Amid the rapid advancements in technology, Artificial Intelligence (AI) has been the most revolutionary creation and is expected to have a greater impact on the evolution of mankind. Artificial intelligence has the potential to dramatically improve the efficiency of a workplace by augmenting the work of humans. By taking over the repetitive tasks of business operations, AI frees up the human workforce to focus on tasks involving creativity and empathy.
In simpler terms, AI is the field of computing that aims to turn computers into intelligent machines. AI and related technologies such as machine learning (ML) are able to duplicate human behavior through the use of advanced algorithms and provide solutions to complex problems, and further develop stimuli.
THE AGE OF AI
Rising technology investments, increased internet penetration, and improving overall digital infrastructure have resulted in the massive inclusion of AI in day-to-day operations.
The global AI market stood at nearly $59.67 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 39.4% to reach approximately $422.37 billion. by 2028. According to the International Data Corporation (IDC), the Indian AI market is expected to grow at a CAGR of 20.2% to reach $7.8 billion by 2025, from $3.1 billion in 2020. AI startups have increased 14x since 2000.
With the rapid growth of AI and ML, experts have predicted that most businesses would transition to AI-powered systems, applications, security systems, data analytics, and other applications in the future. According to Forbes research, globally, the number of AI startups has increased 14-fold since 2000, and investment in these startups has increased six-fold.
Another study by Statista found that 87% of businesses use AI primarily to forecast sales and improve email marketing. One of the most extensive applications of artificial intelligence has been in data science, as AI can provide massive analytical power. AI can extract information and patterns from a large dataset and use it to make predictions about possible outcomes.
Some common data analytics systems include Google Analytics, automation platforms, business intelligence systems, content management systems, and CRMs. Additionally, data scientists often use AI to get more out of the data they already have, unify it, and make useful predictions. With artificial intelligence, machine learning and data science being at the center of the technological revolution, the field is teeming with career opportunities, so much so that there are more jobs than qualified candidates. Experts have predicted that by 2030, there will be a 31.4% increase in jobs related to data science and mathematical sciences, mostly based on AI.
The machine learning job market is expected to be worth $31 billion by 2024, growing at an annual rate of 40% over the past six years.
Artificial intelligence is gaining momentum due to the huge change in business operations and rapid technological advancements. The trend will only increase in the years to come.
The application of AI and related technologies has dramatically transformed many areas of industry making them more efficient and effective.