Take a right turn, then go straight for 100 meters and then turn left; a pretty known voice from your phone’s navigation system that guides you to your desired location. Technology has made our life so easy that most of the time, we depend on it for even small and simple things to do.
With the constantly changing needs of humans, technology has developed to a larger extent. Artificial Intelligence, Machine Learning, and IoT are some of the prominent examples of technological evolution over the years.
Artificial Intelligence, since its inception, has done wonders for our life, making our tasks easy and quick. The advent of artificial intelligence in our daily life has increased to such an extent that smart AI systems are now driving our vehicles, and we are ordering smart voice assistants in our homes to perform any digital tasks.
So, as we are so obsessed with artificial intelligence, let us have a look at the key aspects of artificial intelligence and know how the market for artificial intelligence is taking the industry forward.
Artificial Intelligence
Artificial Intelligence, popularly termed AI, is basically a simulation between human intelligence and computer systems that integrates manual operations with technological advancements like Machine Learning, AI Chatbots, real-time analysis, etc. Automation of production, inventory management, and supply chain management are all made easier with their implementation across the manufacturing sector.
Earlier, Artificial Intelligence was a term used to describe machines that mimic and show human cognitive skills associated with a human mind, which include problem-solving, learning, speaking different languages, analytical thinking, etc.
Artificial Intelligence is being used in several industries, including automotive, chemical, manufacturing, pharmaceutical, medical and healthcare, marketing and advertising, etc.
The most prominent application of artificial intelligence is seen in the automotive industry with the evolution of smart, automated vehicles. Such AI-based vehicles operate entirely on machine learning, IoT systems that guide the vehicle in driving and performing all other vehicle functions.
Future of Artificial Intelligence
With the current scenario of artificial intelligence clearly states that the technology will have some mind-blowing upgrades in the future. A hypothetical agent with superintelligence, hyperintelligence, or superhuman intelligence would be significantly more intelligent than even the most brilliant and talented human beings.
The term “superintelligence” can also be used to describe the nature or level of intelligence exhibited by such a being. Research into AI could one day lead to self-improving software that can rewrite its own instructions.
An intelligence explosion would cause its intelligence to skyrocket, potentially making it far more advanced than humans. Beyond technological singularity, events are unexpected or even unfathomable because it is difficult or impossible to know the limits of intelligence or the capabilities of super-intelligent robots.
Considering this, it is crystal clear that the upcoming version of artificial intelligence called superintelligence would be something larger than life and can create opportunities as well as a threat to humans with its sublime intelligence.
Market analysis
With recent studies conducted on the global artificial intelligence market, the reports predict that the global artificial intelligence market will earn USD 311.35 billion by the year 2030, at an exceptional CAGR of 41%.
The Artificial Intelligence is based on a powerful algorithm that draws insights from data using advanced machine learning terminology, and it has the potential to generate substantial economic benefits for many different sectors.
With its ability to anticipate a profit and loss analysis for the market if an individual provides a company proposal, AI has generated developers, researchers, and business prospects at the industrial level. Experts have warned that artificial intelligence (AI) could eventually surpass the limits of human intelligence and even be able to mind control the human race, where already digital platforms have taken over human life. In terms of language and speech recognition, it is believed that recognizing human behaviour and pattern and creating an analytic pattern increases the productivity of the AI system, which at times can be a threat to human life.
Consistent expansion of the AI market can be attributed to algorithms improving their ability to foresee changes in human behaviour and the economy. More businesses are spending money on artificial intelligence (AI) products and developing algorithms to meet specific business needs and increase revenue.
Despite the fact that AI has been a boon for global corporations and has benefited businesses on a grand scale, it also poses serious challenges to the legitimacy and decision-making abilities of the human race, which is why the said technology is under scrutiny in some regions of the world.
So, with all this, we can conclude that artificial intelligence is undoubtedly a great technological achievement for us, proving to be a great revenue-generating asset, but still, it possesses some dangers that can’t be ignored considering the future of the human race. But still, the time is to leverage artificial intelligence and its functions to make our life easy and better.
Writen by: Varna Magar
