AI, and The Blooming Market Outlook
To pick up, we must glance over how the global artificial intelligence market is showing up. It is anticipated to reach USD 266.92 billion by the end of 2027, from the value of USD 27.23 billion in the base year of 2019. This calls for a CAGR increase of up to 33.2% during the forecast period.
It is believed that the critical factor that owes to accelerating the rate of innovation in the domain of AI is the accessibility to historical datasets. AI brings up promising opportunities for a wide range of sectors, including healthcare, government, automotive, etc. If applied the correct way, it is supposed that AI would upgrade the current jobs, rather than the preconceived belief that it would eliminate jobs. For organizations, AI could effectively help eliminate the different repetitive or mundane tasks associated with one’s work, allowing them room to practice high-value tasks and undertake human judgment.
Well-established corporations have already leveraged the very best of AI, while major organizations are still at an initial stage of their AI journey and focus on prototypes and planning. These organizations could gain the best value out of AI when they could rightly prioritize its use cases and capabilities.
Hurdles on the Way to AI Implementation
Though AI may sound like an easy and straightforward approach towards businesses, AI has not been a paved path for many organizations. Let’s take a glance at a few of the challenges that companies face in AI implementation…
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Dearth of Technical Expertise
AI is still a niche domain, which brings a challenge of lack of technical know-how. Organizations find it challenging to deploy AI applications, owing to the shortage of specialists with a rich understanding and knowledge of the current AI technologies.
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Data Collection and Storage
Data acquisition and storage pose to be a significant hurdle when talking about AI implementation. While the Industrial AI systems rely on the sensor data as input, the large amount of sensor data collected for AI validation could result in complex datasets. These data sets could further get challenging to store and analyze, hence causing a substantial challenge.
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Human Resource Priced Exorbitantly
The market has a shortfall of data scientists, data engineers, and subject matter experts trained explicitly in AI compared to AI’s demand. Corporates with tight budgets find it challenging to hire specifically trained experts due to their hefty fees, which is critical in adopting AI.
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Slow Computation Speed
The AI edge requires a considerable number of calculations to be computed at hypersonic speed. This further demands advanced processors that have excellent processing power higher than what is in common usage presently. Today, cloud computing and other processing systems are being used to fulfill these business requirements. The actual challenge arises as data volumes grow exponentially, thereby leading to slower computation speed.
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Heavy Costs
Indeed, AI technologies are an expensive deal to an organization. While well-established businesses have separate budget allocations for AI implementation, small and mid-size enterprises struggle to implement AI solutions to their business processes.
The Advantages brought to you by the AI.
Yes, some uncertainties and hurdles are associated with AI implementation in organizations. But just as any point has two facets, similarly, AI also has several possibilities for businesses. Let’s have a look below:
- AI offers you space to undertake tasks of more value by taking over mundane, repetitive tasks.
- It helps perform tasks of complex nature, in a matter of minutes, that would even take hours, days, and months to complete when handled by a human operator.
- Artificial Intelligence could be effectively employed for hazardous environments, hence reducing risk to humans.
- The adoption of AI brings in more consistency and reliability in business processes, thereby complementing human efforts.
Hence, it could be established that AI is the way to ensure any business venture’s sure-shot success if leveraged effectively. The only requirement is that businesses must overcome the hurdles to lock in the benefits of the technology.
Summing Up
Technology has always been an essential factor for many industries, but AI has led technology to its core. For instance, from self-driving cars to vital life-saving medical equipment, AI is being implanted practically into everything. Tech companies like Teksun Inc, Google, etc., are investing significantly in AI research and development. These companies are striving to make AI more convenient for business use-cases. Find out more of what and how AI could enrich your business with Teksun’s sprawling range of AI services and solutions.
