Overview: Nowadays AI is changing the world in terms of data, infrastructure, development and services in all sectors like healthcare, finance, IT industries, research, and transportation. Machine Learning and AI are pioneers in serving worldwide with their advanced technology products. Many companies are investing in AI for applying its latest trends in their products. It will lead the sale and demand of their products. Adoption of AI can transform the ways of the business operations, strategies, investments, and customer experience. That’s why much of the enterprises are interested in adopting AI in their business applications. Main reasons of investment of large companies in AI are discussed below:
Faster Evolution in AI: Like other technologies, AI came into existence many years ago. During development, AI has gone through two AI Winter or recession. Such hindrance did not stop AI to grow and it boomed again from the year 1997 and is continuing today. First three era belongs to mass production and computer whereas fourth industrial revolution belongs to rise of Artificial Intelligence research. It includes many other technologies in it, with machine learning the fastest growing technique in it. It consists of machine translation, constrained system, expert system and deep learning to make a machine intelligent. As AI deals with high amount of complex data, here machine learning is applied to train the model with learning process through that data. Machine Learning algorithms have the ability to deal with high dataset. Various applications of machine learning are recommendation system, Customer support chatbot, Prediction system and many more.
Top Investors on AI: Here are some of the largest organisations who has invested on AI to improve their business processes:
- Amazon: It is now trying to improve the performance of Alexa by adding voice assistance in it. This voice assistance is made intelligent through neural networks which are used in NLP (Natural Language Processing).
- NVIDIA: NVIDIA is focused on developing high processing GPUs which can perform trillions of operations in seconds. Also it is working on making autonomous vehicle for Uber through its AI computing system.
- Microsoft: Microsoft has invested $50 million on a cloud change program. Under this program, Microsoft has turned its idea in form of Microsoft Azure. It is a set of cloud computing services provided to IT professionals and developers.
- Apple: Apple has invested billions on its R&D department for improving Siri to perform better with AI implications and some features of music, and camera camera sensors on lens etc. Facial recognition technique, Lidar sensors to detect pedestrians, covered by parked cars and 3D maps for autonomous vehicles are the three main areas on which Apple is working in 2018.
As these products are somehow extending the comfort zone and uses of customers. These are more capable and intelligent than any other technology products which became a reason for customer’s choice. Most customers are demanding smart and intelligent devices for them and thus more sale in Artificial Intelligence products. Because of this many companies has shifted to build AI products and applications to make their sale favourable. With the increasing number of AI products and marketing system it will lead to high growth and revenue in the market. It is a big reason for companies to shift for AI services and products. Market is expected to grow $190.61 billion by 2025 through AI.
AI in Businesses: Moving towards E-commerce business and retailers, AI is used to improve their services. Recommendation system, which works on pattern recognition algorithm; demand prediction, chatbot are some examples of AI projects utilized in transformation of business. Recommendation System make any E-commerce organisation to provide less manual efforts in understanding customer’s choice, while demand prediction is used to check the future demand of shoppers and thus make it available to them. For interaction AI-chatbots are used which make intelligent conversation with human to interact with customer and solve their problems.
Conclusion: In short it can be said that AI-enabled systems can decrease the manual processes by performing those tasks with machines. The upcoming time will be demonstrated by AI and machines. AI and machine learning has made a revolution in the every field like medical, industry, research, development, and smart homes. Novel solutions are generated in this field by handling the infrastructure of data with talent. AI is leading the race of technologies due to its vast areas like machine learning and deep learning and powerful capabilities. With the help of AI deep insights of any business can be identified which are useful for making business strategies. Global industry is going to increase the revenue growth with AI with AI and machine learning production. This is because it can analyse the help enterprises to achieve their goals through their actionable strategies.
Author’s Bio: Gunjan Dogra is a Marketing Manager in Webtunix Solutions Private Limited. She writes articles for her passion and knowledge sharing. Her articles have been published in the number of reputed sites like EzineArticles.com, ArticleCube.com, and Sooperarticles.com. A good thing about her article is that she includes multiple perspectives on a particular topic and draws a constructive conclusion.