AI(Artificial Intelligence) concept.
Artificial Intelligence (AI) is intelligent behaviour by machines, rather than the natural intelligence of humans and other animals. It pursues creating the computers or machines as intelligent as human beings. AI is accomplished by studying how human brain thinks, learn, decide, work while trying to solve problems, and then using the outcomes of this study as a basis of developing intelligent software and systems.
Since the invention of computers, their capability to perform various tasks went on growing exponentially. Humans have developed the power of computer systems in terms of their diverse work domains, increasing speed and reducing size with respect to limited time.
Development of AI started with the intention of creating similar intelligence in machines that we find and regards high in humans. AI is a science and technology based on disciplines such as computer science, maths, engineering, biology and psychology.
It is believed that the global AI market is poised to grow at a CAGR of more than 2% in the next 10 years. It has been dominant in various fields such as gaming, entertainment, business intelligence, medicine, education, language processing, social media, bio-matrix, handwriting preconisation, etc. It seems that this ground-breaking technology has become an essential part of human life. The world's tech giants like Google, Facebook, Microsoft and IBM are investing millions in AI, and it seems that the next generation would be all about AI.
Recently, Sony has unveiled a new version of the Robot Dog. It is equipped with the latest AI technology, allowing it to learn tricks, be aware of its surroundings and develop a bond with its owner through facial and voice recognition. These learned behaviours are stored on the cloud and are constantly updated as the dog comes into contact with other AI and humans.
Evolution of AI has pushed the boundaries of creativity. Not only does it predict trend and answer customer queries, but it also inspires visual and aural sense by understanding and providing an interpretation of data.
Artificial Intelligence is quickly becoming the next transformational technology. There are many instances that we may already be interacting with this ground-breaking technology without even realizing it.
Google was one of the early pioneers of AI. As per the Google database, it processes more than 3.6 billion search queries per day, and over 40,000 per second on average. The recent improvements in the search results are the direct result of advances in AI. In fact, Google is teaching its AI about human behaviour by making it watch lots of YouTube videos. It is training super smart algorithms to detect certain gestures, so it can identify action.
Anyone who has ever uploaded photos on Facebook, has likely seen a small window pop-up on their screen which asks if you would like to tag a friend in the photo and then it suggests the name of the friend who actually appears in the photo. This feature is the result of a complicated set of AI algos based in image recognition and specifically for facial recognition. The more you use the feature, the more accurate it becomes as AI keeps on learning.
AI is getting involved in healthcare and as per scientists, it can identify ovarian cancer which is the fifth most common cause of cancer deaths affecting women. It is estimated that women have a one in 75 chance of getting ovarian cancer in a lifetime, with the average age of diagnosis being 63 years old. An AI computer programme can pinpoint bowel cancer in less than a second.
AI fought law and won, it is also helping spies and defence personnel to do their jobs in a better way.
The question remains critical: 'Will it be a new form of life?' And the way AI is being developed, AI robots will replace humans completely.
A lot has been said about AI. Few love it, while others hate it. But today's truth is that you cannot ignore AI. It has become a part of our life, and has helped companies exploit its power to provide the best customer experience.
AI was earlier used only in stock identification and other financial services, but is now making its way into Exchange Traded Funds (ETF), and recently, Canada got its first Artificial Intelligence-run ETF. AI can also understand the behaviour of someone's trading by past records, and then throw the data to summarise or to suggest a change in the trading style to get a comparatively better return.
However, as we understand that everything has its pros and cons. Some experts say that human development of robots and computers will eventually reach a tipping point, when it will become a new form of life that will outperform humans. It sounds exactly similar to the Rajnikant's movie 'Robot', in which the project backfires when Robot falls in love with the scientist's girlfriend, once it has been upgraded to give it the ability to comprehend and exhibit human emotions.
AI is going to change the world in every domain in just a few years. We have become comparatively smart by using smartphones, and now we have to be more intelligent as to handle Artificial Intelligence.
(The writer is Derivatives and Technical Analyst at Motilal Oswal Securities)