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Today all companies irrespective of their domains, share one common goal, that is, to harness smarter technologies that can help them identify better business opportunities at a lightning-fast rate. Experts say that data science has triggered this off, which has led to the awakening of the companies all over the world.
Credit is mostly to be offered to the efficient data analysis made possible by AI and its subsets namely machine learning, and deep learning. If companies continue adopting the techniques of AI trends into their businesses, then the revenues are believed to rise up to $90 billion by 2025, as per sources. (Source)
Why the AI trend is on a fast track?
Venture capital firms who have always been looking for giant leaping opportunities seem to find them now by deploying AI. A recent report states that there has been a 14-fold increase in the number of startups created since 2000, and also investments in these startups by VC firms has also increased up to 6 times. (Source)
Which of the industries are directly impacted by AI?
Today, in the age when digital transformation is grabbing major attention, the contribution or influence of AI in digital marketing is directly linked to boosting revenues. For every enterprise in the world, starting from digital agencies like Australian Internet Advertising to tech companies like Atlassian, AI seems to be the mantra.
That leads us to find out which industries have been directly influenced by AI and how.
It should not come as a surprise as this industry deals with truckloads of data, and needless to say, it is one of the biggest beneficiaries of AI. About 44 percent of global companies are using AI to solve technical customer support problems. The perfect example of this would be the introduction of a smart response system to streamline the commonly asked queries so that the customers can get their questions answered almost instantly.
IT firms have also been using a smart authorization system to keep up with daily updates and know about vendors and subsidiaries to ensure that the employees only use and trust technology provided by trusted vendors.
In the semiconductor industry, the trend which is most in vogue is the usage of more than one kind of processor made with dissimilar components. This is known as heterogeneous computing and this sector is heavily relied on AI and ML applications, from generating high-performance computing to enabling embedded applications to make use of basic learning algorithms. This practice is producing new chips solutions with different components owning ML capabilities which are reducing cost and energy consumption. That is to say, that the uniform approach of one-size-fits-all doesn’t apply for the AI solutions which are currently being developed and used. But now a diverse array f semiconductor chips carrying AI solutions would be on the go for differing needs and demands.
The hardware architecture which is proving to be of great importance today may get obsolete down the line and thus the hardware is also required to be flexible and programmable, to say the least.
The most recent industrial revolution is said to be most noteworthy in history because it offered the world, data. Now within data centers, high performance serves powered by AI and ML algorithms are designed and used to improvise parameters like real-time delivery. A source says that by the year 2022 that the servers formed with specialized AI and ML co-processors would make about 105 of the total global data shipped. After reading the success stories, businesses in the near future would be highly interested to invest in servers containing pre-processors, especially those having GPGPUS and FPGAs.
In the future, strong demand for processing and data analytics in every department is being perceived after keeping in consideration the migration of various industries and domains toward edge network computing. This would, in turn, boost the need for low latency performance in critical applications and that can be achieved by the deployment of AI.
Human Machine Interface
This is an extremely powerful interface that can be added across systems where humans are required to work and interact with machines. This platform can be of extreme use across industries for switching mobile electronics to automotive and pushing customer service a few notches higher. Although a few of this kind already exists, including Siri and Alexa, the parent companies are trying to apply a similar kind of interface into other domains.
Companies going for the inclusion of AI capabilities in their HMI would enjoy a competitive advantage in terms of uniqueness, added value, predictability in system maintenance and performance, all thanks to steady algorithms.
The domains of human employees are now being taken over by different autonomous entities which are proving their developed capabilities by solving complex problems without any human assistance. Not only robotics but autonomous machines like light vehicles and buses are a benefit. Apart from this, robotics powered with AI has only been coursing toward harvesting crop machinery, assistance robots in customer service, toys, and drones, humanoid robots in the healthcare industry and construction industry.
Although the leading technology booster of the autonomous machines is the automotive industry, predictions say that it is the consumer market that will acquire the most number of shipments of autonomous machines with the number reaching 13.3 billion by 2025. (Source)
How can AI be adopted by other industry verticals?
All the takers of the AI-based systems are mostly adopting the technology to gain higher performance, efficiency and other value-added benefits. For example, in banking, the worth of AI is predicted to reach up to $165 billion with the use of advanced technologies like the blockchain.
In the healthcare industry, AI would bring in assimilation to the tones of unstructured and raw data thereby easing the process of analysis. The faster the analysis would be, the faster would be the diagnosis of critical diseases and evaluation of treatment and therapy methods.
With AI and ML revolutionizing the way businesses operate and offer value to their clients and customers, companies are gearing up for the advantages they would be enjoying after application of this advanced technology in their businesses.