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How is it going to affect the market in the upcoming years?

With all the chaos and excitement about AI that is trending all over the news, it is often confusing for the common man to figure out how it’s affecting our day to day lives. If you are aware, recently a Hong-based company developed a humanoid called “Sophia” and it is integrated with the most advanced version of AI till date.

So what exactly is Artificial intelligence?

In simple terms, it is the ability of any computer or robot to replicate human intelligence and perform tasks. These tasks include adapting, reasoning, auto-correction, and problem-solving.
The term AI is usually associated with the technology of developing systems that possess similar characteristics to humans.

Investors and technology experts have been constantly trying to understand the potential and growth rate of Artificial intelligence and How AI is going to take over the market by 2020.
In 2017 it was predicted that AI will help give businesses access to a wide range of data that enhanced the accuracy of analyzing the data. In the upcoming years, it is expected that Investment in AI will be tripled.
Market intelligence firm Tractica has predicted that revenue from AI will reach USD 36.8 billion by 2020 from the current revenue of USD 643.7. Hence, the annual growth rate is approximately 60% per year.
We can expect AI to penetrate through various segments of the industry including automobile, manufacturing, agriculture, and transportation. The most important factor that drives the AI market across the globe is the dependency in the technology.

Let us look at the various segments of the market where AI has a huge scope :

  • 1. Natural language processing :
    Natural language processing (NLP) is predicted to grow significantly by 2020. The driving factor for the growth of this market is mainly the continuous efforts by business owners in improving consumer services. Natural language processing is being integrated into applications like in-vehicle infotainment, Navigation systems and much more.
  • 2. AI in the healthcare sector :
    Artificial intelligence market in the healthcare sector is expected to grow rapidly by 2022 due to continued implementation of AI in drug development, diagnosis, and management. It is believed that in the upcoming years AI will be used for mutation and curing deadly diseases.
    The U.S has the highest shares of Artificial intelligence market till date. The US is one of the most rapidly growing market in sectors of technology, healthcare, infrastructure , operations and much more. This is one of the prime reasons for large-scale implementation of AI in the US.

Recently there has been a lot of chaos in the web-world about the pros and cons of implementing AI in a day to day activities. “Replacement of humans in jobs “ by AI integrated robots has been a topic of major concern. AI has made it easier for machines to carry out non-periodical tasks easily without the involvement of manual labor.
However, American advisory firm Gartner predicts that AI instead of taking away our jobs is more likely to create new opportunities. By 2020, AI is expected to generate more than 2.3 million job opportunities.
Technology always has a good and a bad side. If used wisely, AI can be extremely helpful in achieving the goals that the humans always dreamt of achieving.

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