Artificial intelligence or AI and machine learning or ML are two of the most commonly heard words over the past few years. It is also expected that the growth of the AI and ML industry is all set to explode in the time to come with their impact on society, and the business will start to emerge.
Moreover, their effects would be far-reaching, which can bring about a revolution, which is why AI is rightly said to be the future of growth.
Different industries are planning to integrate AI and ML into various business processes to benefit from the same. The appropriate use of AI and ML can prove to be immensely beneficial in enhancing the overall efficiency of business processes to a great extent by automating several components.
It is precisely why different organizations looking forward to implementing AI & ML into their business are searching for artificial intelligence and machine learning development services to make the best use of these evolving technologies.
How Will AI Change the Future?
Artificial intelligence is readily impacting the future of virtually almost all industries and each of human beings. AI has played the role of a driver in helping several technologies such as robotics, IoT, big data, etc., to emerge at a very good pace.
It is expected that AI will continue to play the role of a technological innovator for the time to come. Artificial Intelligence has gained a lot of popularity over the years, and technology provides computers and machines the ability to learn and act like human beings.
AI helps machines perform several business activities and processes that previously needed human efforts. This technology uses machine learning and deep learning to simulate human intelligence into the machines.
A wide array of redundant tasks or activities can be conveniently automated with the help of using artificial intelligence. The machines can be programmed so that they can complete tasks, which earlier needed manual labor for completion.
This, in turn, has made it easier for humans to do their tasks much more efficiently. As a result, there is a significant increase in business profits, accuracy, efficiency, productivity, and large-scale economic growth. It is expected that AI will play a crucial role in helping every industry prosper and reduce overall human labor in the time to come.
Also read: Artificial Intelligence as a Service (AIaaS), will it change the Artificial Intelligence Industry’s future?
The Evolution of AI
About one and a half decades ago, artificial intelligence was a rarely heard term. Hardly people knew about AI, and they did not have any idea as to what AI was. But at this point, AI is word of mouth for a considerable volume of the population. Once AI’s potential was being realized, many tech innovators and entrepreneurs started to work on the same.
Slowly and steadily, the technology caught up the pace and evolved. Researchers from all around the world started to research this technology to get the best out of it. Constant research led to the evolution of AI at a very good pace, and the potential of the technology was brought to light.
With the advancement of research, the potential of AI has grown at an exponential rate. Although the fullest potential of the technology is not still realized, with whatever has been done to date, it is enormous. The potential of artificial intelligence is being readily applied to a wide range of industries to enhance their efficiency and productivity by bringing about the automation of various processes.
AI has seen a consistent evolution over the past decade, and it is expected to rise further in the time to come. Artificial intelligence is still in the growth phase, but it is quite certain that it is the future of growth.
Why is AI So Important?
Artificial intelligence is becoming immensely important to our future. It is because AI forms the very basics of computer learning. With the help of this technology, computers gain the potential to harness a huge volume of data and make use of the learned intelligence to make optimal decisions and discoveries in fractions of the time that it would take humans.
Slowly and steadily, AI is becoming responsible for almost everything from medical breakthroughs in cancer research to cutting-edge climate change research and whatnot. The importance of AI lies in the benefits and potential that it can offer. A brief about the advantages of AI are listed below.
- Elimination of human errors
- Round the clock availability
- Ease of performing of repetitive and redundant tasks
- The Decision-making process is smarter, faster, and accurate
- Digital assistance
- Assistance is daily tasks like Siri, Cortana, etc.
- Assisting in new inventions, research, and data analysis
- Taking risks instead of humans in hazardous situations, events, or experiments
- Automation of a wide range of processes
- Providing enhanced customer experience
- Helping to solve complex problems
- Helping in medical advances, research, and medical solutions
In addition to the ones mentioned above, there are several other applications and uses of artificial intelligence in varied fields, clearly indicating the technology’s potential.
Also read: How Does Artificial Intelligence Impact Other Industries?
AI is the Future of Growth
It can be rightly said that artificial intelligence is the future of growth, and it is because the impact of technology can be felt everywhere. With time, the impact of AI on different sectors has been slowly and steadily expanding. At present, there is no such industry where artificial intelligence cannot be felt. Several sectors have recently started their AI journey.
On the other hand, many sectors have benefited from AI for a long time. The impact of artificial intelligence is almost on every aspect of our lives and each industry, which are certainly very hard to ignore. Let us dive a bit deeper into the topic to understand the impact of AI in our lives and various sectors, which are all set to be the future of growth.
Healthcare is a field where the impact of AI can be felt heavily. Although the use of AI in healthcare is still in the budding stage, it is being appropriately used for quick as well as accurate diagnosis of diseases, speeding up & streamlining the process of discovery of drugs, monitoring patients using virtual nursing assistants and big data analysis for helping in the creation of a more personalized experience for each of the patients.
The transportation sector is where the growth of AI can be felt. Although it could take about a decade or more to make the fullest use of the potential of the technology, the journey has already started.
The time is not far when autonomous cars will ferry passengers from one place to another, but time is required to make the entire system perfect in all respects.
Artificial intelligence has also impacted the field of education. Textbooks are digitized with the help of AI, and the mode of education has also shifted to the digital platform with the use of AI. Virtual tutors play a significant role in assisting human instructors, and facial analysis help gauge the students’ emotions to determine the precise needs of every student appropriately so that the instructors can tailor the experience as per the individual needs of every student.
Although virtual tutors are still in their early stages, they are evolving at a good pace to create a significant impact in the future.
AI has brought about a revolution in the customer service industry. Google is already working on an AI-powered assistant that can place calls like humans to make appointments, assist customers in their buying journey, provide customer support, and many more.
In the manufacturing industry, robots powered by artificial intelligence work alongside humans to perform a limited range of duties such as assembly & stacking and predictive analysis sensors to keep equipment running smoothly.
The media industry is also harnessing the power of AI, and it will continue to benefit from it. The industry uses this technology to help make quick sense of complex financial reports, and it helps speed up the work to a great extent without compromising accuracy.
With the impact of artificial intelligence on the lives of every one of us and each of the industries or sectors, it can be rightly said that AI is the future of growth. Research and advancements in AI are continuously going on to date. It is expected that in the time to come, the impact of AI would be stronger and more effective to offer further benefits.