The current state of AI and Machine Learning Technology
Predictions vary, but the artificial intelligence industry is expected to be worth $191 billion by 2025. That’s far more than it was worth in the 1950s. AI is poised to be the most important technology of the twenty-first century, not just an industry with significant market value.
We hear the term “artificial intelligence” so frequently in various contexts that we may have become desensitized to how powerful this technology truly is. It’s not surprising given that the term is frequently used to describe products that have nothing to do with artificial intelligence.
One example is Oral-Genius B’s X toothbrush, which allegedly uses AI to help users brush their teeth more effectively. In reality, the toothbrush is simply outfitted with sensors that detect where the toothbrush is in the user’s mouth. Based on that, it gives the user feedback to indicate whether or not they are brushing their teeth correctly and for the appropriate amount of time. It would be a stretch to call this AI.
Despite the hype, artificial intelligence has permeated a wide range of industries. From healthcare and defense to banking and E-Commerce, there is something for everyone. AI is making decisions that affect our daily lives, whether we like it or not. It is responsible for the selection of recommended videos on YouTube, assigning credit scores, scanning resumes as the first step in the recruitment process, and adjusting photos we take on our phones.
The lack of a universal definition of AI doesn’t help non-technical users understand what artificial intelligence is and isn’t. Due to this, it might be more useful to focus on Machine Learning (ML).
Machine Learning is an area of AI that enables machines to learn without direct instruction from humans The most common applications of Machine Learning include virtual assistants, email and spam filtering, product recommendations on websites, and traffic predictions.
Machine translation, which is a subfield of machine learning, has infiltrated our daily lives. One telling example is Microsoft’s 2019 holiday advertisement, which features speech recognition and a speech-to-speech translation device.
Despite the undeniable presence of ML, many businesses struggle to implement these technologies. The reasons for this range from a lack of funds and appropriate data to insufficient support from company stakeholders and a lack of qualified human resources to implement and maintain the solutions.
According to a Figure Eight study, between 49 and 60% of businesses believe they are falling behind in the adoption of AI technologies. There is a clear trend emerging: while AI offers ways to increase efficiency and reduce costs, businesses struggle to embrace the change and take the first step on their artificial intelligence journey.
Meanwhile, according to a study conducted by the international business consulting firm McKinsey, 82% of companies that have successfully implemented AI and ML have realized financial returns on their investments.
And, given that Forbes claims that “some humans trust AI more than their governments,” it is not surprising that machines are gradually taking over tasks that humans find mundane, if not downright boring.
The future of AI, no matter what we think it will look like, will be determined by human choices. Whether machines take over major tasks like copywriting or simply assist humans in their work, the decisions and regulations we make today will define our AI future.
Imesha Udawatta
Faculty of Humanities and Social Sciences
University of Sri Jayewardenepura
