Behind Story of AI Growth

Revolution in AI Techniques:

Over the past many years, Artificial Intelligence revolution has provided the quality response for the different range of technologies. I am going to explain main reasons for the growth in its revenue. Functions of speech recognition, face detection, fingerprint recognition and much more are operating quite accurate because of Deep learning techniques. Deep Learning technique is based on the Artificial Neural Networks. Achievement in this field can be judged by its different products like a novel technique for Image Recognition, Object Detection and Prediction System for the stock market. Advances in image recognition have extended the limitations of medical treatment. Moreover, it is helping in reading X-rays, and predicting disease through improved services. Also, it is inspired by the natural intelligence of humans but now AI revolution has changed everything. It could lead to layoff, as it is overtaking human in many fields. The above graph shows the upcoming revenue for the next coming years. This will lead to highly profitable gain for the industry.

The following implementations are somehow causing the sudden growth in AI companies:

1) Implementation of Machine Learning: Object detection means analyzing the content of photos such as individual objects, faces, logos and text on them using a computer-aided cognition model. With the help of object detection, one can minimize the risk of any incident by detecting the presence of another object. Using latest technologies it can be performed in the live work environment. Within a single image, there are a lot of objects inside it, a good model can easily identify each object by extracting key visual features from an image. Different application area of object detection is Facial Biometrics, Motion Detector, Object Recognition and Text Recognition.

Any image recognition algorithm would take an image or its patch as input, an output will be the object in the image. In other words, the output will be a class label. How does an image recognition algorithm know the contents of an image? Well, you have to train the algorithm to learn the differences between different classes. If you want to find cats in images, you need to train an image recognition algorithm with thousands of images of cats and thousands of images of backgrounds that do not contain cats. Needless to say, this algorithm can only understand objects/classes it has learned.

2) Changed Technology: Today we have shifted our technology from analog to digital data communication and storage, which makes the change a convinient approach. Nowadays, robotics has made many advantages in the robots designing. They are able to take physical interaction of human being as a useful information. They can react to any physical interaction to perform the output task. This technology has made the change in robotics which has become an advantageous component in the era of Artificial Intelligence.

3) Meet Consumer’s Expectations: From time to time, customer’s need and expectation grow. Though industries are there to deal with digital data, this data is in huge amount and sometimes poor technologies may fail to handle and accomplish the goals with this data. Here comes an AI into play. High complex big data can be easily managed and handled with the aid of Artificial Intelligence. After dealing with huge data it produces better customer experience. It has brought customer’s expectations into reality which leads to great demand in industries. Facebook, Pinterest, Netflix and Google are some of the real time and effective examples to demonstrate the above fact.

4) Decision Making: By applying machine learning algorithms the power of machines has increased. These algorithms made machines able to make decisions by itself. AI has changed the scenario of decision making for business. Deep Learning has been widely used for decision making when the dataset is huge. As a demonstration Amazon has done the partnership with Microsoft to uplift projects based on Deep Learning. This reflects how effective Deep Learning is in Decision Making and handling high computation task. In today’s scenario TensorFlow, Keras has become an integral part from the business point of view. Fast and powerful processing using algorithm based tasks are applied in business for better customer satisfaction.

With all these benefits and advantages of this technology, it has proved itself a trending way for overcoming traditional issues of data handling and analytics. Thus, the growth of AI is making a path. From the study, it can be stated that market value of AI is growing due to advanced technology like Prediction System, Recommendation System etc. Up to 2021, the revenue will reach approximately $10000 Million which will be a rapid growth for the industry. AI could boost average profitability rates by 38% and lead to an economic increase of US $14 TN by 2035 with its innovative ideas. Google is exploring all aspects of machine learning with classical algorithms. It has overcome different challenges of research and technical tasks which leads to its greater demand and revenue as well.

The Advantage Of Artificial Intelligence

Artificial Intelligence is quite a trending topic in modern technology with many businesses adopting its use in their daily operations while others are skeptical about its relevance in the workplace. Let me show you the various benefits of AI to the workplace and how it can make your business grow as well as save time and money.

Simplification Of The Recruitment Process

Human Resource Departments are faced with the task of hiring staff which is quite daunting, frustrating and equally expensive, with personnel having to shift through a large number jobs applications for a relatively few vacancies, but this scenario is gradually becoming a thing of the past with the use of machine intelligence i.e. Artificial intelligence.

AI reduces the stress related to the hiring process through the use of the following ways:

Interesting job descriptions are written by recruiters through the use software known as Textio. This augmented writing platform compiles various job postings and puts forward to consideration suitable content to encourage the submission of more applications from job seekers.

Candidates for various job vacancies can schedule their interviews, allowing them to choose a time must suitable for them and also provides a chance to reschedule. All these are possible through the use of the Montage software.

AI powered software such as Stella match suitable candidates to jobs through the tracking of experiences, credentials and qualities sought for by employers.

Removal Of Repetitive Tasks In Daily Business Operations

Scheduling, rescheduling and cancelling meetings are quite stressful to administrative staff but the use of tools such as X.ai helps by performing these tasks diligently.

Recording, transcribing and sharing notes during meetings are also tasks which can be handled by artificial intelligence.

Improvement In Handling Issues Related To Sales, Marketing and Customer Service

Chatbots are forms of artificial intelligence that can help with support outside the company.They gain experience from real sales and customer reps and use this to assist customers in purchasing goods and services. Questions regarding marketing and customer relationship management (CRM) can also be handled by GrowthBot through the mining of data, both of the public and the company.

The Identification Of Security Risks And Protection Of Data

Financial institutions such as banks apply AI based technology to point out security risks and protect data. Examples of software which make the use of Ai in such cases include Darktrace, Exabeam and SparkCognition.

Increased Productivity

With AI handling most of the mundane and repetitive tasks at the workplace, workers are free to channel their efforts to more important tasks thus increasing productivity.

Productivity could also be boosted and monitored by machine intelligence by helping them discover areas that have high labour costs and other obstacles to increased efficiency.

Will Artificial Intelligence Replace Humans In The Workplace?

With the above examples, some individuals might be tempted to think about losing their jobs to AI powered tools since most tasks in the workplace are getting automated gradually, but their fears are unfounded as human input is indispensable despite the presence of artificial intelligence.

Artificial Intelligence basically handles tasks which could affect productivity and allows workers to be action-oriented and gives them the chance to be more creative.

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