Now, advances in machine learning have transformed various vital sectors like technology, transportation, health, finance, science/research and even the military. Researchers studying AI and ML believe, that by 2053, there is a 50% chance of AI outperforming humans in all tasks in 45 years and of automating all human jobs in 120 years.
As the year 2021 embarks upon us, its important to look into major trends in AI and ML so that your business has the competitive edge in a hyper-competitive market. The diversity of the applications of AI and ML have paved the way for innovation and new opportunities for businesses around the world. Revenue generated by AI hardware, software and services was expected to reach $156.5 billion worldwide in 2020, according to market researcher IDC, up 12.3 percent from 2019.
AI will outperform humans in all tasks in 45 years – Cornell University study: When Will AI Exceed Human Performance? Evidence from AI Experts
With enterprises rapidly migrating to the cloud to improve services, improve data management efficiency, streamlining operations and delivering substantial ROI has made the possibilities endless. Major sectors like finance and healthcare, have now realized the capability of AI to analyze and anticipate issues while providing them support to address the challenges faced due to the COVID-19 pandemic, in the year 2020.
Though initially AI was not about practicality, it has gradually evolved to focus more on problem solving. With AI’s capability to seamlessly transition into any sector, it has become an integral part of ‘business-intelligent’ applications. The unassuming nature of AI can process huge amounts of data, recognize the problem, research solutions and provide support during the crucial decision-making process.
The increased use of IoT devices that seamlessly communicate with each other at rapid speeds, along with the introduction of new technologies like 5G and 6G, will increase the capabilities of AI, tenfold. According to a survey by Deloitte, 74% of AI adopters agree that AI will be integrated into all enterprise applications within three years. AI will enable these apps, and the devices that incorporate them, to generate new services, new insights, and deeper kinds of knowledge. AI and ML are more trustworthy than ever
Due to the pandemic, many enterprises and businesses adopted AI and ML to overcome the challenges that came while operating their workforce remotely. Businesses now have the confidence to keep their workforce online while maximizing their potential and increasing efficiency in resolving challenges on the go. Improved and more accurate forecasting
Despite the unprecedented pandemic situation, huge amounts of data regarding the virus spread was collected, organized and processed on a global scale. AI tools have been instrumental in processing the highly sophisticated data models while, enabling health-officials to predict, plan and execute their strategies to battle the pandemic.
The journey of AI has been one of refining an idea and maximizing its potential. As the world of AI is explored further, the boundaries for innovation have been extended more than ever. Businesses need to actively venture into the world of AI and ML for efficient problem-solving that can bolster their growth and act as a catalyst for success.