AI is certainly one of the biggest buzzwords today, and it is not without reason. A recent survey by Gartner covering 89 countries found that there has been a massive 270% jump in AI implementations in the last four years. This growth is only set to continue. The artificial intelligence (AI) market, which was valued at $21.5 billion in 2018, is expected to touch $190.6 billion by 2025 as per a report by Markets and Markets.
This massive growth in AI makesabsolute sense when you look at the benefits that AI adoption brings to enterprises and businesses. One, it can help companies automate several repetitive, painstaking processes. It can also help provide unprecedented visibility through advanced analytics, thereby helping to improve decision-making significantly. A report by the MIT Sloan Management Review in collaboration with BCG Henderson Institute found that 91 percent of enterprises expect AI to deliver new business growth by 2023. With the growing adoption of big data, cloud, and robotics, we can expect AI adoption to take off in a big way.
Impact on Jobs
Any discussion on the growth of AI inevitably veers towards its impact on the job market. While there are concerns about the inevitable job losses that AI will bring, most of these narratives seem to miss the big picture. The fears about job losses are not unfounded, though. By 2030, as many as 800 million people around the world will lose their jobs to automation as per a study by the McKinsey Global Institute. But we need to juxtapose these statistics with reports such as a recent World Economic Forum study.
Source ; Hindustan Times
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