We have had seen decades of promises and disappointments with AI. But now AI is finally starting to deliver benefits to early adopters.
Retailers are relying on AI-powered robots to run warehouses.
Utilities use AI to forecast electricity demand.
Automakers harness the technology in self-driving cars.
Healthcare professionals now better diagnose beyond what human eye can see.
A number of developments is driving this new wave of AI development. Ever growing computer power, sophistication of AI models and the unimaginable generation of Billions of gigabytes of Data is the fuel that is powering the growth of AI.
There has been unprecedented investment in the research and development of AI. Most of it is in internal R&D activities done by companies like Google, Facebook, Amazon, Baidu etc. Outside the technology sector, investment and adoption of AI is only in the early experimental stage. There are not many firms which have deployed it at a significant scale.
Giants like Google, Facebook, Amazon, Baidu etc are pioneers in the field and use AI in the most core part of the business. Firms like these adopt AI to increase revenue as well as reduce costs.
There are businesses that are unsure of the returns they can expect on an AI investment and thus have not yet adopted AI technology in their core part of activities or at a significant scale. Latest data into AI research shows that AI delivers value to those who employs it within their core activities. Also, it leads to higher profit margin, automation and rising performance.