Expansion of AI across Diverse Sectors and its Role during the COVID-19 Pandemic
Former chairman, CEO, and the president of IBM Ginni Rometty rightly quoted: “Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we'll augment our intelligence.”
Artificial Intelligence (AI) has come a long way and has influenced the overall working of various businesses and sectors worldwide. The penetration of modernization in all sectors is signaling a shift toward advanced technologies. These aspects have influenced the growth of the artificial intelligence market and will continue to do so in the future.
The expansive utilization of AI in various sectors and businesses is breathing fresh air of growth across the artificial intelligence market. The rapid adoption of digitalization and innovations are factors that have widened the scope of AI to a considerable extent.
Role of AI in 2020-21
Many sectors and businesses were trying their hand at AI and adopting it at a steady rate, but 2020 accelerated the growth of AI extensively. The advent of the pandemic made the role of AI in different sectors more worthy. The proliferation of AI is happening at a rapid rate. One can never imagine tackling a pandemic of intensity like COVID-19 without the utilization of AI. Remote working mechanisms and many other aspects have influenced the growth of the artificial intelligence market to a considerable extent.
Despite the number of obstacles the world faced in 2020, AI has emerged as one of the fastest-growing sectors in the world. The role of AI in fostering economic resilience and saving lives fueled the demand for AI-powered tools and devices substantially. Here’s how AI will broaden its popularity levels in the coming period.
Preparations to Avoid another Pandemic like COVID-19
AI is playing a crucial role in preventing a pandemic of high intensity like COVID-19 in the future. Predictive AI algorithms are being used for developing platforms that can project the time and location of future outbreaks.
Automatic COVID-19 Detection and Prevention
AI can be used for faster detection of COVID-19 to prevent the further spread of the virus. Tests and research are ongoing for enabling such tools through AI. The recent testing of drones to detect COVID-19 symptoms among individuals in highly crowded areas is a classic instance. Such developments will invite exponential growth for the artificial intelligence market.
Driverless Cars and Robotaxis
The developments in the driverless cars technology have been ongoing for a long time but it has recently gained considerable traction. The growing use of AI for developing driverless car technology and robotaxis (taxis driven by robots) will invite fruitful growth.
Vital Sectors where AI is making Inroads
The demand for AI has skyrocketed in many sectors, but there are a few sectors where AI has made expansive breakthroughs. These sectors are observing extensive developments. Some of the prominent sectors are as follows:
Healthcare has emerged as one of the AI development hotspots. The utilization of AI in tackling the COVID19 pandemic has brought significant growth opportunities. Many healthcare professionals are battling the invisible enemy: coronavirus with the help of modern technology, especially AI. Mass vaccination is a crucial aspect to curb the spread of the virus and reduce hospitalization measures. The utilization of AI to fuel vaccine development and distribution will prove to be a positive development in the growth trajectory of the artificial intelligence market.
- Japanese researchers recently developed a tiny device to identify COVID-19 and other viruses through saliva specimens using AI.
- Syllable Voice Assistant has launched conversational AI that answers each call received by a healthcare center and answers queries related to vaccine slots and other aspects.
The cases related to data breaches have risen considerably during the pandemic as many people are working from home. A survey carried out by Gartner estimated that approximately 60 percent of digital businesses could suffer tremendous losses due to the incompetency of managing digital risks. With such alarming cases, the players in the cybersecurity sector are making use of AI to develop modern and advanced solutions.
- Regulative.ai and Birlasoft recently developed an AI-led cybersecurity assessment.
- Elsity, a company providing enterprise cybersecurity, recently raised US$ 26 mn in funding to ramp up its cybersecurity platform.
To enable contactless functioning during the pandemic, many voice assistant platforms are integrating with elevators and smart home technologies with the help of AI. Furthermore, the role of AI has expanded extensively because of the popularity of voice assistants among a considerable chunk of the global populace. These factors will have a substantial impact on the growth of the artificial intelligence market.
- Wuling automobiles recently expanded its voice AI partnership with Cerence to power the cars with good voice control systems.
- Spokestack launched a personalized voice assistant development platform for mobile and web applications.
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