One of the key features that distinguish us, as humans, from everything else in the world is intelligence. This ability to understand, apply knowledge and improve skills has played significant role in our evolution and establishing human civilization. Today we discuss Artificial Intelligence (AI)..
What is AI?
Artificial intelligence (AI) is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Some of the activities computers with artificial intelligence are designed for include:
• Speech & face recognition
• Problem solving
• Ability to manipulate and move objects
Where do we stand?
From SIRI (Apple’s virtual assistant), to Amazon’s Alexa to Tesla's self-driving cars, artificial intelligenceis progressing rapidly. Artificial intelligence today is however still very narrow since machines can do ‘limited tasks’ eg: only facial recognition, only internet search or only driving a car).
However, the long-term goal of many researchers is to create a strong A.I.
While narrow AI may outperform humans at whatever its specific task is, like playing chess or solving equations, a stronger AI would outperform humans at nearly every cognitive task.
Will A.I. really grow in the future?
Robotics & Artificial Intelligence is a rapidly emerging technological theme as companies seek to mitigate the effects of ageing population and rising labour costs.
In some countries, ageing life spans and plummeting birth rates are resulting in a shortage of work force participants.
Japan’s labour force is expected to shrink to half its size by 2060.
In addition, labour intensive businesses like manufacturing are seeing labour costs rise significantly. Rather than offshoring these jobs, many companies are finding robots as a cheaper alternative.
With advances in computing power, sensors and batteries, robotics & A.I. are becoming increasing prevalent in various sectors of the economy including manufacturing, military and defence, agriculture, medicine and transportation.
Let’s look at some statistics
Resarch from Statisa shows that Global revenues from AI for enterprise applications is projected to grow from $1.62B in 2018 to $31.2B in 2025 attaining a 52.59% compound annual growth rate in the forecast period (see chart below for full data).
Furthermore, 84% of enterprises believe investing in AI will lead to greater competitive advantages. 75% believe that AI will open up new businesses while also providing competitors new ways to gain access to their markets. 63% believe the pressure to reduce costs will require the use of AI (see chart below for full data).
AI is also set to be very beneficial to boost countries’ economies as a whole. By 2035, gross domestic product for domestic economies set to double if A.I. has been fully absorbed into the economy.
To conclude, I personally think that it makes perfect sense to try to find ways to benefit from this kind of emerging trend, especially at times whereby development is still at early stages. Although conspiracy theorists might think that mankind might be eradicated from this tech advancement, like always, we focus on finding evolving opportunities whereby we can personally benefit personally over time.
Stay tuned – tomorrow we speak about possibilities of investment in this interesting concept!