AI Market: New Future of The Digital Information Economy

What is artificial intelligence (AI)?:

The ability of a digital computer or robot controlled by a computer to carry out precise operations usually completed by intelligent beings is known as artificial intelligence (AI). It is a form of intelligence displayed by computers, as opposed to the natural intelligence displayed by beings like humans. The word is now more commonly used to describe efforts to develop artificial intelligence (AI) systems with cognitive capacities similar to humans, such as the ability to reason, find meaning, generalize, and learn from experience.

FastMR Brief:

  • Intelligent AI-based technology is employed to directly interact with consumers in retail, e-commerce, financial institutions, healthcare, and other consumer-centric organizations. More than half of the 2,056 IT and Line of Business (LoB) decision-makers surveyed for an IDC report released in June 2020 indicated that improving customer experience is the significant determinant of AI adoption.
  • AI technology offers several tools and models that improve the capabilities of conventional analytics and decision-making. For instance, Google LLC introduced the Rapid Response Virtual Agent chatbot for call centers in April 2020. This chatbot addresses clients’ concerns regarding the coronavirus (COVID-19) outbreak via voice, chat, and other social media platforms. It enhances the precision and effectiveness of diagnosis, therapies, and forecasts in dire COVID periods. It enhances the accuracy and efficacy of diagnosis, treatments, and projections in bad COVID periods.
  • The RELX Emerging Tech Executive Report 2021 states that 81% of Americans now use AI technology, up over 33% from 2018. According to the European Commission’s December 2020 report, the European Investment Fund provided USD 171 million in funding to tech firms around Europe. The market for AI technology is expanding due to initiatives like the National AI Strategy of Singapore, the Society 5.0 vision of Japan, the Next Generation Artificial Intelligence Development Plan of China, and India’s AI for All Vision, among others.
  • More than 30 countries adopted AI-specific initiatives between 2016 and 2020. Most EU member states, and other countries like Canada, China, India, Japan, Mauritius, the Russian Federation, Saudi Arabia, the United Arab Emirates, the USA, and Vietnam, have published national AI strategies. Bangladesh, Malaysia, and Tunisia were among the nations developing their own AI strategies.
  • To ensure public confidence and trust in the technology, the Global Partnership on Artificial Intelligence, established in June 2020, emphasized the importance of developing AI under democratic principles and human rights.
artificial-intelligence-market
credit: pixabay

AI Market Insights:

According to the IDC’s June 2020 study, increased customer interaction is essential in today’s competitive and dynamic corporate climate. As a result, businesses are rapidly using artificial intelligence technology to offer personalized and focused services in real-time. Enterprises can use the technology to create hyper-personalized marketing plans based on industry-specific client insights. This hyper-personalization boosts revenue, offers real-time data-driven decisions, reduces costs, and enhances customer satisfaction.

The spread of one’s ideas and beliefs has become more prominent in daily life due to the exponential growth of artificial technology and communication. Communication apps like WhatsApp, Facebook/Meta, Snapchat, Instagram, and Twitter distribute digital information globally. The development of digital technology and the utilization of artificial technology allowed the commercial sector to obtain vast amounts of information about the general public, further divided into categories based on race, location, age, gender, etc. The New York Times estimates that “the ten largest tech businesses, which have emerged as gatekeepers in commerce, banking, entertainment, and communications, now have a combined market capitalization of more than $10 trillion.”

Accessibility to historical datasets is one of the critical aspects accelerating AI advancement. Since data storage and recovery are more affordable, healthcare institutions and government agencies are generating unstructured data available to the research domain. Information scientists and academics are encouraged to develop more quickly by the next-generation computing architectures, which have access to large datasets. During the projected period, rising digital dependency and industry 4.0 trends will present lucrative chances for the artificial intelligence market to grow.

Numerous applications are adopting connected devices at an exponential rate. The AIoT (AI-powered IoT) significantly increases operational effectiveness and quick services, improves IoT scalability, supports improved risk management, and lowers costs and unplanned downtime. For instance, a new AIoT Hub was introduced in August 2020 by Aspen Technology, Inc., a software company specializing in asset optimization. In capital-intensive sectors, it speeds up the flow of visualizations and insights by enabling flexible and seamless data integration and mobility from sensors to the edge and cloud.

As multiple IT giants and start-ups concentrate on avoiding, mitigating, and containing the virus, this pandemic has represented an opportunity for AI-enabled computer systems to fight the epidemic. For instance, the Damo Academy research center of Chinese internet giant Alibaba has created a diagnostic algorithm to find new coronavirus cases using the chest CT (Computerized Tomography) scan. Additionally, drug discovery can benefit from the technology and its insights. For instance, the Tata Consultancy Services Innovation lab and Facebook AI are using AI capabilities to comprehend the propagation of viruses and suggest new compounds to target against the COVID-19 strain.

Several countries use artificial intelligence to help them make foreign policy judgments. One instance is the UN Global Pulse program’s use of AI to simulate the impact of COVID-19’s spread on IDP and refugee settlements to help them develop an acceptable global health policy. To support the UN in its political and diplomatic engagements, more than 46 United Nations organizations use more than 200 artificial intelligence applications in fields like smart agriculture and health care that deal with problems like combatting COVID-19.

AI technology utilizes machine learning and deep learning capabilities to achieve relevant results. These tools, which include search algorithms, suggestion engines, and ad tech networks, may be used to abuse the user’s private information. Furthermore, without the user’s agreement, artificial intelligence algorithms generate new information based on historical data. The Association for Computing Machinery presented and published conclusions at its 2022 Conference on Fairness, Accountability, and Transparency (ACM FAccT 2022) in Seoul, South Korea, proposing that AI and robotics systems are free of bias mistakes, they are risky. The usage of self-learning neural networks trained on massive, unregulated sources of incorrect internet data should be limited.

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