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According to a report, the global artificial intelligence (AI) market size is expected to reach US$169,411.8 million in 2025, from US$ 4,065.0 million in 2016 growing at a CAGR of 55.6 percent from 2018 to 2025.
AI is one of the fastest-growing technology which is associated with human intelligence with similar characteristics such as language understanding, reasoning, learning, problem-solving, and others. However, it is not likely to take over the human capabilities any time sooner. Due to its significant human-like features and attributes, people assume that AI can do miraculous tasks which are not true in every case. A variety of misconceptions and myths floating around the industry regarding the power and capabilities of AI.
Here are some significant myths about AI and their reality.
Several people might think that AI is threatening their career and jobs but it's not true completely. According to a report, automation jobs are going to put 10,000 people to employment, and large organizations will use US$ 650 million on yearly wages to make it occur.
Moreover, artificial intelligence will create a new set of jobs for people who have upskilled themselves with tech-evolution. Undeniably it is a threat for those who will lag behind in the race.
When it comes to speed of calculations or capacity for recall, yes, computers have already outpaced human. But in the case of creative ability, emotional intelligence, and strategic thinking, they haven't reached the level of human yet.
Also, artificial intelligence cannot work without human direction, therefore it doesn't possess the ability to take over humanity or humankind.
Due to its significant scientific abilities and complicated structure, people might think that AI adoption will require huge investments which is somehow only possible for modern tech organizations including Google, Amazon, or Apple, with an extended team of experts and billion-dollar budgets.
However, it is not true. It doesn't need huge investments in highly qualified experts and equipment. Several smart tools existing for an enormous variety of organization, that can be utilized for its implementation.
It may appear that the high quality AI algorithms can work on any untidy or messy data which is untrue. Such algorithms can't make decisions without human intervention. AI algorithms do not possess any magical power. The working model of ML is not 'load and go' rather it requires a specific piece of data to get impeccable results.
As modern ML applications are growing, several people think that artificial intelligence enabled robots will soon possess the capability to imitate human emotions. Regardless of how intelligent automated machines might become, there is a possibility that they can surpass or equivalent to authentic social conversations.
However, machines can't mimic the experience altogether without experiencing the sentiments themselves. It's a universal fact that AI bots might be capable of bringing the delusion of compassion, but eventually, they don't have feelings.
No doubt, neural nets are powerful, but they are way behind in attaining the sense of the complexity a human brain possesses. of the human brain or mimicking human capabilities. As quoted in the Customer Strategist Journal, "while neural nets can solve many types of problems, they are not capable of enabling the creative synthesis of diverse concepts and information sources that are characteristic of human thinking."
At times people consider AI and Automation as interchangeable terms which is completely false. Where on one hand, automation is a process of carrying out a specific task with minimum or no human interaction, artificial intelligence is a collection of technologies used in systems, solutions or applications to add some specific capabilities. Notably, artificial intelligence is not carved to perform only predefined or configured tasks.
