Artificial Intelligence is the next force of digital disruption. It refers to systems or machines that can work or react like humans. AI includes multiple technologies; the most prominent among them are machine learning, deep learning and natural language processing (NLP).
Amazon is also using AI technology to ensure social distancing in its warehouses. It has created a Digital Assistant which displays people’s position on a big digital screen for them to quickly see whether they are adhering to keeping a safe distance.
ETHICAL CONCERNS OF AI
As the use of AI technology starts to grow and become more mainstream, many countries are worried about the risks concerning data privacy and other misuses of the technology.
The latest organization to launch ethical AI initiative is World Economic Forum (WEF) in January 2021. WEF launched an organization to promote the adoption of inclusive, trusted, and transparent AI around the world. It comprises of governments, companies, international organizations, non-profits, and academics.
Some of the early applications of AI include self-driving cars, industry robots, chatbots, AI-enabled cyber security systems, wealth management systems, and AI powered drones.
QUALITY INSPECTION: Major global companies such as Airbus, Land Rover and Rolls Royce are planning to incorporate AI technology to speed up inspection process. Japanese autoparts giant, Musashi Seimitsu announced plans to use autonomous AI powered robots for inspection process at its factories.
DIAGNOSIS AND TREATMENT: AI systems are already being tried in medical imaging. The UK has established a group named National Consortium of Intelligent Medical Imaging, which is aiming to employ AI for more personalised care, earlier diagnosis and targeted treatment.
MILITARY: AI is gaining significant prominence in military applications. AI can be used in the development of Intelligent and Autonomous Weapons Systems, including unmanned aerial, surface and underwater vehicles, as well as military robotics and cruise missiles.
AUTOMATED CUSTOMER SERVICES: Companies such as Uber are already using AI powered chat bots for fielding customer enquiries and taking bookings. Retailers have been increasingly adopting AI as well.
FRAUD DETECTION: Artificial Intelligence (AI) techniques can be of great help in overcoming the growing level of online fraud. The sheer volume and surge in online transactions is leading to increase in fraud related cases as old rule-based systems are proving to be ineffective.
Edge AI is a system that consists of sophisticated Machine Learning algorithms that the process data generated by a local hardware device. It is a system that puts Edge Computing and Artificial Intelligence (AI) together. AI is a machine made to perform tasks that otherwise require human intelligent.
These are the following key players:
- AIBrain Inc
- Alphabet Inc
- Alteryx Inc
- Amazon Inc
- Apple Inc
- CloudMinds Technologies Co Ltd
- DataRobot Inc
- Meta Platforms Inc
- International Business Machines Corp
Despite the many obvious benefits of AI, it can also bring other challenges, the most prominent of which are job losses in disrupted industries. According to CB Insights, AI could threaten 10mn jobs in the service and warehouse industries in the United States over the next five to ten years.
Crispidea predicts the global AI software market to be valued at $61.25bn in 2022, up from $52bn in 2021. The market is anticipated to grow at a CAGR of 31.73% between 2022 and 2027.
For details on Technological trends and region wise analysis please feel free to refer to the following AI Industryreportfrom CrispIdea: