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10 reasons to invest in Artificial Intelligence

Innovations in AI has meant that this technology is steadily infiltrating every aspect of everyday life. Before it increases even more in popularity, here's ten reasons why you should be investing in AI now.

1. The AI market is forecast to hit $15.7 trillion by 2030

The beauty of AI is that it isn't limited to one specific sector. It can be applied to all types of businesses, improving running processes and increasing their efficiency. AI has already been implemented by many tech giants, such as Amazon, utilising this tool to attract more custom.

A report by PwC estimates that AI will add $15.7 trillion to the global economy by 2030. Although AI seems relatively new, it is clear that it is definitely a game-changer, as tech entrepreneur Tej Kholi claims, 'This is bigger than anything else that has ever happened to this world'. AI is a worthy investment that is on track to provide a healthy return and profit in the coming years.

2. AI will eliminate jobs, but also create more new ones

The use of artificial intelligence means human jobs are eliminated. For this reason, the growth of AI has raised concerns that jobs will become sparse if AI were to take over the work.

However, according to research firm Gartner, AI is predicted to eliminate 1.8 million jobs, but also create 2.3 million jobs in the US. This means that overall, the implementation of AI would create more jobs than those lost.

3. AI is becoming indispensable in business

Artificial intelligence is able to process big data, giving us a deeper understanding of how we interact with our environment. The bigger the data, the higher the performance.

Before AI, big data was almost useless and the difficulty to process such data was great. With the development of AI, it is now possible to give meaning to big data, allowing businesses to learn about their customers' behaviour through complex analyses.

4. AI chipmakers will also see benefits

With the successful growth of AI technology, the semiconductor industry will see the most significant benefits. Due to the multidisciplinary application of AI and its ability to operate highly complex functions, the demand for AI chips will only increase as companies have their cash in hand to snap up this life-changing technology. In just six years from now, the AI chip market is predicted to reach $91.2 billion.

5. AI is integral to the development of new autonomous vehicles

The idea of autonomous vehicles is becoming a reality every day. As we progress from imaginative drawings of fictional scenes starring driverless vehicles, developments in AI is making this a real possibility.

By 2040, 16% of all new vehicles sold will be autonomous, predicts IHS Markit, which is why everyone from chipmakers to automakers is focusing on developing this technology now.

6. AI will augment jobs

If you're struggling to imagine the reality of AI assisting with your job, have a look at Google's Smart Compose. The GMail feature readily assists you to compose your emails by suggesting words based on your previous writing, and with fewer grammatical errors.

AI is already helping people perform complex tasks, increasing efficiency, and even accuracy in some cases, of many processes throughout companies in a range of industries.

7. AI is improving data sorting

As mentioned above, the technology is being used to improve the efficiency of existing systems. In this case, it is improving data sorting, making it easier than ever to protect and share sensitive information.

Through the additional use of machine learning, a subset of AI, companies are able to learn more about the consumer than has ever been possible. Machine learning allows them to give meaning to the vital raw data they harvest. Tools such as these are only going to become more important in the future.

8. AI-powered assistants are becoming more prevalent and useful

Apple's Siri, Amazon's Alexa and Google's Assistant have all become a part of many people's daily lives, relying on them for the weather, time or to turn on their favourite playlist. But whilst we are more focused on taking advantage of their more basic functions, they are becoming an increasingly more important way for us to control our devices and use them more efficiently. For example, using your voice to conduct an online search for information, send texts or find driving directions using Google Assistant, find files on your computer using Siri or order items off Amazon's website using their Alexa.

As this technology progresses and evolves, it will become integrated into more of our devices including our homes. Machine learning will allow these devices to adapt as they understand our regular needs. In the meantime, users are able to shift more tasks over to their AI assistants such as turning the lights off.

9. There is currently no limit to what AI is capable of

AI is still a relatively new technology, we have only seen a glimpse of how it can perform and change lives. For this reason, now is the perfect time to invest. There isn't a single company or set of companies that are dominating the field. Current developments are more focused on defined task-oriented elements of machine learning rather than general artificial intelligence, meaning combinations of algorithms or multiple AIs will perform one specific task.

10. Winning Investors

AI is already here, and it is growing. Tech companies are already investing in it due to its potential. As you have read from the above, AI is not only more useful, it will become essential to companies in the future to keep up with competition as it transforms industries. Industry leaders have already implemented AI into their systems, which only proves this technology is not going anywhere anytime soon.

From the list above, it's no surprise that AI has lived up to the hype and is worth investing in. The technology is like no other, progressing the way in which we work for the better. It is clear that AI is only going to keep accelerating and continue to aid lives.

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