According to the English oxford living dictionary the definition of artificial intelligence is “The theory and development of computer system able to perform tasks normally requiring human intelligence such as visual perception , speech recognition, decision making and translate between languages.”(2)
The demand of artificial intelligence has been rapidly increasing because of availability of data in volume, advanced algorithm and increased computer storage and power. (3)
It is believed that global spending on AI systems is estimated to reach $57.6 billion by 2021.According to the report it is found that AI is increasing productivity and saving time. Approximately 27.39% of the brands using AI have seen increase in their productivity and time saving as well as witnessed an increase in the return on investment by 8.07%. (4)
It is said that AI will increase the productivity and innovation around the world from the large data available and learn new behaviors, make decisions and improve its performance. Artificial intelligence has a great potential in achieving the goals of United Nation. (5)
Artificial intelligence is playing a big role in the field of medicine as well as in agriculture. It can design personalized treatments as well as it can predict heart attacks. It is said that combination of human diagnosis with AI can reduce the error rate from 3.5% to 0.5%. Using AI Indian farmers have witnessed an increase of 30% per hectare yield reducing the risk related to pest. It helps the farmer to collect data like change in weather and informing them when and where to sow the seeds (6)
According to Ray Kurzweil, one of the most-known futurists, computers will have the same level of intelligence as humans by 2045. Using big data, AI will be capable of analyzing massive amounts of information and using that knowledge to come up with solutions to the world’s biggest problems, such as hunger, diseases, climate change, overpopulation, etc. (7)
Companies are finding difficult to keep their entrepreneurial spirit high because of the fast-changing technology and competition. This is where the role of artificial intelligence comes into role. (8) Small businesses can use AI to monitor employee engagement and gather feedback on development needs.
Using machine learning, AI can understand the consumer segment and can determine products which can fit the market. It also helps in gathering and analyzing the market analytics which gives these companies a better insight for targeting their customer base. (9)
There are governments in different countries who are already using artificial intelligence and applications. Implementing this technology has made the workers more efficient and productive which compliments their skills. This helps in identifying the issues and opportunities to move forward According to the latest report it is estimated that automating task could free up 96.7 million working hours of the government and save around $3.3 billion.(10)
According to the report , AI in the field of education will grow by 47.50% during 2017-2021. Currently it can automatically grade the MCQ and it is expected that over a period it will be able to grade higher standard of assignments. Using AI can help to identify the weakness of the class and alert the teacher if anything needs to be retaught. In other words it will re structure the teaching method.(11)
The interaction between retailers and customers has changed certainly. The data ecommerce sites have access to has opened new understandings of shopping behaviors. It allows them to deliver the convenient, interactive and personal experiences consumers have now come to expect. A recent study found the average person will spend more than five years of their lives on social media. It’s one of the spaces in which AI has penetrated our personal interactions. (12)
AI has the potential to offer $15.7 trillion to the global economy by 2030.It expects to improve the existing goods and services by enabling the automation to increase the efficiency. Rapid advances in the field of artificial intelligence have profound implications for the economy as well as society at large. It has the potential to directly influence both the production and products and services. While some applications of artificial intelligence will surely constitute lower-cost or higher-quality inputs into many existing production processes and changes in the very nature of the innovation process (13)
INTERNET OF THINGS
The internet of things (IoT) is a computing concept that describes the idea of physical objects being connected to the internet and able to access them from other devices.(14).With more smaller, more powerful chips. These device can be monitored and/or controlled from a remote location.(17). It’s a concept that not only has the potential to impact how we live but also how we work. there are already more connected things than people in the world. Analyst Gartner calculates that around 8.4 billion IoT devices were in use in 2017, up 31 percent from 2016, and this will likely reach 20.4 billion by 2020.Another analyst, IDC, puts worldwide spending on IoT at $772.5bn in 2018 — up nearly 15 percent on the $674bn that will be spent in 2017. IDC predicts that total spending will hit $1tn in 2020 and $1.1tn in 2021.
According to Accenture, IoT is estimated to have a $14.2 trillion on the global economy by 2030– making it one of the most important forces shaping the future business world today.(16). It is changing the backbone of major industries by adding a new layer of technology as companies have realized that the value data brings. To improve the efficiency and decision making of the companies, it has integrated IOT into operational activity.(18)According to a global survey released by Gartner earlier this year, adoption of IoT is expected to reach 43 % of enterprises by the end of this year, with the heaviest users including companies in the oil, gas, utilities and manufacturing industries.(19)
As IoT is expected to change the way the companies function, the coming years will provide many new business opportunities. It makes it possible for companies to collect and communicate consumer data which gives them access to the accurate information. This helps them to understand trends, anticipate future needs, and adjust the consumer demand. It paves the way for more strategic business operations. (21)
Policymakers and regulators are getting involved in defining policy frameworks for the use of IOT in specific sectors. There are also policy discussions around ensuring IoT is designed with the objective of sustainable development, ensuring accessibility for the disabled and under reserved, and encouraging civic and democratic participation. (22) Regulators and governments should consider how they can support the development as the current and planned regulation will be too stringent for IoT , and affect innovation. (23)
The Internet of Things influences education in a lot of ways. It allows institutions to make more informed decisions to boost operational efficiency, learning experience and campus security. When devices are connected to the cloud would allow the teachers to see which student requires more concern and attention. It also helps in making lesson plans, adjusting schedules and more. The tasks taken over by connected and smart devices, teachers are able to focus more on their teaching and research.(24)
For consumers, the smart home is probably where they are likely to come into contact with internet-enabled things. They may be able to help keep older people independent and in their own homes longer by making easier for family to communicate with them and monitor how they are getting on. (25)
As the number of connected devices continues to rise, our living and working environments will become filled with smart products. In future Smart cities will be spread by a vast number of sensors over a town or city so that planners can get a better idea of what’s really happening, in real time. IoT projects aim to connect these data , and add further intelligence into the system.(25)
Cloud computing is the on-demand delivery of compute power, database storage, applications, and other IT resources through a cloud services platform via the internet. With cloud computing, there is no requirement for investing in hardware and spending time on managing that hardware.(26) The fastest-growing segment of the market is cloud system infrastructure services , which is forecast to grow 35.9 percent in 2018 to reach $40.8 billion. Software as a service remains the largest segment of the cloud market, with revenue expected to grow 22.2 percent to reach $73.6 billion in 2018. (26)
Cloud Computing has made lives of people easier and simpler. The advantage of cloud computing is that it is highly secured, provides virtual storage space, easy to access and solves the problem of backup. It provides security against unauthorized access and loss of data. According to an IBM statistic about 85% of new applications are being developed around Cloud Computing. Studies by NASDAQ indicate that investments in cloud technology is likely to expand over US$ 40 million by the year 2018.(27) One of the first major achievement for cloud computing was the launch of Amazon Web Services, which allowed anyone to launch a website.(28)
Corporates are now increasingly using data from social media platforms in combination with cloud-based information to get better insights on potential services, innovations and customer requirements. It will be time changing for SME companies as data analytics, artificial intelligence and other capabilities become available as services.(29)
Policymakers are interested in fostering the growth of cloud computing to support the economic benefits, and protect their citizens against any harm. There is no need for cloud-specific legislation or regulations to provide as such actions could impede the great potential of cloud computing. (30)
Cloud-based textbooks is less expensive which makes it easy for lower-income students to have access to quality learning materials. Cloud-based materials are easy to update in real time so that students always have access to the most current learning resources. It makes it possibilities for students, especially those who are not served well by traditional education systems.(31)
Cloud computing is changing our lives in many ways. Anyone can turn into an instant reporter, and live news feeds are constantly streaming the media, at times sparking social upheavals. Taking advantage of developments in cloud technology and the social media space has allowed these different actors access to sophisticated analytical abilities. (32)
Cloud will provide the digital infrastructure of tomorrow’s cities, where an estimated 6 billion of the world’s population will live by smart technologies will be safer and better managed, because of the cloud’s ability to store and analyze data. A commercial aviation cloud will help airlines manage ground operations therefore increasing efficiency and helping flights take off on time. A utilities cloud will automatically repair faults in the power grid to ensure uninterrupted electricity supply. A banking cloud will allow financial institutions to scan thousands of transactions per second to prevent fraud. (33)
KEY LESSON LEARNT
Understanding the implications and the opportunities that the megatrends has on us as an entrepreneur it excites me a lot. The society is progressing at a rapid speed and there is chances where people are unable to adapt the changes, thus we need to create an atmosphere for development and this is something we can work on.
Due to word limit there are areas where I could have done better. I could have worked better towards structuring and focused with flow of thoughts. There are plenty of data available on the internet but I have picked whatever is relevant to the topic.
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