AI & ML Enables Profits for these Business Even During Lockdown

Monica Pallavi JMachine learning which falls under the big umbrella called Artificial Intelligence has come a long way from being a buzz word to important factor of business processes. Realizing the benefits of Machine Learning and AI on the whole, Millions of dollars are being invested into AI Ecosystem. Companies around the globe, boosted by countries' various strategies, have worked to implement AI practices. When there is so much invested while incorporating this technology into business, definitely it would be source of profit! But who is making profit? Let's take a look at it.

COVID Crisis hasBrought New Reason for Organizing and Employing AI/ML
Lockdown, business fails and so much more, is is a right time to talk about investment and advanced technologies? Yes, it is and this is why
“AI/ML represents a unique ability for startups, SMBs and large enterprises to accelerate digital transformation across their key business initiatives. This is not limited to a certain industry as AI/ML has positively impacted many industries like healthcare, financial services, retail, robotics, oil and gas, automotive, manufacturing and as you know, forecasting.

We are currently seeing many industries gravitate to AI/ML as the potential to realize meaningful change and innovation is strong regardless of what your business’ focus is. This is why research firms like IDC have predicted AI and cognitive technology spending will exceed $50B worldwide by 2021 and Gartner’s latest CIO survey discovered Enterprise use of AI has grown 270 per cent over the past 4 years,” said Jamal Robinson, Global Lead for ML at Amazon Web Services, In response to question on strategic development of AI & ML by Gary Drenik, Forbes.

Who is Making Money with AI & ML
Machines gain Intelligence through rigorous training and of course, they are trained using previously available data. They are programmed to assimilate users stimuli (understand the input data) and learn to respond appropriately.

1. As we know, data is doubling every 2 years, we are expected to have 44
Zeta bytes of data (44 trillion Giga bytes) by 2020, but it is not the amount of data, but how we look at it and use it efficiently matters. Companies which make perfect use of data to train machines and deal with complex analysis are the one of those which makes money using AI & ML coz data is the heart of AI.

2. Companies which manufacture processing chips that enable the AI systems process that data. Nvidia has been the biggest winner in this space. Even though they were designed for rendering graphics, it turns out that their matrix operation has a lot of machine learning applications required. IBM, Intel,Google and other few Chinese techs are building their own AI chips.

3. Companies which act as a platform for data storage are the next set of businesses that make high profit with AI. There is competition between companies like Microsoft-Google cloud platforms and Amazon-Web Services to provide complete cloud solution for developers to run AI applications. The cost of maintaining this massive global data center is something very few companies can afford.

4. One of the reasons for the success of ML in recent years has been the increase in computational resources available. Companies which provide optimized models and algorithms for the AI system to work are holding the next place in the list.

5. Enterprise solutions built on AI. This space dominated by Oracle and few other companies.

6. MNCs which offer consumer facing solutions and come up with innovative ideas.

On top of everything nations like China Japan, UK, Germany and France which are leading in terms of investment into their respective AI ecosystem for faster economic growth are making impeccable profit with these technologies. Though this is put behind due to the outbreak, the pick pu ratio is expected to be huge.

Benefits Apart from Money
The impact of artificial intelligence and robotics on employment opportunities have always been a topic of speculation. Research are taking place is diminish the fear.

A report generated by Gartner suggests that by 2020, AI & Robotics would generate an estimated 2.3 million jobs globally. This was calculated by taking into account the 1.8 million jobs made simpler by automation.

ET reported this interesting story of a teacher named Mathi who was forced to quit her job due to health issues and various other problems. Sad, but this is how AI and the latest technologies rescued Mathi from being unemployed. Today, she is making money with data labeling and she exclaims that she earns more than what her teaching professional used to provide.

While all the mentioned categories companies are making great business with AI and ML, these technologies also benefit them in many other ways like,

1. Real-time business decision making.
2. Eliminating manual tasks.
3. Enhancing network and security performance.
4. Improved business models and service.
5. Reducing operation expense.