AI market value will balloon to US$190 billion by 2025
‘Technology is the future,’ the phrase no more represents the future. Technology has already invaded human’s everyday life through various applications of Artificial Intelligence (AI). Henceforth, innovations are ruling the world today.
Artificial Intelligence (AI) has spread its wings across various sectors. The technology is making all the pointers in the impossible bucket list possible. AI refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic human actions. AI makes it a reality for machines to learn from experience, adjust to new inputs and perform numerous tasks. It can aid in building a wide-ranging branch of computer science with smart machine capabilities that perform tasks like humans.
However, AI can’t anticipate the entire field as a solo performer. It has held hands with modern emerging technologies like IoT, cloud computing, machine learning (ML), big data, etc. This technological invasion will soon take the market growth to an unprecedented height. Researchers in AI sector predict that the industry will balloon to US$190 billion by 2025.
This prediction is not surprising because AI is around humans and is almost taking humans through their daily life. Starting from automated locks at the door to smartwatches and intuitive TVs, AI is everywhere. A report unravels that around 29% of the companies have reported using AI for their operations in the healthcare sector. It is not the only industry that is taking the path of AI. The article further establishes top sectors that are slowly turning automatic but will see extreme digitisation in the next five years.
AI and its mechanism was already a soothing breakthrough for the manufacturing sector. However, the pandemic has made it more than possible for industries to switch to AI-powered robotics. Some of the already existing AI features in factories are drone cameras and computer vision. Other basic automatic functions like transporting or shifting goods through AI mechanism was taking place. Henceforth, the manufacturing sector is soon looking for predictive and analytical sensors that will allow them to do more complex work. One thing for sure is that this will minimise the human hand in the sector.
Security is a major threat to development in technology. Hard configurations by organisations are turning to be an easy break-in spot for hackers and cyber thieves. We can’t control the cyberattacks anymore as hackers of well aware of the parallels in it. However, one thing that is still in safe hands is the invasion of AI technology to power protection. It is estimated that companies will adopt security solutions that have been amplified with AI technology to continue to safeguard data and reinforce network security. Apart from VPN for protection on devices technology can lean on AI for added protection.
Self-driving cars are the dream of tech researchers and scientists. They are working impulsively to reach that goal. But it is not an easy or short path. It takes a lot of time and preparation before launching a safe self-driving car that signals accidents and protects the passengers from it. Today, the motor industry has voice and gesture recognition systems implanted in some high-end cars. Deep learning provided data will be able to process different types of road conditions and situations to be added to the automatic car with the help of AI. Soon, the tech industry’s long dream will come true.
Healthcare was an important industry that involves a lot of technologies like lasers and laparoscopy. However, the AI implementation is highly increased after Covid-19 pandemic. Already AI is capable of detecting cancers and other symptoms that can do patients risk assessments. Now, the sudden pump of AI in healthcare due to the compelling situation has made many accelerating developments. Soon, wearable like watches will monitor patients with chronic illnesses to give more personalised patient care and treatment.
Marketing is a fast sector where everything happens in a short time. AI involvement in this speed market will make it ultra-quick. But some features need to be at place other than just AI. Better internet, robust connectivity and gadgets with quicker computer processing are essential. Now, the supply chain and market monitoring are the general spots where AI functions. However, in the future, we can expect to see more profound changes, personalised materials and customized recommendations with the aid of AI software for marketing.
Schools are already turning digital. Instead of notebooks, a good number of educational institutions are providing with digital devices to make everything online. But eh future that the sector is expecting is a virtual tutor assisting learners. AI assistants will find the students emotion by leveraging facial analysis. This will soon unravel the possibilities of better understanding between students and virtual teachers.
Journalism is a vast field. It involves reporters going to dangerous spots to capture the moment and deliver it to the audience. But harnessing AI in media will make the job easy. Bloomberg’s usage of Cyborg is widely being acknowledged as a success. It is no wonder if other media houses take the step and initiate similar technologies. Field reporting will also be riskless if robots are assigned for the task.
What people hate the most is waiting. However, customer services are known for making unprecedented delays. But chatbots and virtual assistants come for customer’s aid in such situations. For the future changes, Google is working on an AI assistant that could make human-like phone calls to make appointments on human’s behalf.
Banking as a long is in the past. Internet banking and ATM facilities have minimised the customer’s time on long queues at banks. The shifting of other banking processes online has cut short the human labour involved in the bank’s front and middle office. In the future, AI is expected to predict risks and guide trends in the banking sector. AI can even make financial choices on behalf of humans and might act as a financial advisor.
The basic need of every human is food. The revolution of technology has made rural basins a desert as people migrate for a better life to urban society. The things left behind are the ageing farmers and empty lands. However, AI as it usually minimises human hand in any other sector could come for rescue. General work like overviewing and pesticide spraying can be done by drone cameras and robots. Using cameras to look after the crops will help in early detection of diseases. Another initiative through AI technology is automatic vertical gardening that can even be adopted in urban areas.
Artificial Intelligence (AI) is slowly accelerating major sectors like healthcare, marketing, banking, agriculture, etc towards development with its emerging technologies and new possibilities. If the adoption continues at the same pace, within a period of five-year, all the above mentioned future possibilities will already be a reality.