Artificial Intelligence is proving to be one of the most exciting and fascinating technologies of this era. The technology has evolved by leaps and bounds but still is in its nascent stages of evolution. The scope of expanding is tremendous and companies need to understand this potential and invest accordingly.
Artificial intelligence can seem to be an abstract idea to a lot of people and hence it is important to understand it thoroughly, identify the market, and then make an informed business decision about investing in it. There are certain things which need to be considered while investing in artificial intelligence. To make things easy for organizations, we have listed down some points which need to be considered while investing in artificial intelligence:
Choose an Industry
AI has already evolved in many industries including healthcare, automobiles, mobile, industrial equipment, etc. but there are two main fields which will see a considerable growth in the coming years. They are NLP or natural language processing and the healthcare industry. While most of the focus will be on NLP and making the devices understand what humans are saying, the healthcare industry is expected to be one of the fastest growing AI segment in the coming years. It is important that companies choose an industry and then decide to invest in AI.
Pick the Best in the Industry
Though there are plenty of companies looking to disrupt the market with their AI solutions, it is safe to invest in the market leaders such as Google, Microsoft, Apple, Intel, etc. AI software and hardware will play a key role in almost every system in the future. Hence, it is important for companies to plan their strategies right now in order to reap the benefits in the future.
“We are moving from a Mobile-first to an ‘AI-first’ World”
– Sundar Pichai, Google CEO
The AI market is expected to reach a massive $46 billion by the year 2020 but it is important that investors are patient and tolerant towards their investments. It is being estimated that AI technologies will be a major part of the local GDP by the year 2030 and if this turns out to be true, then investors will be able to derive massive returns from their investments in AI.
Keep the Risks in Mind
Investors will need to aware of the risks while investing in the field of artificial intelligence. No, we are not talking about a robotic army which might become superior to us! Rather, there will be other risks. For example, the machines may make mistakes in their daily activities and this can cost the companies a lot of money. They may be isolated problems for now but will prove to be a major challenge for investors to overcome in the future.
SourceEdge Software Technologies offers AI as a new age technology solution to clients across the globe. We can help build a series of AI solutions which can learn and think like humans using NLP, speech recognition, and other machine learning features. We have been developing deep expertise around AI skills using bots, cognitive services, data analytics, etc. to build artificial intelligence based intuitive solutions which are intended to save considerable labor time and costs in the future.