Artificial intelligence is helping in enhancing all the fields. There has been a surge in their growth in recent times. All the businesses are looking forward to automating their repetitive tasks with artificial intelligence which will help them a lot in saving time and resources. It will help them in focusing a lot of time in working towards more important business problems and in achieving goals. In this article, you’ll find a lot about trendy investments in AI, Global investments and much more.
Automation and AI automation are different from each other. Most of the times people get confused with these two terms. Automation means automating tasks that are repetitive which could save a lot of time if a machine does it. AI automation includes mimicking human tasks with decision-making skills. Some of the tasks AI could do are face recognition, speech recognition, smart decision making and many more.
There are three types in which AI can help in businesses are Automation, cognitive insight and cognitive engagement. Automation helps the business in automating some of the tasks such as replacing some information, updating the data, managing emails and much more. Cognitive insight is very helpful in analyzing tons of data and find some patterns to help businesses in taking decisions.
It is humanly not possible to go through such an amount of data, so machine learning algorithms are used in making prediction and analysis models. They are used so much in almost all types of businesses. Some of the examples are predicting customers next purchase, detecting credit card fraud, automated targeted ads for the audience and much more.
Cognitive engagement is used in engaging with the customers and clients for some typical and frequently asked questions. They engage with the customers like a human and sometimes proceed to answer with human smartness. Some of the examples are chatbots, recommendation bots, and many others. Most businesses have chatbots on their websites to answer some of the users’ queries.
Most companies are trying to adapt AI into their business but sometimes AI does not work the best for them. But most of them had spoken about the benefits of having AI included in their businesses. AI helps a lot in saving time and the businesses could focus on the more important business needs. This will help the businesses to achieve their business goals easily and make further more investments in AI.
As artificial intelligence is slowly creeping into all the fields from healthcare to automated cars, it opened a lot of doors to invest in AI. Some of the startups are doing a marvellous job in bringing in the next generation of virtual services. AI is said to be the next top technology according to the investment bank Oppenheimer.
In 2020, about 24% of the businesses and IT professionals have increased their investments in AI, 42% of the investors maintained the same amount. However, around 75% of them are either continuing with their old projects or starting new AI projects. During the pandemic there has been a considerable increment in the AI projects, many professionals have submitted it this year.
In the post-pandemic investments, many companies have said that they will invest a lot more in AI mainly because it provides a lot of advantages. It helps in increasing productivity, customer relationships, sales, and much more.
It is said that by 2026, many companies are looking forward to investing around $30 billion in AI. And also increasing their investments in AI by 8.3% for the next few years. It can be said that AI is easily going to lead the technologies in the future. Some of the trendy investments in AI are in the following sectors.
During this pandemic, the healthcare sector has faced a lot of problems. All the medical professionals were overworked to the point of over-stress and mental health issues. AI can help a lot in this field and relieve some of the stress on the medical professional. In 2020, telehealth had helped a lot in treating patients and was very much appreciated. AI can be used in disease diagnosis, pain management, pharmacy, and giving personalized treatments.
One of the most expected AI startups, Deepmind, is a US-based startup. They have created AlphaFold 2 which helps the professionals accurately predict the protein folds.
During the pandemic, students are learning only through online classes. AI can help the students and teachers to have a better and smooth experience in the online class. It can help the teachers by building a lot of efficient tools to work with the students and focus on students and observe who is losing focus, then proceed with providing them with some motivation. This pandemic has forced a lot of people to embrace technology, which resulted in the surging need for AI. It is said that a lot of people might invest a lot more in AI for education purposes.
It is said that by 2030, AI will boost around $15.7 trillion to the global economy. All the fields are trying to automate with AI, due to its lot of advantages. Globally, the top investors in AI are the United States and China. By 2030, China is said to have an increase in GDP by owning up to 26% of the AI industry, and the US is said to have around 14%. Together they are going to be the leading countries in AI.
Even though it is said that robots and AI will take away a lot of jobs, they will also be the reason for the double increase in job availabilities. They are definitely going to open up a lot of opportunities and different roles.
AI is changing our society for a better and unique future. There are some disadvantages too but the risks taken will be rewarding in the end. AI is going to help a lot in the workforce and the businesses are going to see new heights.