• +1-636-242-1600
  • career@folksit.com
  • 05-Apr-2021 12:41 pm
  • 54 Viewed

Artificial Intelligence The next big thing

The invention of the computer is considered to be a path-breaking step in technological advancements during the 20th century. Another important breakthrough achieved in technological development is Artificial Intelligence which is changing the world and the future. it will bring about revolutionary changes in human life as we know. AI is a powerful technology that enables machines to think and decide like humans. This reduces the human effort in performing various tasks. Many companies adopting AI to increase their production and efficiency. AI is playing a critical role in the development and future of every sector like Medical, information technology, financial services, sports, shopping, mobile apps, etc. AI is touted to be the fourth industrial revolution. In this article, we will shed some light on the following topics

  • Beginning and evolution of AI
  • Inventions in AI
  • Future of AI
  • Market Overview of AI

Beginning and Evolution of AI

The idea has been prevalent from the 1800’s itself but it was confined to ideas, in works of fiction and philosophies. The idea took shape and the real surge or initiation happened in the 1950s by a British logician and computer scientist Alan Turing where he foresaw the idea of a computable machine that could think and perform the tasks on its intelligence for this he did extensive research and experimentation which later was known as Turing Test. He is ideas on machine intelligence were based on chess which proposed methods of problem-solving. He predicted that computers would one day play chess. The term Artificial intelligence was coined by John McCarthy. The AI research was born in Darthmod college. The workshop attendees were claimed to be AI leaders for decades to come. 

The period from 1950 to the 1980s is the golden era of AI. Many projects like the Wabot project were built in 1967 this could measure distances and directions of objects using external receptors, artificial eyes, and ears. The conversation system that was equipped would communicate in Japanese with an artificial mouth. In the 1980’s Artificial intelligence program known as the ‘Expert System’ was developed and adopted by many corporations. The expert system was capable of emulating the decision-making ability like a human expert. The expert system was designed to solve complex problems.

The 1990s also saw the rise in concepts of Artificial Intelligence. Intelligent agents were developed. In 1995 computer scientist Richard Wallace developed A.L.I.C.E a chatbot ( Artificial Linguistic Internet Computer Entity). Also known as ‘Alicebot’ which is a natural language processing robotic program that converses with humans in electronic chat. Deep Blue, a chess-playing computer, was developed by IBM in 1997. It also won a chess game against a renowned world champion.

Recent AI inventions

In recent years the technological innovations of Artificial Intelligence have been tremendous. The use of smartphones has voice assistants. Computers have intelligent functions. We will see some of the important innovations that have changed the world.

In 2010, Microsoft launched Kinect for Xbox360. A gaming device that detects and tracks human body movement using a 3D camera and infrared detection.

In 2011, Apple launched Siri, a voice assistant on Apple iOS. Siri uses a natural language user interface to answer and recommend things to its user. It adapts to the voice commands.

Microsoft released Cortana, similar to Siri.

Amazon launched Amazon Alexa, a home assistant that was developed into smart speakers, functioning as personal assistants.

Google’s Driverless car named Waymo.

a Humanoid robot named Sophia was created by Hanson Robotics. She is recognized as a robot citizen. AI is used to communicate, make facial expressions, and image recognition.

Google developed BERT. It’s the first bidirectional, unsupervised language representation that can be used for different natural language tasks.

Samsung invented Bixby, a virtual assistant. Similar to Siri.

Future of AI

In the twenty-first century, AI techniques have experienced a resurgence with advances in technology. The amount of data that is consumed today needs to be sorted and used in the proper way. AI technologies are used to analyze and make them useful. With the onset of smartphones, the usage of AI has increased with a variety of applications. Usage of AI is widespread with almost every industry adopting it. We will have some of the key industries where the AI impact is high.


AI has many advantages over traditional analytics and clinical decision-making. Learning algorithms are more precise and accurate to interact with training data to allow tremendous insights into diagnostics, treatment, and patient outcomes. AI will impact the development of the next generation of radiology tools. Images obtained from MRI scanners, CT scanners, and X-rays offer noninvasive visibility. AI will enable radiology tools to be accurate and detailed enough to replace biopsies in a few cases. The increasing volume and given the complexities of healthcare data is one of the main reasons for the growing AI presence. Increasing health care costs, to expedite vaccine or drug development processes post Covid-19  is also the reason behind AI increasing presence in healthcare. The AI health market is USD 4.9 billion and expected to reach USD 45.2 billion with a growth rate of 44.9%

Financial Services

Many banking services are getting automated. The financial services sector has a lot of data to analyze and manage. Learning algorithms, managing money, and the stock market making important decisions by analyzing the data. Scanning transactional apps also use AI for recognition. The amount to be transacted, face recognition, etc are the features of this technology. AI is used in different aspects of the financial sector Credit decisions, Risk management, fraud prevention, trading, and personalized banking. The cost savings for banks from AI application is projected to be $447 B 80 persentage banks know the potential benefits of AI


Translation Apps

With many mobile applications on language, translations are real-time machine translation. AI is pushing to translate more languages, currently, machines can translate about 100 languages of 7000 languages in the world. 

Online Shopping

AI algorithms are making the online shopping experience hassle-free. These keep track of users' preferences and analyze them to suggest even better products and also to make sure the products are stocked up. This prediction helps the companies to increase profit as well as customer base.

Visual Search in E-commerce platforms.

In this feature just take a photo of your product and upload it, the algorithms help in finding the same or similar one.  Amazon has incorporated this feature in mobile applications.

Market Overview of AI

The Artificial Intelligence market is valued at USD 27.23 billion and projected to reach USD 266.92 billion by 2027 according to CAGR. With a growth rate of 33.2% according to CAGR. This growth is triggered by growing big data, cloud-based applications and services, and an increase in virtual assistants.


Job opportunities are also on the rise. With AI programmers being one of the highest-paid in the market. The average pay being $114K/yr according to Glassdoor.

Some Fun Facts about AI

AI has been transforming every major sector from transportation to cloud computing. Here are some of the fun and surprising facts of AI and its capabilities

AI in Movies: Al is already in the movie industry and has transformed it in a big way. Characters like Iron Man’s “Jarvis”,  “Vision from Avengers”, “The Terminator”, and “Avatar” are the works of AI.

AI invented a biological clock that can predict biological age with biomarkers. It can be used across different populations.

AI Built Robots can have Citizenship, Saudi Arabia gave citizenship to the humanoid robot “Sophia”. She is the first-ever robot to get citizenship of any country and United Nations conferred a title (the Innovation Champion).

AI processors. The alphabet parent company of Google has created a processor that works with AI and is called Tensor Processing Unit (TPU). To make its services like Gmail, Google Photos even smarter.

Most of the Artificial Intelligence bots are Female.

Artificial Intelligence is helping to fight cancer hugely. In oncology robotics applications contribution is immense. AI can help detect the early stages of cancer and its symptoms. AI can also predict which patients risk of getting back cancer even after recovery.

Artificial Intelligence can predict natural disasters like earthquakes, and Volcanoes

Artificial intelligence can restore vintage and damaged photos.

AI can read the mind.

Therefore AI is set to become smarter than Humans.

Share On