With artificial intelligence, companies can process massive datasets and discover hidden insights that help them find better solutions
Artificial intelligence (AI) has without doubt been the single most transformative force in the technology sector over the past five years. Recent studies suggest that one in 10 enterprise companies uses 10 AI applications or more. This could be anything from chatbots to cyber threat detection and credit checking to product recommendation engines.
Why has AI become so relevant today? The answer is hidden in the data. Armed with AI, companies now have the ability to process massive datasets at speed with little human intervention to constantly discover hidden insights and provide better solutions to the world’s problems. If ‘fail fast’ is the mantra of every aspiring tech entrepreneur, AI is their weapon of choice.
Critically, in recent years, the addressable market for AI solutions has ballooned. As per the International Data Corporation, worldwide revenues for the AI market, including software, hardware and services, is forecast to be $327.5 billion, and expected to grow at a CAGR of 17 percent to $554.3 billion by 2024. The acceleration of cloud computing, reduction in the cost of outsourcing data storage and the increased access to high-speed internet services have converged to create a ready B2B & B2C customer base for AI innovations. If high-quality data can be harnessed, then smart AI can make sense of it.
In this article, we want to highlight three areas where AI is taking on some of the world’s toughest challenges and helping us solve problems that have been too complex to have been solved with traditional approaches.
1. Proactive health care systems