Artificial intelligence (AI) is the buzzword in almost all industries. Decision-makers want to make use of massive data they get from various sources. This is where data analytics and artificial intelligence come into play.
According to Reportbuyer, the AI market is estimated to grow to $5.05 billion by 2020 at a CAGR of 53.65 per cent from 2015 to 2020. This growth can be attributed to factors such as diversified application areas, improved productivity and increased customer satisfaction.
The AI market in APAC is expected to grow at the highest CAGR between 2015 and 2020. The rapid adoption of the machine learning technology in the advertising & media, finance and retail sectors in this region and increase in the usage of natural language processing technology are contributing to the growth of the artificial intelligence market in APAC.
AI is also driving the tech job market, particularly in the APAC region. AI is the wave which will push this generation towards the next industrial revolution. As of today, industries across the healthcare, finance, transportation and manufacturing sectors are witnessing its hugely positive impact. With technological developments, we are ushering into an era which will witness automation in everyday activities and tasks to an extent which has not event been conceptualised as yet.
If we look at the Indian perspective of AIâ€™s growth story, many companies in India are already in the race with small implementations of the AI in the sectors such as customer care (to automatically identify issues from customer’s voice or text and handle them). But this is just the basic of AI and there is a lot to improve and build upon. India appears to be an excellent platform to develop AI systems, and the most complex ones too — keeping in mind the diverse languages and accessibility.
But yes, it surely is not a career for every Tom, Dick and Harry. You need to have specialised skill sets for being and surviving into the field of artificial intelligence.
Sharing the scope of artificial intelligence, Pranavan and Sneha Priya, cofoun
ders of SP Robotic Works, shared, As IT is present in every field, AI can be expected to be in every field too. While in education, AI will be used to understand and change the content delivery style according to the child, in the luxury sector, it will be used to automate homes in a more intelligent fashion. It will be hot in the retail sector too, and will be used to suggest which shop would be having the dress the person is searching for. So if you ask the scope of using AI in any sector, imagination can be the only limitation!
Since it is a budding field, the demand-supply gap of talent is huge. Also, artificial intelligence in closely integrated with big data. Given the fact that big data is currently in the exploration stage, it is to be seen on how AI will grow as a career option.
As of now, the industry experts opine that the demand-supply gap of talent is one grey area that needs to be addressed first.
Pranavan says that the trick is to make algorithms predict the required output correctly every time. Though there are immense amount of data available and pouring in everyday – the proper analysis and prediction of it – is definitely the gap that needs to be improved to seamlessly implement AI in various fields!
Adding to it, Umair Mohammed, CEO, Wigzo Technologies, asserts, Big data and AI have the innate capability of changing the form and function of the industries in general. Artificial intelligence has already been used in several different ways to facilitate capturing and structuring and analysing big data for key consumer insights.
However, we are still years away from unleashing its true potential because of the lack of proper understanding of the two concepts.
In the past, there have been companies that have known how to leverage artificial intelligence but have not been technology-ready.
On the other side, there have been technology-focused companies ready with artificial intelligence products but have fallen short of ideas when it comes to large scale marketing and commercialisation. In order to achieve its most opportune relationship with all the major industries, an absolute knowledge of the same is required.
Working with artificial intelligence requires an analytical thought process and the ability to solve problems with cost-effective and efficient solutions. Professionals need technical skills to design, maintain and repair technology and software programs. Those interested in becoming artificial intelligence professionals need a specific education qualification based on foundations of maths, technology, logic, and engineering perspectives.
Sharing insights on required skill sets, Sneha Priya said, Robotics will definitely be a prime requirement (since it is a multi-disciplinary sector with Electrical, Electronics, Programming, Algorithm, Mechanical all embedded into it). But whatever field he/she might be from, people with practical skills will be sought-after. It would be better to learn the basics at a much younger age, get your focus and start research work from the start of graduation years.
This would provide enough time to get experience and thereby meet the requirements of the AI industry. But apart from all this, cognitive science would also be another interesting skill set.
While globally artificial intelligence industry has grown by leaps and bounds, India is yet to catch up with the rest of the world in this particular frontier. However, the Indian startup ecosystem has been growing exponentially every year, and is continuously paving the way for matching up to the speed of the West.
According an industry report by IDC, the analytics and business intelligence industry together is sized around $10 billion and is expected to grow by 22.4 per cent to $27.9 billion by 2017.
With business goals of most major industries aligning with the growth in technology, there comes an underlining need for them to turn towards big data and artificial intelligence.
Tech’s biggest companies are placing huge bets on artificial intelligence, banking on things ranging from face-scanning smartphones and conversational coffee-table gadgets to computerized health care and autonomous vehicles.