Amidst the fast-paced advancements in technology, Artificial intelligence (AI) has been the most revolutionary creation and is expected to have a more prominent impact on the evolution of mankind. Artificial intelligence has the potential to drastically improve the efficiency of a workplace by augmenting the work humans do. By taking over repetitive tasks of business operations, AI frees up the human workforce and allows them to focus on tasks involving creativity and empathy.
In simpler words, AI is the computer science domain that aims to turn computers into intelligent machines. AI and related technologies like Machine Learning (ML) are capable of duplicating human behaviour with the use of advanced algorithms and providing solutions to complicated problems, and further developing stimulations.
THE AGE OF AI
Increased technological investments, more internet penetration and the improvement in the overall digital infrastructure have prompted the massive inclusion of AI in mainstream operations.
The AI market globally was nearly $ 59.67 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 39.4 per cent to reach around $ 422.37 billion by 2028. According to the International Data Corporation (IDC), the AI market in India is projected to grow at a CAGR of 20.2 per cent to reach $ 7.8 billion by 2025 from $ 3.1 billion in 2020. AI START UPS INCREASED 14 TIMES FROM 2000.
With the rapid growth of AI and ML, experts predicted that most businesses would shift to AI-powered systems, apps, security systems, data analysis and other applications in the future. According to Forbes research, globally, the number of AI startups has increased 14 times from 2000, and the investments in these startups have increased by six times.
Another research by Statista revealed that 87 per cent of companies use AI primarily for sales forecasting and improving e-mail 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 insights and patterns from a large data set and use it to make predictions on possible outcomes.
Some common data analysis systems include Google Analytics, automation platforms, business intelligence systems, content management systems, and CRMs. In addition, data scientists often resort to using AI to get more value from the data they already have, unify it and make valuable predictions. With artificial intelligence, machine learning and data science being at the centre of the technological revolution, the field is rife 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 per cent increase in jobs related to data science and mathematical science, mostly AI-based.
The machine learning job market is projected to be worth $31 billion by 2024 at an annual growth rate of 40 per cent over the last six years.
Artificial intelligence has been gaining massive traction due to the enormous change in business operations and fast-paced technological advancement. The trend will only grow further in the coming years.
The application of AI and related technology has significantly transformed many areas of the industry by making them more efficient and effective.
Source: indiaai.gov.in
