Artificial intelligence (AI) is quickly emerging as our era’s most important general-purpose technology. With techniques like machine learning (ML), we can now build systems that are capable of improving their own performance by learning from data over time.
AI Developments across the globe
Recent advancements in hardware, platforms, and applications, as well as newer algorithms around the world, have accelerated the commercialisation of AI and fueled a race for leadership among technology behemoths and nations as a whole. The scope of AI applications is vast and expanding globally. Furthermore, it is becoming increasingly entwined with businesses’ and governments’ overall digital transformation agendas.
As AI innovation accelerated during the last decade as a result of advances in hardware and lower computing resource costs, its application across industries started to gain traction. Large technology companies have rushed into the AI area, re-engineering old products and developing new ones to incorporate AI, in order to meet the unique needs of various industries.
From Hype to reality
AI is transitioning from hype to reality, and its value as a building component for modern software and apps is growing. It’s being used in a wide range of industries and tasks within them, from more personalised search results on the web to everyday conveniences like app-based cab services and location-specific, context-aware restaurants, movies, and other forms of entertainment recommendations.
While AI-focused start-ups are now thriving, and investor interest in them is strong, as machine learning becomes more prevalent, new technology start-ups and companies in this field will be required to have the requisite algorithms to power their solutions. As the novelty of their products wears off, they will need to separate themselves from the competition on other dimensions such as ease of use, interoperability, robustness, and support in order to gain credibility and compete in the market.
Indian Governments push towards AI development
The Indian government has recently taken a number of steps to pave the way for an AI-driven economic revolution in the country. Future initiatives are expected to take a more operational approach, with specific incentives aimed at facilitating the integration of smart solutions within sectors and functions. While these initiatives have been at a strategic level, focusing on 5–10 year plans for increasing research and development as well as commercial uptake of AI-powered solutions, future initiatives are expected to take a more operational approach with specific incentives aimed at facilitating the integration of smart solutions within sectors and functions.
Furthermore, with government support through initiatives like Digital India and Make in India, which have created a favourable regulatory environment, companies can build up AI-focused innovation centres in India.
AI benefits in businesses and society
There is a need for a realistic and pragmatic approach to AI application, in keeping with the concept that AI development and innovation must be directed towards tackling the greater concerns faced by organisations and society. Opportunities to partner with AI leaders, be they technology leaders or public bodies in countries around the world, to set in motion pilot applications that use AI to bring short-term, tangible, and measurable benefits should be sought out wherever it is possible to do so effectively, cost-consciously, and with due consideration for the national interest.
