The Arrival of the Age of AI
In this age of information and technology explosion, the AI industry is on a fast track seeing ever-growing application in the business world. AI has also become part and parcel of people’s daily life, enabling novel use scenarios such as unmanned transportation, distribution, storage, aerial flights, etc. In medical care, AI can be used to analyze images for assistive diagnoses. AI also has a lot to contribute in agricultural, industrial and public governance scenarios.
Although AI is still in its infancy when it comes to commercialization. AI solutions are estimated to be an industry with a compound annual growth rate of 65% over the next decade, reaching trillions of USD by 2027. With technological advancement, favourable governmental policies and investors’ enthusiasm continuing to foster the development of AI, the sustained high-speed growth of the industry will be driven by three factors:
The depth and scale of data: Data is becoming the most valuable asset for companies, as technologies for data generation and collection (such as written, visual and audio records, etc.) develop, and the popularization of IoT fosters the exponential increase in the quantity of obtainable data, which totaled about 40 ZB in 2020. Finding a practical workflow to extract valuable business insights from the massive quantities of data has become a top concern for companies. As more data become available for training AI algorithm models, AI is capable of making more and more accurate predictions.
Computing power: As the limitations of traditional computing technologies are broken through by advanced hardware and software technologies such as GPU, FGPA and ASIC chips as well as cloud computing, distributed computing and parallel computing, AI has emerged from the lab and found its use in the business world.
Creating real value for societies: AI has helped countless businesses make revolutionary transitions crucial for achieving their goals. Customer service chatbots, anti-fraud systems of financial institutions and AI-assisted customer targeting are all examples of this. AI-assisted recommendations are earning Netflix an extra billion USD of revenue every year.
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