Artificial intelligence (AI) is gaining massive momentum in various countries across numerous industries. This is due to the growing demand for automation and technological advancements incorporated by prominent players in the market. There is an immediate need for AI to maximize efficiency and enhance productivity.
Why Artificial Intelligence is Important and How it is Beneficial
Artificial intelligence has come a long way over the last couple of years, and it is further going to revolutionize due to its applications across various industries. Various players in the market are implementing innovative technologies such as AI, the Internet of Things (IoT), and others, due to their massive demand in businesses across the globe. Institute of Electrical and Electronics Engineers (IEEE), the largest technical organization in the world that is engaged in advancing technology for humanity, released its global study involving influential technology trends from leaders across developing and developed countries such as the U.S., China, India, the U.K., and Brazil.
The comprehensive study is undertaken by 350 chief information officers (CIOs), chief technology officers (CTOs), and IT directors, covering the remarkable technology trends in 2022. Approximately, 95 per cent of the total technology leaders, CIOs, and CTOs surveyed by IEEE acknowledged that technological advancements and the introduction of new artificial intelligence products and services will pave the way in the coming years. Hence, AI is set to lead most of the innovations across various sectors in the forthcoming years. The increasing popularity of voice and language-driven assistance in websites and mobile applications is expected to drive the demand for artificial intelligence.
In addition, AI solutions play an important role in detecting conventional IT problems all by themselves and further self-correct or eradicate any sort of minor malfunctions or issues in the system. Apart from that, general and largescale adoption of AI in the IT industry for production and other purposes will indigenously help organizations across the globe to get a real-time return on investment (ROI).
Trends of Artificial Intelligence for Business
Furthermore, growing internet penetration in various countries across the globe, rising digital dependence among people, and the prevalence of revolutionary industrial 4.0 trends are expected to offer opportunities for the growth of the global artificial intelligence market. According to the report published by Allied Market Research, the global artificial intelligence (AI) market is expected to reach $1,581.70 billion by 2030, growing at a CAGR of 38.0% from 2021 to 2030.
Numerous players in the market are launching innovative artificial intelligence products and services to essentially cater to people’s needs and optimize technological advancements. For instance, NVIDIA Corporation, a California-based multinational technology company, launched new chips and technologies to boost AI. The company released information about their recent technological breakthrough product H100 chip and the launch of a revolutionary processor chip known as the Grace CPU Superchip.
These trailblazing new technologies are expected to significantly speed up the computing power of complex artificial intelligence algorithms. Thus, NVIDIA is remarkably raising the stake and stepping up the competition against the competitive chip makers for flourishing in the growing data centre business. The chief analyst of TECH analysis Research, Bob O’Donnell, also mentioned that these recent product launch announcements from NVidia are conspicuously making it a notable threat to prominent players such as AMD and Intel in the data centre and cloud computing markets. These pioneering chips are based on British semiconductor and software design company Arm Ltd.’s technology.
Jensen Huang, the Chief Executive Officer (CEO) of NVidia, mentioned data centres are being transformed into AI factories. Hence, the company renders the H100 chip as the ‘engine’ of modern AI infrastructure. Nvidia also launched a new supercomputer called ‘Eos’, claiming it to be the fastest AI system in the world as soon as it starts operation in the latter part of this year.
The trend of launching new artificial intelligence (AI) products and services continues to gain immense traction not only among people but also in businesses in various countries. For instance, International Business Machines (IBM) Corporation, another American multinational technology corporation company, launched a tool called Watson Orchestrate that will appreciably assist businesses to automate various tasks.
The tool uses artificial intelligence to choose, pick, and sequence the pre-packaged skills that are required to be undertaken across human resources, sales, or operation functions. The tool, Watson Orchestrate, substantially helps to capitalize on the growing popularity of virtual assistants and chatbots in various websites and mobile applications during the pandemic. Thus, it enables organizations to take a step further toward phenomenal advancements in artificial intelligence and cloud services.
Arvind Krishna, the Chief Executive Officer of IBM, mentioned in a statement that the company is all set to implement a hybrid cloud to pervade artificial intelligence into systems and software in the modern era of technology. The tool Watson Orchestrate is easily accordant with email and Slack Technologies, Inc. It is also capable of connecting to numerous business applications of companies such as SAP SE, Salesforce.com, Inc., and Workday, Inc.
