What is the reason behind the sudden growth in AI Companies

Artificial Intelligence is witnessing a major revival in the past few years. Various forms of Artificial intelligence have been around us for a long time. We were introduced to the technologies like speech to text transcription, voice recognition etc long years ago. These technologies were not much efficient but they act as a base for the future technologies.

Around the 1980s, due to less efficient applications, artificial intelligence consulting saw a major dip in the investments. Big organisations were not ready to invest in artificial intelligence due to under-delivery and not so good products. This led organisations to lower the budget allocated for artificial intelligence research.

But at this time AI industry has improved to a great extent. Many big and small organisations are ready to invest huge budget in AI. Owing to efforts in the field of Artificial Intelligence, we have seen transformations in almost every industry. It may be healthcare, finance, and banking or business operations. With the increased demand in Artificial intelligence services in industries, the demand of AI Companies has considerably increased.

The reason?

1.Increase in Productivity

Artificial Intelligence applications have helped in boosting the productivity of the organizations. AI has helped in speeding the operations of organisations. Automation is a part of every manufacturing industry which has increased the production rate to many folds. This has helped in increasing the profits of the organizations. Also, Artificial Intelligence products are more efficient and have the high precision of accuracy.

2.Artificial Intelligence becoming popular

Also, there is more awareness about the artificial intelligence in the general public. Virtual assistants like Apple’s Siri has made people familiar with the artificial intelligence technology. The recent advancements in machine learning are groundbreaking. ANN (Artificial Neural Networks) that mimics human brain consists of thousands of nodes that increases its thinking ability.

3.Manages Big Data Efficiently

Big data is another reason that big organisations are moving towards solutions from the Artificial Intelligence companies. Artificial Intelligence software solutions handle a huge amount of data sets in cloud computing. AI enables to store data in a more structured manner. It also helps in analysing the data in the form of simple graphs and charts.

4.Accurate Stock Market Prediction

Recently, the confidence in Artificial Intelligence has increased where it correctly predicts the stock market behaviour with decent accuracy. This has led a financial boost in the investment in artificial intelligence.

5.Improves Customer Support Service

Also, more and more companies are aiming at providing smart solutions for their customers. Artificial Intelligence has helped organisations to improve user experience as well as providing smart customer service. AI enabled Chatbot is an example that provides customer support service for the clients by answering the queries of the clients.

AI companies fall into three major categories:                 

  1. Enterprise start-ups that combine core technology and professional service.
  2. Platform companies that provide a solution in general purpose Artificial Intelligence APIs to the organizations.
  3. Product companies that are inclined towards specific vertical applications.

Let us have an insight of the AI’s rapid growth:

1.Increase in investment: The investment in the field of Artificial Intelligence has increased by six times in recent years. Large organisations are keeping separate funds for artificial intelligence keeping in mind its importance. Increase in investment in the AI has led to sudden growth in artificial intelligence companies.

2.Increase in number of start-ups: Many startups have started to grow at a fast rate due to increase in the investment. There has been a 14 times increase in the number of AI start-ups since 2000. Artificial Intelligence is an emerging sector and organisations are flooding huge money for artificial intelligence applications. So there is no doubt that AI software consulting companies are emerging at such fast rate.

3.The decrease in Error rates: With the new and improved artificial intelligence systems, the error rates of these machines have decreased considerably. Artificial Intelligence has become more intelligent than humans these days. A recent competition held between human and AI machines (Visual Recognition Challenge) proved that AI machines are more accurate than humans in visual recognition.

4.Machine Learning and Deep Learning in AI: Machine Learning, deep learning and Natural language Processing (NLP) are the most in-demand skills in the recent years. In addition to this, developers with AI app development having knowledge of languages like C++, Python, Java, MATLAB are some of the most in-demand skills. Also, Data Scientists, AI consultants are also in huge 

Artificial intelligence is one of the most emerging technology in recent years. AI-based software solutions have revolutionized the whole scenario. With the increase in Artifical intelligence consulting companies, there is a huge demand for trained artificial intelligence professionals. Jobs in AI has increased to four times in the recent years and is estimated to increase exponentially. Due to lack of experienced workforce in artificial intelligence, the certified experts are earning a huge amount of money. It would be not surprising to see some of the AI companies startups becoming giants in the field of technology in the upcoming future.