Since the last few years, artificial intelligence (AI) has become a buzzword. Every enterprise wants to add one or two AI-based applications in their business, some just want to boost their revenue and others feel need to increase efficiency and streamline the workforce.
For the common people, the picture of AI is something different. For us, AI is something that was frequently portrayed in movies such as Terminator, Matrix, and Avengers: The Age of Ultron. On the contrary, the AI applications that we use today are downright different; in fact, it’s in its infancy and more focused on machine learning.
If you look at the number of AI-based patents filed by small, medium, and the major enterprises, it will shock you. Many people barely have an idea of the extent AI has changed the workforce and how it has become an integral part of industries and R&D activities. In fact, it is phenomenal to watch the major companies competing with each other to win the race of AI. Microsoft, the mogul of innovations, is currently leading the development of AI, deep learning, and machine learning.
According to a survey from IFI CLAIMS Patent Services, more than about 154,000 AI patents were filed since 2010 and interestingly, AI, neural network, and machine learning are the vital parts of most of the filed patents. Although Microsoft and Google frequently warn about the downside of AI, especially in facial recognition and many other applications, they are the leaders in developing AI-based novel applications. To give you a fair idea, Microsoft has filed more than 690 AI patents as of November 2018 under the name of “they offer significant competitive advantage”. This makes it clear that the approach of Microsoft toward AI is extremely thorough.
If you really want to know how much AI is of worth, follow the money. Today, most of the money trail leads toward developing AI and incorporating machine learning in day-to-day tasks. According to a research firm, Allied Market Research, the AI market is expected to garner $169.41 billion by 2025 at a compound annual growth rate (CAGR) of 55.6% through 2025. The growth in the development of autonomous vehicles, smart cities, and robotics demands automation, which is possible only through the advancement of machine learning. There is no other way.
Apart from this, it is undeniable that AI is driving today’s digital transformation, especially in developing countries. For instance, India, the country that is currently stimulated by the idea of digitization, uses AI more prominently than ever. The most obvious examples of incorporating machine learning are online food ordering apps such as Zomato and Swiggy. The number of users of such applications has increased exponentially in recent years and one of the major reasons behind this success is AI, machine learning, and Natural Language Processing (NLP). AI has helped Swiggy to distinguish the numerous dishes from images and categorize them as veg and non-veg. Moreover, NLP has enabled users to search using the colloquial terms to gain the optimum and exact results. This is just the tip of the iceberg. The 24×7 online chat window that these apps provide is operated by chatbots; again, an example of incorporation of AI.
You might think that the next generation will live in the era of AI and the Hollywood renditions of AI are a mere exaggeration. However, if you look at the steadfast growth of AI, it makes it clear that we are the one who lives in the era of artificial intelligence and its hype is no longer a myth.