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In recent times, groundbreaking advancements in artificial intelligence (AI) have sparked a wave of innovation, transforming data processing, business workflows, and even the fight against the ongoing COVID-19 pandemic.
AI researchers have continuously improved algorithms, refining data processing, calculations, and automated reasoning. As conventional algorithms struggled with accuracy and efficiency, tech manufacturers and developers intensified their efforts to create standard algorithms for enhanced performance.
One notable example is the International Business Machines Corporation (IBM), which, in May 2020, unveiled a series of AI-powered services and capabilities branded as IBM Watson AIOps. These cutting-edge services are tailored to automate IT infrastructures, boost resilience, and reduce enterprise costs.
Various companies are embracing AI-based solutions, such as Robotic Process Automation (RPA), to streamline and automate repetitive workflow tasks. Coupled with the Internet of Things (IoT), AI-based solutions offer robust results across various business processes.
One significant development was when Microsoft poured a staggering USD 1 billion investment into OpenAI, a San Francisco-based company. The primary objective of the partnership was to leverage AI supercomputing technology on Microsoft’s Azure cloud, ushering in a groundbreaking era of innovation fueled by artificial intelligence.
The COVID-19 pandemic presented a unique opportunity for AI-enabled computer systems to aid in the fight against the outbreak. Tech companies have stepped up to prevent, mitigate, and contain the virus, leveraging AI tools and techniques.
LeewayHertz, a U.S.-based custom software development company, made strides in COVID-19 response by deploying AI-driven tools like the Face Mask Detection System to identify individuals without masks and the Human Presence System for remote patient monitoring.
Meanwhile, Voxel51 Inc., a U.S.-based AI startup, took a data-driven approach by developing the Voxel51 PDI (Physical Distancing Index). This innovative tool measures the global impact of the pandemic on social behavior, offering valuable insights for public health responses.
AI has emerged as a critical tool in various applications, including early alerts, tracking & prediction, data dashboards, diagnosis, prognosis, treatments & cures, and maintaining social control. For example, Microsoft Corporation’s Bing AI tracker provides a comprehensive global overview of the current pandemic statistics.
As the technology allows the extraction of high-level and complex abstractions through hierarchical learning, Artificial Intelligence is becoming indispensable to big data analytics. It overcomes significant challenges in the field, such as the trustworthiness of data analysis, format variation of raw information, highly distributed input sources, and imbalanced input data.
Innovative solutions, like semantic indexing, facilitate comprehension and knowledge discovery, tackling the issues related to efficient storage and information retrieval.
According to a recent report by Grand View Research, Inc., the global AI market is projected to grow substantially, with an estimated value of USD 1,811.75 billion by 2030. This represents a remarkable compound annual growth rate (CAGR) of 37.3% from 2023 to 2030.
The report highlights that artificial intelligence encompasses developing and applying computing systems designed to perform tasks traditionally requiring human intervention. These tasks include decision-making, speech recognition, visual perception, and language translation. By leveraging algorithms, AI systems can comprehend human speech, visually identify objects, and process vast amounts of information.
These latest developments signal a new era in technology, with AI taking center stage in reshaping data processing and revolutionizing responses to global challenges like the COVID-19 pandemic.