service, market research, advertising, predictive maintenance, autonomous vehicles, video surveillance, medical, and other areas have already benefited from the deployment of AI systems.

Although artificial intelligence isn’t a new technology, its effects are only becoming apparent now as organizations and people become more aware of what it is capable of. AI is poised to revolutionize business like never before, opening up new opportunities for business owners, executives, and employees across all sectors.

AI is rapidly integrating into our everyday life. Soon, it might become difficult to distinguish between AI and humanity. What do the most recent AI advancements imply for the upcoming years? We will have to wait and watch!

Let us know your thoughts!

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