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The emergence of AI or artificial intelligence heralded a shift in how businesses and consumers engage with technology. Deeply embedded in people’s lives already, the transformative potential of artificial intelligence could bring exciting market opportunities to businesses that are quick to embrace it.
External investment accelerated the AI growth and ushered in a disruptive new era set to transform all sectors. 2016 was a significant year for artificial intelligence, with a lot of the biggest tech firms in the world investing in over twenty start-ups to acquire a competitive edge.
THE NEXT INDUSTRIAL REVOLUTION
It’s been said that AI would create the next industrial revolution, the fourth industrial revolution, which the modern world has experienced since the dawn of mechanical production documented in 1784. These days, many people agree that the next wave of disruptive technology blurs the lines between physical, digital and even biological industrial revolution of AI. The fusion of state-of-the-art computational capabilities, extreme connectivity and comprehensive automation already is impacting almost each aspect of society, which drive world economics as well as extend each aspect of people’s daily lives.
The last decade has been about creating a world that is mobile-first. In the next decade, there would be a shift towards a world that is AI-first. Some of the most influential technology organizations, such as Microsoft, Google, Facebook and Amazon highlights the enthusiasm for AI. There are a lot of opinions and views on AI, like the fear that the rise of artificial intelligence could evolve beyond understanding and taking over the world or maybe destroy humanity. In contrast, most believe that the world has already embarked on a journey of great positive social impact, leveraging artificial intelligence to boost the quality of life, finding new cures for the most threatening illnesses and deeper understanding of man’s own evolution. Whatever the view is, AI is here to stay—making a great impact in almost every aspect of people’s lives.
POWERING THE NEXT INDUSTRIAL REVOLUTION
The technological development in robotics pace, AI and VR has been frenetic. The effect is already felt in new investment opportunities, but in lost jobs as well. Although it’s still early to point out the ultimate result of all the disruption to existing business models, there’s no doubt of the significant far-reaching global effect.
Big tech leaps, such as AI and robotics have happened before. The industrial revolution as well as subsequent technological revolutions have caused paradigm shifts in society and production. Digitization, including the growth of the internet proved to be transformative to business and life. The next big change will likely be caused by artificial intelligence and robotics, coming in sectors like financial and manufacturing technology to transform how people work. The same as humans and almost any evolved biological life-form, AI is extremely dynamic, environmentally aware and rational to take action, or several actions to maximize the chance of success at a given goal.
TOP INSTANCES THAT REAP FINANCIAL REWARDS FOR AI TECHNOLOGY
1. Machine and vehicular object identification, detection and avoidance. Self-driving cars as well as other autonomous vehicles consistently are called the ‘next revolution’ in technology, transportation and some say civilization in general. Some predict that, together with electric vehicles segment growth, it could put an end or the start of an end to car ownership as soon as 2030. It’s interesting to see how businesses and consumers could get the transportation value of a vehicle without storage, maintenance, upgrades and depreciation costs of ownership.
2. Management of Algorithmic financial trading strategy performance. Financial services data is moving fast, highly regulated and exchange traded fund data needs high security level. Unlike human traders who rely on intuition, algorithms that are AI-driven could analyze a ten year history of real estate holdings and stocks within seconds, in contrast to hours or even days.
3. Visual recognition, tagging and classification. In industries such as media, law enforcement and entertainment, AI provides companies the ability of processing big volumes of photographs as well as NSO images, and prepare them for discovery as well as reuse.
4. Mapping and localization. It goes without saying that self-driving vehicles require minute details on roads and road conditions, which is driving on. It also requires maintaining simultaneous mapping and localization, so the autonomous vehicle will not ‘slam’ into other cars on the roadway. Artificial intelligence helps guide vehicles to their destination, relative to other cars, obstructions and buildings. For autonomous vehicles, drones, robots and cargo-carrying transportation governed by artificial intelligence, geospatial apps could play a role in keeping tabs of trends in location-related business data.
5. Prevention against threats in cyber security. Government organizations, commercial enterprises try to keep ahead of the latest spyware, DDos tracking patterns, botnets as well as other cyberspace threats. Still, hackers are constantly looking for new vulnerabilities. Cognitive security systems scour the huge amounts of threat intelligence that is available on the internet, as well as help organizations and public organizations to re-mediate their service and network perimeters before hackers could prey on them.
6. Predictive maintenance. For manufacturers with high-value machinery, car rental chains with a lot of vehicles or airlines with big fleets of planes, protecting the value of the assets is paramount. Artificial intelligence could help these organizations keep track of when wearable parts were replaced last, when servicing has to be completed and how long vehicles or equipment are in service.
When looking for ways to build efficiencies, disrupt the industry as well as innovate by leveraging the power of AI and cognitive computing, offshore software development company India services and products could meet business needs and demands.