The machine learning job market is projected to be worth $31 billion by 2024 – at an annual growth rate of 40 per cent over the last six years.
Amidst the fast-paced advancements in technology, Artificial intelligence (AI) has been the most revolutionary creation and is expected to have a more prominent impact on the evolution of mankind. Artificial intelligence has the potential to drastically improve the efficiency of a workplace by augmenting the work humans do. By taking over repetitive tasks of business operations, AI frees up the human workforce and allows them to focus on tasks involving creativity and empathy.
In simpler words, AI is the domain of computer science that aims at turning computers into intelligent machines. AI and related technologies like Machine Learning (ML) are capable of duplicating human behavior with the use of advanced algorithms and providing solutions to complicated problems and further developing stimulations.
THE AGE OF AI
Increased technological investments, more internet penetration and the improvement in the overall digital infrastructure have prompted the massive inclusion of AI in mainstream operations.
The AI market globally was nearly $ 59.67 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 39.4 per cent to reach around $ 422.37 billion by 2028. According to the International Data Corporation (IDC), the AI market in India is projected to grow at a CAGR of 20.2 per cent to reach $ 7.8 billion by 2025 from $ 3.1 billion in 2020.
AI START UPS INCREASED 14 TIMES FROM 2000
With the rapid growth of AI and ML, experts predicted that most businesses will shift to AI-powered systems, apps, security systems, data analysis and other applications in the years to come. According to a Forbes research, globally, the number of AI startups has increased 14 times from 2000 and the investments in these startups have increased by six times.
Another research by Statista revealed that 87 per cent of the companies worldwide are using AI mostly for sales forecasting and improving e-mail marketing.
One of the most extensive applications of artificial intelligence has been in the domain of data science as AI is capable of providing massive analytical power. AI can extract insights and patterns from a large set of data and use it to make predictions on possible outcomes.
Some of the common data analysis using systems include Google Analytics, automation platforms, business intelligence systems, content management systems, and CRMs. Data scientists often resort to the use of AI to get more value out of the data they already have, unify it and make valuable predictions.