Artificial Intelligence: A Breakthrough Innovation

Artificial intelligence (AI) can be understood as the intelligence provided to the machines by a human to compliment human intelligence. We can only use some part of our brain but by creating machines with AI, we give them the power to use the entire potential of data and information available every time a machine runs the algorithm. AI as a service allows individual as well as companies to experiment with AI to give better services and platform for business growth. AI market experience exponential growth as AI being used in commercial and research industry, along with extensive funding across the globe. 

Artificial Intelligence Market

Applications of AI: AI is present around us since 1950 but it is now that we can find the real-world applications like Siri from Apple and Google assistance from Google, of this technology. It is the rapid growth of the technology that is attracting tech giants as well as start-ups to invest in AI. 

AI has a wide range of applications in almost every industry because of its ability to solve the immensely difficult situation with great ease. Few of the main areas where AI is being used extensively these days are healthcare, business, education, finance, agriculture and so on. 

AI and Companies: Many of the biggest names in the tech industry such as Microsoft, IBM, and Google have invested heavily into both, AI acquisitions and AI related research and development. There is a race in the market to acquire the AI start-ups with future potential, by all the leading companies. 

Data shows that around 44% of the AI start-ups were acquired in 2017 and this number is expected to increase with every passing year. 

Pros and cons of AI market: 

· Personalization of products: With the boom in the market to personalize every product and services according to customer’s preference; it is impossible for a human worker to track down all the potential customers, their needs, purchasing habits, location, web history and so on. But, with the help of AI, it becomes a job that can be done in minutes as AI uses cloud data to store all the information and can produce a final result based on the data stored. 

· Would AI take away all our jobs: This is the most common question that arises when we talk about AI. Whenever new technology enters the market, it primarily aims at automation, passively cutting down the manual labor. But, to grow, we apparently need to move towards innovative technologies. So, the answer to this question, in a nutshell, is “it depends”. While AI would surely take away the ordinary jobs or precisely, the jobs that involve repetition; it would also create new jobs that require a different set of skills. 

AI is not going to see a decline any time soon. The growth of AI Market continues as we enter 2019 and the focus would not only be on new technologies and applications in the industry but also how to use its skillfully without damaging the humankind and values of the society

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