Introduction
If you’re like most investors, you’re always on the lookout for new and innovative ways to get significant returns. You may have heard about the incredible potential of artificial intelligence (AI) and wondered if it’s worth investing in. The truth is, AI is more than just a passing trend – it’s a game-changing technology that is revolutionising the way we live, work and play. I believe AI is as important and groundbreaking as electricity. It will have the ability to help us make predictions, increase efficiency, save time and money, increase profits and have massive impacts on our health.
Artificial intelligence is no longer the stuff of science fiction – it’s a reality that is being used by businesses all over the world to increase efficiency and gain a competitive edge. From retail giant Amazon to tech titans Google and Facebook, AI is being used in a variety of ways to improve customer experience, predict customer demand, streamline operations and drive growth.
Why now?
There are 5 key drivers in recent advances in AI that are allowing for big step changes in where we are at with AI today:
Increase in computing power and storage of machines (not just computers) while decreasing cost
The rise in Data volume, variety and velocity has increased exponentially
Advances in deep learning – Algorithms can learn at scale, fast and accurately
Cloud computing
New AI business models have emerged
In short, we now have the perfect storm to enable businesses to harness the power of AI to achieve a significant competitive advantage.
According to Gartner’s 2021 AI Hype Cycle they predict many more major advances in AI over the coming decade.
AI presents a massive opportunity for investors. Research from the Association for The Advancement of Artificial Intelligence, AI Weekly predicts that the global AI market is forecast to grow 40.2% annually from 2021 to 2028. The AI Market will grow to over $1.38 Trillion by 2028. With such strong growth potential, investing in AI now could lead to huge rewards down the road.
Where will the biggest impacts be?
AI will impact every industry and sector in some way, shape or form.
Improvements in computer vision are allowing new applications in the following areas:
Image recognition
Photo and Video editing
Visual inspection
Autonomous vehicles
While improvements in Natural Language processing are creating new opportunities in :
Speech recognition
Machine translation
Targeted advertising
Question Answering
All companies need to be AI companies now, and those that don’t invest in AI will be left behind. The use of AI can be used by smaller players or new entrants to level the playing field against larger competitors which is where the opportunity to invest comes from.
AI in health care is already making a difference by helping doctors diagnose diseases and develop new treatments. In the future, AI will play an even bigger role in improving our health and well-being, from providing personalised fitness and nutrition advice to monitoring our vital signs for early detection of illness and even injecting needles into our arms like that a US based startup called Veebot Systems.
Veebot is automating needle insertion procedures through a unique combination of medical imaging, computer vision, artificial intelligence and robotics.
AI in education is helping students learn faster and retain more information. In the future, AI-powered tutors will become increasingly common, providing customised learning experiences for every student. CTI is doing some interesting things in this space.
AI in automation is making our lives easier by taking on mundane tasks like booking appointments and sending emails. The next generation of AI solutions is already helping with more complex tasks like driving cars and flying drones and designing buildings.
