While Artificial Intelligence (AI) has been around for a while now, it has disappointed making extravagant promises for decades. Now, finally inputs of genuine worth are beginning to get noticed. Algorithms are getting more accurate, computers faster and robots more reliable, but none of this would have been possible without its main fuel at the back. That is the billions of Gigabytes of data warehousing now being done which is behind this growing sophistication and accuracy. The entrepreneurial drive using such capabilities is now exponentially higher than what was even a few years back. It is now driven by tech giants such as Amazon, Baidu, and Google. The early adopters of AI technology are reaping in the benefits, so even those who took time are now either implementing, or still unsure whether it fits into their respective business models. A study was conducted by the McKinsey Global Institute (MGI) to understand the feasibility of AI involvement in various industries, and early signs suggest that it will work well. While USA is the top source for absorbing AI investments, with China a distant second, the rest of the world is catching up fast. South Kore and the UK want to develop AI clusters to encourage such tech-based businesses.

Source:https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/how-artificial-intelligence-can-deliver-real-value-to-companies?cid=soc-web

Uploaded Date:01 March 2018