Why is the Demand for Artificial Intelligence Growing?
Artificial Intelligence and its applications are making headlines every now and then. The technology has penetrated almost every industrial sector and led to the introduction of several advanced products that possess some kind of human intelligence. If the report by Fortune Business Insights is anything to go by, the global Artificial Intelligence (AI) market size is projected to be worth USD 1394.30 billion in 2029, at a Compound Annual Growth Rate (CAGR) of 20.1% from 2022 to 2029. Business verticals like healthcare, retail, banking and finance, automotive, food and beverages, and logistics are driving the growth of the global AI market.
But what does this mean for you?
Well, it converts into growing job opportunities in the field that you can leverage to start your career. Currently, AI talent is scarce across the world, and companies are ready to pay higher salaries to skilled AI professionals. So, now is the right time to step into this field and land a high-paying job. A Master in Artificial Intelligence training program online is generally a convenient step for professionals to learn AI from scratch and develop the skills that employers actually seek. But before kick-starting your AI career, you might want to know the reasons why the demand for artificial intelligence is growing worldwide. Read on to find out more!
Top Reasons for the Growing Demand for Artificial Intelligence
Artificial Intelligence is a broad field, and one of its integral parts is machine learning. Today, most of the commercially available AI-powered devices use machine learning in some form or the other. Whenever you search for the growing demand for AI, the term machine learning is often used alongside it. So, let us become familiar with the top reasons why AI and machine learning are in growing demand these days.
Rising need for analyzing large amounts of data
The world is going digital, and data has become the new oil. Companies are acquiring a massive amount of data and analyzing it to gain actionable insights and make more informed business decisions. AI industry solutions can help automate much of the work that a data analyst is usually tasked with. Machine learning algorithms can improve a data analyst’s capabilities in terms of speed, the scale of data to be analyzed, and the data granularity that can be monitored.
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Better results with automation
You may have noticed that many manual tasks have been automated these days and have resulted in better business outcomes. Compared to humans, machines can work round-the-clock, devoid of errors, with increased efficiency and faster speed. Many AI-powered applications have been introduced that automate manual tasks, like chatbots. Banking and e-commerce companies have started using chatbots to answer general customer queries and saw significant savings in man-hours. The usage of chatbots thus helped in engaging employees in more productive tasks and achieving better efficiency.
AI software is creating societal value
AI cannot be only related to physical devices but expands to software as well. Software companies are now using AI to push the boundaries of search, automation, and social media. AI software is already helping with medical diagnosis and assistance in the healthcare sector. In the employment sector, AI is being used to screen candidates for an open job position based on their skills. You can also see machine learning working in the back-end when e-commerce websites and search engines show you the most relevant products or search results based on your purchase history. AI software has also led to improved efficiencies in R&D projects, reduced time to market, improved governance through better decision making, better prediction of the stock market, an optimized network of transport and supply chain, and so on.
AI solutions are becoming more affordable
Cost is a major factor considered when it comes to the demand of any technology. With more advancements in the AI industry, AI solutions are becoming more and more affordable every passing year. Even small businesses can adopt AI and machine leanring without investing too much time into programmers or big data if they have the right strategy in place. For example, a company can first set up a bot on their website and check whether it is driving good results. Usually, AI delivers better business outcomes and companies find it worth investing more into AI solutions.
Overall, it is safe to say that artificial intelligence and machine learning have bright growth prospects, and people would witness more advanced products powered by this technology in the time to come. If you always wanted to start a career in the technology sector, then AI could be the best choice to step into. Renowned companies like Microsoft, Facebook, Amazon, Google, IBM, and TCS are investing heavily in AI-related projects and continue to hire skilled AI and ML professionals to implement them. To gain the right AI skills, you can take up an online course. Platforms like Simplilearn, Coursera, and Udacity offer reputed online courses in AI and machine learning and help you learn the subject from scratch. Check out their courses and start your journey in AI today!