The latest innovations in Artificial intelligence (AI) space by technology majors have the potential to excite enterprise CIOs.
The AI market is expected to reach $190.61 billion by 2025 from $21.46 billion in 2018, at a CAGR of 36.62 percent during the forecast period.
From 2018 onwards, there would be more companies from all sectors who would participate in building, developing and productizing AI. This participation may be in the form of creating apps, translating data and algorithms into real-world usage.
As per reports, linguists, data scientists, UX experts, cognitive programmers would massively scale-up.
Barclays analyst Raimo Lenscow said: “Microsoft is positioned to be the biggest beneficiary to AI due to its cloud-computing infrastructure (Azure). Salesforce.com is still in the early stages of rolling out Einstein across its entire product portfolio.”
On June 18 2018, IBM introduced an artificial intelligence (AI) system called Project Debater. It masters in human language by absorbing information and builds arguments to persuade the audience during a debate. This technology will enhance the capabilities of IBM Watson, which is being used today by dozens of companies.
In another report, Project Debater was said to have analyzed every segment of data to come up with a correct answer during the debate, which was held at IBM’s Watson West site in San Francisco. It also managed to crack a joke which immediately won the audience over.
Project Debater, however, bases its answers by combining information gathered from Wikipedia and not by its own understanding. It forms an argument solely on the relevant points of information gathered.
Max Tegmark, president of Future of Life Institute, said: “From SIRI to self-driving cars, artificial intelligence (AI) is progressing rapidly. While science fiction often portrays AI as robots with human-like characteristics, AI can encompass anything from Google’s search algorithms to IBM’s Watson to autonomous weapons.”
AI systems are good at accomplishing goals beyond human thinking. On the 21 June 2018, JP Morgan announced the first artificial intelligence-powered servant introduced in the corporate world. This assistant strives to connect with humans to find out what they need exactly, based on a set of trials with selected clients.
On 14 May 2018, AI took its toll on Medical Imaging. Zebra Medical Vision developed a new system called Profound, with algorithm-based analysis of all types of medical reports. This finds out signs and issues of different types of medical conditions with a 90 percent accuracy rate.
Around the same time, Kiva Systems, which was purchased by Amazon in 2012, used AI to create robots that can quickly and efficiently transport items in Amazon’s warehouses.
In 2017, it was calculated that over 20 million Amazon smart speakers were sold in America alone. Adding this number to the sales of other smart devices like Google Home and Apple Airpod, it amounts to tens of millions. This shows that Americans are more accustomed to talking with technology.
Artificial Intelligence performs tasks such as visual perception, speech recognition, decision-making, and translation between languages. The general benefit of AI is that it replicates decisions without human shortcomings, such as fatigue, emotions and time limit. CIOs will be looking for more innovation to start increase spending on AI.