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.
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
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:
Photo and Video editing
While improvements in Natural Language processing are creating new opportunities in :
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.
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. A great example of this is Archistar which is an AI-powered platform that automates the research, and design process for architects generating high-quality architectural design solutions that work based on complex council planning permissions. This may soon be the standard for building design and planning, reducing the time and cost get buildings planned and approved.
AI is also being used AgTech Tech to improve crop yields and efficiency of growing trees and plants . For example, Australian based startup Airseed is working on using their proprietary seed pods and computer vision AI to plant up to 40,000 trees a day. This will have a huge impact on delivering a scalable solution to replanting trees accelerating reforestation as well as giving organisations efficient options to gain carbon credits .
The challenges that lie ahead for companies looking to invest in AI.
Even though the potential for Artificial Intelligence is huge, there are still some challenges that need to be overcome before it can reach its full potential.
Data bias is an issue that needs to be addressed. AI systems are only as good as the data they are trained on, and if this data is biased, then the AI system will be too. This can propagate errors as well as a bias towards or against certain groups of people. This needs to be addressed by any AI solution for it to be truly fair, accurate and effective.
One of the biggest challenges is data privacy. As more and more businesses collect data on their customers, there are concerns about how this data will be used and stored. We have already seen how this has been used by companies like Cambridge Analytica to sway elections, and this is just the tip of the iceberg. I do believe with the right safeguards in place such as GDPR, data privacy can be maintained, but this is something that needs to be closely monitored.
Another challenge is the lack of AI talent. There is a shortage of skilled workers who can develop and implement AI solutions, which is hindering the growth of the AI industry. This is something that needs to be addressed in order for the AI industry to reach its full potential.
People often talk about the potential AI has to put people out of work as automation increases. This is a real concern and one that needs to be addressed. However, I believe that AI will create more jobs than it destroys. For example, we will need more people to develop and manage AI systems, and there will be new jobs created in industries that are transformed by AI.
Overall, I believe the potential for Artificial Intelligence is huge and investing in AI now is the smart move. With strong growth potential and the ability to transform industries, those who don’t invest in AI will be left behind.
What to look for in AI companies?
Some of the key things we look for when assessing in AI company is :
The team: Is the team composed of AI experts? Do they have a culture and track record of success in AI?
The data: Does the company have access to high-quality data? Is this data biased in any way?
The technology: Is the company using cutting-edge AI technology? Are they constantly improving their algorithms.
Business Model: Do they have a scalable business model?
There are many reasons why investing in AI is a smart move right now. So if you’re looking for ways to reap the rewards of this transformative technology, don’t wait – the time to invest is now.