AI and robotics have slowly and steadily become a ubiquitous part of our everyday lives. Smart phones have become smarter with the advent of personal assistants like Siri. These intelligent machines work, react and learn like humans. They recognise speech and facial patterns, analyse and solve real life problems. Alexa was recently in the news for calling the cops, saving a person from a threatening situation.
Robotics and AI are addressing a multitude of problems, ranging from quality improvements, increasing efficiencies, reducing labour costs and error rates, and help sustaining the growth rates in the current economy. Most industries today, could incorporate AI and/or Robotics in various ways that would boost their growth. Analysts at Bank of America Merrill Lynch expect that by the year 2020, the market is projected to grow at a total of $150 Billion USD, consisting of 83Billion USD in the field of Robotics and 70 Billion USD in AI based analytics companies.
Some industries are on the forefront of the race to adopt AI and robotics
Manufacturing – From facial recognition in iphone X to driverless cars from Tesla, Manufacturing has been a fast to gobble up newer and bigger technologies. The revenue from Robotics within the Industrial Sector alone would be around 18.5Billion USD worldwide.
Healthcare – From being able to analyse blood samples for specific viruses to da Vinci Surgical systems providing the ability of precision in surgeries, to being able to build “exoskeletons”, enabling rehabilitation of stroke or spinal cord injuries patients – AI and robotics has paved way to a better, healthier future.
Finance – AI has been at the root of disruption in the financial sector, enabling the emergence of Financial Technology (Fintech). We can now have better Credit rating systems, robo-advisors, and numerous tools at our disposal, enabling us to be better informed and thus financially independent.