What is AI?

Artificial intelligence (AI) is the simulation of human intelligence by machines, especially computer systems to perform tasks and complete processes.

Technically, it falls under the ambit of Computer Science that gives value to the creation of intelligent machines that can work & behave like humans. Some of the activities that can be done by computers with the use of artificial intelligence are:-

  • Automatic Learning
  • Planning & Organising
  • Problem Solving
  • Decision Making

Applications of AI

There are countless applications of AI. It is being rapidly used in various industries like healthcare, retail, finance, advertising & media, manufacturing & construction. These are few of the many industries which are rapidly shifting to using AI paving way for a new technological revolution with AI in the lead.

Powerful uses of AI in present times:-

  • Speech Recognition
  • Machine Vision
  • Expert Systems
  • Self-driving cars

Market Insights

Artificial intelligence has been one of the fastest-growing technologies in the last few years. According to a recent study by IDC, Artificial Intelligence represented USD 12 billion in market investment in 2017. By 2021, that figure is expected to rise to USD 57.6 billion. The company has predicted that 40% of digital transformation projects will be based on Artificial Intelligence by 2019. In addition, 75% of business tools will use this technology by 2021. Another report by McKinsey Global Institute suggests that by 2030, AI could deliver an additional global economic output of USD 13 trillion per year.

Indian Government & AI

In 2018, PM Modi launched India’s first AI research center for social good followed by an announcement made by tech giant Adobe to establish an AI Lab in Hyderabad. In the same month Maharashtra govt. has also announced to bring India’s first artificial intelligence center in alliance with the Canadian government. In September 2017, Karnataka state government had too announced that Bengaluru will soon have India’s first multi-faceted artificial intelligence and robotics center to be established in IIIT-Bengaluru campus.

Competitive Insights

The key industry participants include Google, Apple Inc., Baidu, IBM, IPsoft, Microsoft Corporation, MicroStrategy, Inc., NVIDIA, Qlik Technologies and Intel Corporation amongst others. Artificial Intelligence marketplace provides outstanding opportunities for investment firms, companies, and consultants.