With a CAGR of nearly 48.6% the artificial intelligence market is one of the fastest-growing in the global economy. In the Operating Room environment, for instance, is estimated to reach a valuation of USD 2951.5 million, up from the current USD 67.8 million in just ten years. Here is a look at what artificial intelligence (AI) is and what factors contribute to its phenomenal growth.
What is AI?
Artificial Intelligence is the name given to the decision-making capabilities of machines and programs. In contrast to natural intelligence (the cognitive abilities humans possess), AI takes a markedly less nuanced approach to decision-making. However, it has a significant advantage; it can process a larger volume of data in the blink of an eye to help humans arrive at conclusive decisions.
What drives the growth of AI?
1. It saves time and cost
Machines handle data much more efficiently than humans do. Take, for instance, Amazon’s packaging facility: AI goes through all the items that need to be packed and shipped to a destination.
It works out the cheapest way to bundle them together; it then charts out the fastest and most fuel-efficient route to deliver the said items to customers. A human would take forever to do the same task, with lots of errors peppered in.
2. Complex, repetitive tasks can be handled at a low cost
AI has proven its mettle in performing repetitive tasks with a zero margin for error. For example, imagine if you were a bank employee tasked with copying details from customer application forms into a centralized database. Naturally, you would eventually lose steam and start making errors. An AI algorithm, on the other hand, can execute the task with no complaints and no errors at a much lower cost to the bank.
3. 24X7 availability
AI-powered systems are deployed in emergency response centers worldwide to ensure calls are addressed as soon as possible. The 24/7 availability of AI programs contributes significantly to their efficacy and hence, popularity. If You Need More Information Visit f95zone
4. Versatility in application
AI is applied in industries as diverse as medical imaging, customer service, public safety, and manufacturing. Part of the reason it is so widely applicable is that AI is a tool rather than a fixed solution. How you use the tool is limited only by your creativity. As more employees learn the skill of adapting AI to their needs, its usage will only grow.
5. Technological advancement and ongoing R&D efforts
The use of AI can demand huge computational capacities. Recent advances in chip-manufacturing technologies have enabled smaller businesses to be able to afford powerful computers to implement AI in their processes. As more firms jump on the AI bandwagon, more investors will loosen their purse-strings towards furthering R&D in the segment.
6. Availability of Large-scale data
Machine learning and artificial intelligence are essentially data-driven. The more data points to work with, the better. For example, entertainment companies have many subscribers worldwide. Their viewing habits are tracked with relative ease by the company, allowing it to host content that is more in tune with what viewers demand.
Contrast it with television companies in the 1990s, which had to set up individual TV units with special equipment to gather a (poor) representative sample of viewer habits. Even if AI could have been used on the data, it would not have been as effective.
7. Significant R&D investments by big tech companies
Owing to the vast benefits offered by AI, tech giants are pouring swathes of money into their research. Consequently, the global Artificial Intelligence (AI) market is anticipated to reach $7.79 Billion by 2024.
Final words
The artificial intelligence market is expanding at phenomenal rates due to its advantages, the current technological environment, and research. If you ever doubted that AI would not affect you personally, you only need to look at your smartphone to be reminded otherwise.
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