- According to Gartner, the business value of AI market is expected to touch $3.9 trillion by the end of 2022
- IDC forecasts spending on cognitive and AI systems to reach upto $77.6 billion by the end of 2022
- Mordor Intelligence reports that the market value of enterprise AI is going to reach $15,042.32 million by the end of 2024 growing at compunded annual rate of 10.4% during the period 2019-24. Enterprise AI market was valued at $1211.6 million in the year 2018
- According to CB insights, a record of US $7.4 billion was invested by AI related start-ups
Artificial intelligence (AI) is not a new topic in today’s world that is covered with technologies. Due to higher processing speeds and access to vast amounts of rich data, AI is beginning to take over in our everyday lives. From voice or image recognition and natural language generation to predictive analytics, learning machines and driverless cars, AI systems have executed in many areas. These technologies are bringing about innovation, providing new business opportunities and changing the way a business operates.
As per the London AMC ventures, there are even claims that AI tech giants, such as Microsoft and Google, are not always overly approaching about their reliance on humans to power their “AI solutions”. Google has used AI, for instance visual recognition which has helped in commercializing tools for image recognition and analysis.
You input an image, and their neural networks can identify, with each detailing, what or who is on it. For example, if your input is a picture of yourself posing with a book in front of a beach, it identifies that there’s a human being in front which beach, and can also guess if the person wears something in his/her head, what emotions the person is displaying and can also recognize the book title.
Moreover, the Australian company called Appen, is in the global business of conforming search results with a global team of over 1,000,000 flexible employees. Datamin, a New York based company is recognized as one of the world’s leading AI businesses that make sense of news and information in real time, raised US$392 million in 2018.
Silicon Valley Artificial Intelligence powered computer security and management companies CrowdStrike, Team Tanium, Cylance, Inc. each raised over $100 million last year. And Pony.ai rose $102M to develop its latest self-driving.SenseTime, which basically focuses on innovative computer vision and deep learning, raised not one but two tranches of $600M in 2018. It now claims to be the world’s most valuable AI startup.
UBTECH that describes themselves as an AI and humanoid robotic company, raised $820M in 2018. Face plus, which leads in facial recognition, has also risen over $600M and is current looking to rise up to $500M. And finally, iFlytek, a company that claims to own 70% of the Chinese voice recognition market, is looking to rise $565M. These are really big inflow and we can expect bigger numbers to come through AI.
Moon shot project launched by MD Anderson Cancer Center
MD Anderson Cancer Center launched a “moon shot” project in the year 2013 that diagnose and recommend treatment plans for certain forms of cancer using IBM’s Watson cognitive system. At this very moment the IT group of cancer center’s was experimenting with using cognitive technologies to less ambitious jobs, such as making hotel and restaurant recommendations for patients’ families, addressing staff IT problems and also determining which patients needed help paying bills.
The results of these projects have been much more promising: This new technology have contributed to increased patient satisfaction, improved financial performance, and a decline in time spent on tedious data entry by the hospital’s care managers. In spite of the obstacle on the moon shot, MD Anderson remained committed with the cognitive technology which is next-generation artificial intelligence to enhance cancer treatment, and it has now been center of competency for cognitive computing, by developing a variety of new projects recently.
Career replaced by automated robotics?
Have you ever wondered will you do if you wake one day like every other day and find today is different? Your career has been automated, no more going to jobs regularly, no more emails, no more hectic schedules and more annoying bosses. Whether you were a career focused person or someone who works for a living, the truth is that what you have been doing over the past has been taken over a robotic technologies, a process or a mix of them. What will happen now?
You now try to look for jobs that require that matches you skills but all you do is search jobs from one company to the other and at last you find whole company has adopted the AI. But eventually you’ll accept it won’t you? As there’s a set of technologies now that does your job faster, with higher quality and fewer errors, and all of that for a price below your income. And it has the ability to learn much faster than you do in real time.
It’s not fair, it doesn’t make sense, yet it has happened. You still have a family to feed, and possibly self-esteem partly dependent on your “professional self”. What do you do now?
