The Age of AI-Powered Innovation is Here

John McCarthy, the man behind the term "artificial intelligence", famously quipped "As soon as it works, no-one calls it AI anymore." From that day to the current day, the history of artificial intelligence (AI) goes back to years where intelligent robots appear in the mythical stories of many ancient societies, including Egyptian, Chinese, Greek and Arabic.

In recent years, artificial intelligence innovation has become quite a trendy topic of discussion amongst the world's top technology firms. You will see a flurry of AI advances, investments and new announcements that have catapulted the digital world by storm. Today, the field of artificial intelligence is more vibrant than that of the previous era with some believing that the world is on the threshold of discoveries that will cause a flutter in the society irreversibly either for better or worse.

Changes are marked with innovation. There have been remarkable feats into innovation in the AI space as well. Businesses are betting big on AI backed hedge funds to beat the stock market, financial giants are using AI bots to better serve their customers online and Internet majors are utilizing AI to diagnose heart ailments more accurately.

These innovations into AI have propelled investments and shown phenomenal growth numbers. Back in 2017, while the global artificial intelligence market was valued at US$ 16.06 billion a figure which is expected to reach US$190.61 billion by 2025, growing at a CAGR of 36.62%.

To push innovation and sustainability from AI, Microsoft Corporation committed $50 million to the "AI for Earth" program to fight climate change. An investment which will be utilized over the next five years to put artificial intelligence technology in the hands of those who are working to mitigate climate change.

According to PwC, in the coming years, the global GDP will increase by 14 percent all thanks to AI. Artificial Intelligence deployments in the decade ahead will further add US$15.7 trillion to global GDP. Among the countries, the Republic of China is predicted to take US$7 trillion and North America US$3.7 trillion by deploying innovative AI at its business premises.

Talking region wise, China ranks first in the quantity and citation of research papers, with the maximum number of AI patents filled. The central government of China has announced its ambitious plans to build AI capabilities, and the country is surely strategizing to edge out its close competitors.

China plans to let the world know its next-generation artificial intelligence development plan which is broken up into three benchmarks, keeping pace with the AI technologies by 2020, reach to AI breakthroughs by 2025, and become a world leader in AI technologies by 2030. The European market is not to be left far behind, with its Artificial Intelligence industry forecast to rise at a CAGR of 44.45% from 2018-2026.

As you read this, some or the other innovation is already happening in natural language processing (NLP), machine reasoning, machine learning and computer vision, among others. Exciting it sounds isn't it!