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Artificial Intelligence (AI) is estimated to add approximately 15% of the current gross value to India’s economy by 2035. Today, AI provides large incremental values to several sectors like edtech, healthcare, agriculture, etc. As a matter of fact, the more companies implement AI, the more job opportunities open up.
The classic example of this would be iSchoolConnect. We are India’s only AI-backed study abroad consultants. Our AI-powered tools have helped thousands of aspirants turn their study abroad dreams into reality.
As a whole, Artificial Intelligence has a blooming future in India, and our experts have their unique take on the same. But, before we proceed, here are a few things you need to know!
What is Artificial Intelligence?
Simply put, Artificial Intelligence (AI) is the simulation of human intelligence demonstrated by machines. It is the study of intelligent agents, referring to any system that recognizes its environment. Further, the systems take actions that enhance the chances of achieving their targets.
The specific applications of AI are natural language processing, machine learning and vision, expert systems, and speech recognition. Artificial Intelligence, as a matter of fact, was founded as an academic discipline in 1956. However, over the last few years, the implementation of AI has been seen to its great potential in various fields.
The evolution of Artificial Intelligence
Artificial Intelligence has grown tremendously in recent years, leading to the growth of many businesses in several fields. AI is dubbed the next major technological revolution. But the preference for AI wasn’t predictable in the bygone eras.
Even though artificial intelligence was established in 1956, there were a lot of issues, such as stumbling blocks to expansion; machines could execute orders, but couldn’t store them, etc. In addition to this, even financing was a major roadblock till 1974. However, computers became widespread by 1974; they were much quicker, affordable, and capable of storing data.
AI in the present
The use of Artificial Intelligence is so vast that it is impossible to imagine a business’s future without it. Today, AI technologies are boosting efficiency at work like never before, from backing how companies advertise to managing workflow and more. The AI-backed systems of the present day can gather and organize volumes of data. The collected data helps draw estimates that aren’t possible to comprehend manually.
Furthermore, AI systems reduce the risk of errors that enhances organizational efficiency by notches. It also identifies unusual patterns, spam and frauds, alerts the organization about suspicious behaviours, and more.
Leading the AI race
The current trends of Artificial Intelligence are hailing all the industries across different countries. As per the trends, Europe is the largest and most diverse continent in the area of artificial intelligence development. However, regarding AI research output, India is amongst the largest countries behind China and the USA. As a matter of fact, AI research keeps expanding, growing at a pace of 12.9% annually over the last five years.
AI in the future | What do experts have to say?
The 4th Industrial Revolution is almost here, and artificial intelligence is undoubtedly an essential part of it. Artificial intelligence will be seen at a much broader level in sectors, such as healthcare diagnoses, home automation, agriculture, and so on. While a lot is said and done about the future of AI, especially in India, here’s what our experts have to say –
Rajesh Marandi (Lead Machine Learning at Ischoolconnect)
“As a practitioner of Artificial Intelligence, I can say that a lot is happening in the AI field all over the globe and in India. I think these five sectors are game-changers with the inclusion of AI in its cores and processes.”
#1. The education sector or the edtech!
With the advancement in computer vision and natural language processing, using AI to streamline various aspects of edtech will see a hike. We are already utilizing the power of AI to help students choose their dream universities. Our AI-backed tools assist them in writing better SOPs/LORs, preparing them for video interviews, and so on.
AI will help our current technologies by automatically diagnosing various diseases using historical data. It will help doctors predict early-stage cancers and other fatal diseases. As a matter of fact, artificial intelligence will also help disabled people with multiple technologies.
#3. Banking and financials
One of the fields where the implementation of AI is crucial is the banking sector. Artificial intelligence will make it effortlessly easier for them to track so much historical data on banking transactions and credit scores. AI will help flag loan defaulters more efficiently, guide retail customers on their financial investment, and so on.
In the agricultural sector, AI has already started to check on crop and soil quality through drones. It will gradually help farmers to cut costs by preventing bad crops. Using the soil quality details, AI can guide farmers in choosing the best pesticide based on various environmental conditions.
That said, vertical farming, a new technology, already uses AI. It helps farmers in
- Yielding healthier crops.
- Controlling pests.
- Monitoring soil and temperature conditions via IoT sensors.
- Organizing data for farmers.
- Optimizing a vast array of agriculture-related activities.
#5. Hi-tech or smart cities
AI components, such as computer vision and natural language processing, will advance and evolve gradually to build a smart city. Additionally, AI can help with security aspects, such as burglar alarms, fire alarms and other anomaly detection. It will be great to detect accidents at night to inform the authorities of such an incident. With a facial recognition system, it will be even more helpful for the city to track and find the law offenders.
Raghav Sharma (Machine Learning Engineer at iSchoolConnect)
“AI has changed the world in subtle but sweeping ways in the last ten years. Voice recognition on every smartphone was a simple proof of concept. I believe AI will make more significant progress in the next ten years than in the last 50 years combined. Simply because of the number of people investing their time and money to ensure we grow and improve this technology. With countless oncoming applications coming into the business, government, and personal market, its influence will surely touch every aspect of our lives.”
Some of the fields I believe AI will help us achieve new heights are –
#1. Home automation
AI implementation in the future will definitely bring out the best in home automation. With home assistants like Google Assistant, Alexa, Cortana, and Siri, people are now starting to understand the proper usage of smart home appliances. It can bring a mentality shift in people of just automating the recurring tasks of their lives.
#2. Automotive and transportation
AI has the power to strengthen India’s automotive sector. The automotive value chain has started implementing AI, including –
- Supply chain
- Production and post-production
- Driver assistance systems
- Driver risk assessment systems.
Adding to this, AI is proactively transforming aftermarket services like predictive maintenance, insurance, and so on. That said, artificial intelligence and machine learning have tremendous scope in India’s transportation sector. It’s just a matter of time when we start utilizing AI for managing our public transport as well.
With so many advancements in the field of Deep Learning, Computer vision etc., companies are already hiring experts in the areas of AI and ML to help improve and streamline their business models. Rumor says that AI is going to replace all human jobs. So, AI-related jobs are already in huge demand and will continue to grow.
- AI systems operate by consuming vast amounts of labelled training data.
- Further, they analyze the training data for correlations and patterns.
- Often, AI is narrowed down to only one of its components, i.e., machine learning. However, artificial intelligence is more than what meets the eyes.
- It requires special hardware and software for writing, training machine learning algorithms, and more.
- AI doesn’t include only one specific programming language; it consists of a few, such as R-language, Java, and Python.
- Over the years, the demand for artificial intelligence has surged, with businesses promoting their AI-backed products and services everywhere.
- With the ongoing urbanization, the future of AI looks tremendously positive in India.
If you want to know more about artificial intelligence or our AI-backed tools, drop a comment below or get in touch with us today!
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