After the internet revolution the next giant technological leap is Artificial Intelligence. With the immense amount of data available and consumer mind sets changing constantly, companies are driven to focus on more customized services and products building the demand for AI. A technology that can empower, include and transform various sectors such as Healthcare, Agriculture, Education, Retail, Smart mobility and more.
India has the largest population of youth in the world and the innovative mindsets and high proficient technical skills have led to India ranking eight in the top ten countries by Artificial Intelligence patents.
From having no fillings in the year 2002 to 4,000 AI patents in 2021 has been an immense amount of growth within a decade. Of these 94 percent were filled within the last five years and revolved around consumer electronics, computer and telecommunication equipment, semiconductors and health care. Machine learning makes up for 93 percent, making it the most popular technique and is followed by computer vision and NLP. The main drivers are MNCs making up for 60 percent of the filings, followed by startups and Indian companies.
India’s AI spending is to grow at a CAGR of 30.8 percent and is expected to reach USD 880.5 million in 2023. Businesses models are changing to incorporate business continuity, labor shortage and monitoring and are investing in AI for the same. The AI startups in India have attracted a total funding of USD 836.3 million, making it the largest funding outlay in the last seven years at a 9.7 percent yearly growth.
Artificial Intelligence can be combined with various sectors to assist improving processing or analysis or markets. Some of them are listed below with examples:
Retail:
- They collect numerous data points which can help track shopping behavior. This perk can be exploited to hyper-personalize the shopping experience by recommending the right products, and therefore, increase the conversion rate.
- Computer vision and ML as a combination can help simulate the trying room experience virtually.
- AI-enabled chat-bots are a vital tool for enhancing the online shopping experience for customers
- AI-enabled predictive analytics can help the online retailers identify the best time to provide discounts.
Health care:
- Its ability to diagnose pathology, It creates systems powered by AI (machine learning algorithms) for pathologists to observe tissue samples in order to make much more accurate and precise diagnoses.
- Improve the accuracy of diagnoses but also improve treatment procedures.
- Safeguarding private records to robot-assisted surgeries, it's improving almost every aspect of the industry.
- AI controlled robots can provide a three-dimensional magnification for articulation and perform with more precision and miniaturization. AI enabled robots can perform basic acts of precision cutting and stitching.
- The foundation of precision medicine relies on the copious amounts of data collected from many disruptive technological innovations, including health sensors patients use at home, cheap genome sequencing and advanced biotechnology. Precision medicine refers to “tailoring of medical treatment to the individual characteristics of each patient”.
- The use of AI in drug discovery can help pharmaceutical companies to streamline drug discovery as well as, drug repurposing.
Automotive:
- 33 million vehicles with self-driving capabilities will be on the roads by 2040.
- The vehicles that these companies offer collect more than a petabyte’s worth of data each day to continuously ensure the best driving techniques, safety measures and efficient routes.
- Automakers can use AI-driven systems to create schedules and manage workflows, enable robots to work safely alongside humans on factory floors and assembly lines, and identify defects in components going into cars and trucks.
- AI is an essential technology for connected vehicles. For example, AI can watch for and predict component failures, so vehicle manufacturers and owners can work proactively to avoid problems. It can also provide drivers with location based information and personalized advertising to help them find the things they need.
Finance
- Financial sector are real-time data reporting, accuracy and the processing of data in large volumes. Implementing machine learning, algorithmic trading, adaptive intelligence, chat-bots and automation in their financial processes.
- Robo-advisors that many financial investing platforms offer. These advisors utilize the power of AI to build a personalized and unique profile for an investor depending upon their financial goals.
- E-Commerce
- Machine learning algorithms that organizations implement to build strong customer relationships. Not only do these algorithms personalize customers' experiences, but they also help companies improve sales.
- Amazon is one of the biggest and most powerful e-commerce giants, also known as the king of e-commerce AI. The company has incorporated AI into almost each and every step of its customer life cycle and other processes. It rebuilt its entire business on the basis of artificial intelligence, with numerous AI subprojects.
Governments across the globe are investing in AI to tap on potential and meet the threats our future beholds. The Indian government though Digital India is boosting AI, Big data, Machine Learning, Robotics and Cyber Security by increasing investments to USD 477 million. Projects taken up for the same cover facial recognition and hotspot analysis, biometric identification, criminal investigation, traffic and crowd management, wearable to empower women safety, optimizing revenues in the forest, cleaning river, tiger protection, digital agriculture, student progress monitoring and more.
- MeitY, NASSCOM and DRDO have rolled out scheme based initiatives such as Centre for Artificial Intelligence and Robotics for research and development.
- Indo-US Science and technology forum launched to encourage sharing innovative ideas, finding opportunity, conducting research and development as a bilateral collaboration.
- Telangana government collaborated with Intel creating an AI research Centre focused on healthcare and smart mobility.
- National programmes such as Responsible AR for youth focuses on new mindsets and skill sets in students across regions.
Some of the key AI predictions that would impact the technology buyers and suppliers in India over the years to come are -AI Explain ability: By 2023, over 40 percent of consumer-focused AI decision making systems in finance, healthcare, government, and other regulated sectors will include provisions to explain their analysis and decisions.
AI Powered Developments: By 2025, the number of data analysts and scientists to adopt Auto-ML for the end-to-end machine learning pipeline from data preparation to model deployment will double.
AI Ops Adoption: By 2025, Artificial Intelligence supported Business Operations will become the new normal for IT operations, with at least 40% of large enterprises adopting AI solutions for automating Major IT system and service management processes.
AI Enabled Edge Computing: By 2024, 50% of enterprises will run varying levels of analytic and AI models at the edge and 30% of those edge AI applications will be accelerated by heterogeneous accelerators.
With the world advancing towards functioning parallel with Artificial Intelligence assists the progress of multiple potential businesses to venture into that are being sponsored and promoted by various investors.
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