New Delhi,Updated: Jul 1, 2022 15:43 IST
India Today Webdesk: Among the rapid advances in technology, artificial intelligence (AI) is the most innovative creation and is expected to have a more pronounced impact on human evolution. Artificial intelligence has the potential to greatly improve workplace efficiency by augmenting the work done by humans. By taking over the repetitive tasks of running a business, AI frees up human labor to focus on tasks that involve creativity and empathy.
Simply put, AI is the branch of computer science aimed at turning computers into intelligent machines. Related technologies such as AI and machine learning (ML) can use sophisticated algorithms to replicate human behavior, provide solutions to complex problems, and further develop stimuli.
Age of AI
Increased technology investment, the pervasiveness of the internet, and improvements in the overall digital infrastructure have led to the massive integration of AI into mainstream operations.
The global AI market is expected to reach nearly $59.67 billion in 2021, growing at a compound annual growth rate (CAGR) of 39.4%, reaching approximately $422.37 billion by 2028. According to International Data Corporation (IDC), the Indian market for AI is projected to reach $7.8 billion by 2025, growing at a CAGR of 20.2% from $3.1 billion in 2020.
AI startups have grown 14x since 2000
With the rapid growth of AI and ML, experts predict that most enterprises will move to AI-powered systems, apps, security systems, data analytics and other applications in the next few years. Globally, the number of AI startups has increased 14-fold since 2000, and investment in these startups has increased 6-fold, according to a Forbes study.
Another study by Statista revealed that 87% of businesses worldwide are using AI primarily to improve sales forecasting and email marketing.
One of the broadest applications of artificial intelligence is in the area of data science, as AI can provide large-scale analytical power. AI can extract insights and patterns from massive datasets and use them to predict likely outcomes.
Common data analytics using systems include Google Analytics, automation platforms, business intelligence systems, content management systems, and CRMs. Data scientists often use AI to extract more value from existing data, integrate it, and make valuable predictions.
career opportunities
With artificial intelligence, machine learning, and data science at the heart of the technological revolution, career opportunities abound in this field, so there are more jobs than qualified candidates. Experts predict that by 2030, his jobs, mostly related to AI-based data science and mathematical science, will increase by 31.4%.
The machine learning job market is projected to be worth $31 billion by 2024, with an annual growth rate of 40% over the past six years.
The field of artificial intelligence has gained significant traction due to massive changes in business operations, fast-paced technological advancements, and that trend will only grow further in the coming years.
The application of AI and related technologies has changed many areas of the industry to a great extent by making them more efficient and effective.
This article was written by Nirpeksh Kumbhat, Founder and CEO of SkillEnable.
