In the last few years, Applications of Artificial Intelligence (such as Machine Learning (ML), Natural Language Processing (NLP), Expert Systems, Automated Speech Recognition, AI Planning, and Computer Vision) are taking a leading role to transform businesses to a new level.
Several Industrial houses have used key features of AI technology (Like-real-time analytics and self-learning technology) in several cases to gain useful business insight. These industrial houses include Retail, BFSI, Automotive, IT and Telecom, etc.
Artificial Intelligence Chip
Artificial intelligence chip is a microprocessor or computer system used to perform intense computing needs of complex software. We can divide AI chip into many categories based upon the type of it. They are- GPU, ASIC, FPGA, CPU, etc.
Depending upon the application, it can be divided into many sections like Machine Learning, Deep Learning (Image Recognition, Computer Vision), Predictive Analysis, Translation, Classification & Clustering, Natural Language Processing (NLP), Robotic Process Automation, Information Extraction, Speech to Text, Text to Speech.
Depending upon the technology, it can be divided into System-on-Chip (SoC), System-in-Package (SIP), Multi-chip Module, etc. Where the processing type, it is Edge and Cloud.
Contribution of Artificial Intelligence Chip and Major Concerns
Applications of artificial intelligence allow businesses to increase operational efficiency, enhance service quality, and provide a satisfactory customer experience in lower operating costs.
Most of the larger industries around this world including BFSI, retail, IT, telecom, automotive, healthcare, media & entertainment, manufacturing, government, and energy are investing in disruptive technologies like IoT, big data, artificial intelligence, and predictive analytics in an aggressive way, after seeing some remarkable performance of AI in the growth of banking, financial services, and insurance sector.
However, there are concerns that you should be aware of. In some countries, data protection laws are not much active, and as a result, somewhere, the companies are compromising with data privacy. It is very harmful to an industry.
With the help of constantly rising application of artificial intelligence, the importance of data privacy and data security are increasing day by day.
AI decreases the cost of hiring employees and it performs a bundle of works without depending on the decision of a man. So, it is replacing manpower to a great extent.
Big industrial houses like IBM, Amazon, Apple, Google, and Microsoft have already designed and using highly efficient AI software tools, in order to increase the flow of the work stations.
To get a remarkable performance from AI processors, businesses and customers need to allow access to their personal and confidential data to the AI systems and devices because the proper functioning of an Artificial Intelligence Chip directly depends upon data collection.
Contribution of AI in Startups
Multiple countries especially the U.S., is utilizing the applications of artificial intelligence, to grow a startup business. Various key players are building dedicated platforms. For example, Mythic’s platform performs digital/analog calculations in memory, which results in high performance, accuracy, and power life.
Whereas, the Surge helps startups to adopt Data Science, Machine Learning & Artificial Intelligence to increase the business value. As a result of which, it is inspiring the growth of the artificial intelligence chip market.
Contribution of AI in Data Security
AI chips predict accurately in order to rescue their customers from frauds. With the help of AI, a user can get notifications, instant updates, bank statements, and previous transactions proofs which is very helpful. It also protects debit card details.
If any irregular or awkward situation occurs due to fake money transfer, it will send an update.
Contribution of AI in Customer Support
AI performs round the clock. In today’s’ world, online customers want vendors or organizations to be visible at any point in time. A number of customers need technical support from the technical support team or from consultants even at night. After the office closes, the AI machine talks to the customers and provide the necessary support to them.
In some cases, it can record the messages for the original concerned person which he will attend the next morning.
Market Value
North America was the highest contributor to the artificial intelligence chip market as they invested $2,437.0 million in 2018. It is estimated to arrive 28,258.3 million by 2025, registering a CAGR of 41.7% as per the forecast period of 2019 to 2025.
In general, we can say that it was valued at $6,638 million in 2018, and it is forecasted to reach $91,185 million by 2025 which secures a CAGR of 45.2% from 2019 to 2025.
Conclusion
As many highly skilled and high thinking startups are joining the AI field, it can lead to more innovations and technology improvements. With the help of all technological advancements which are taking place in the field of artificial intelligence and the investments by big tech companies, AI technology holds a promising future in forthcoming years.