Artificial Intelligence (AI)
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AI industry overview
The global artificial intelligence market size is valued at USD 95.27 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 43% and hit USD 2.7 trillion by 2027. Full commercialization of AI has brought serious changes in various industries such as healthcare, financial, security, education and several other sectors with expanding application opportunities. Use of AI skyrocketed in the past year with the pandemic urging the healthcare industry to find new tools to manage and survive the crisis. AI has aided in early detection, diagnosis of infection, development of vaccines and reducing workload of healthcare workers. The predictive technology in AI has helped governments and key stakeholders to fight the spread of COVID-19 virus by finding various mutation patters and identifying people who could be vulnerable. One of the popular examples of AI used in healthcare is the algorithm developed by the Chinese tech giant Alibaba’s research institute Damo Academy which helps in the detection of new corona virus cases with the Computed Tomography (CT) scan.
Furthermore, advancement in Artificial Neural Networks (ANN) and profound learning has also fueled the adoption of AI in several industries, such as aerospace, education, manufacturing, and automotive. An artificial neural network (ANN) is biologically inspired piece of a computing system designed to model the way the human brain analyzes and processes information. Conventional machine learning systems are being now substituted by ANN as they are evolving to be more precise and accurate. Some of the examples of ANN application are handwriting recognition, image compression and stock exchange prediction.
Globally, over 567 AI start-up companies received investments in the year 2020. AI is helping companies bring operational efficiency in remote working, management and day and day to operations. Constant and rapid movements in AI technology are enticing many companies to adopt an AI-based customer service system. Predictive analysis combined with AI is helping marketers identify buying trends and automate their campaigns to target the most relevant customers AI enables industries to process large amounts of data as big as 44 trillion gigabytes per day which is recorded in the healthcare industry and provides meaning insights from it. Large companies such as RBS word pay and Mastercard have adopted AI and deep learning in their infrastructure to detect fraudulent transactions. Lastly, the automobile industry has seen many advancements because of AI where we now see autonomous cars being designed leveraging technology such as long-range radar, cameras and LIDAR. One example is Tesla using Computer Vision to train computers to reverse engineer human vision.
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