Artificial intelligence (AI) is getting a lot of attention from investors these days and with good reason. It’s a technology with the potential to transform everything from transportation to cloud computing.
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Many companies are betting that AI will influence not just their products and services, but nearly every aspect of their business. Read on to discover nine things you may not have to know about this burgeoning technology.
1. AI encompasses many different types of computer learning.
Artificial intelligence is often used as a catch-all to describe computer systems that can learn. But there are more specific designations like machine learning, deep learning, and deep inference that describe the details of how those computers are learning. For example, the GPU chipmaker NVIDIA Corp. (NASDAQ:NVDA) defines machine learning as “the practice of using algorithms to parse data, learn from it, and then make a determination or prediction about something in the world.”
2. The artificial intelligence market will be worth a lot. Like, really a lot.
A PwC report estimates that AI will contribute $15.7 trillion to the global economy by 2030. AI will make products and services better, and it’s expected to boost North America’s GDP by 14% by that year.
3. The $127 billion autonomous vehicle market is being driven by AI.
That’s how much the self-driving car market is expected to be worth worldwide by 2027 — and AI technology is crucial for making them a reality. NVIDIA created its own computer — the Drive PX Pegasus — specifically for driverless cars and powered by the company’s AI and GPUs. It starts shipping this year, and 25 automakers and tech companies have already placed orders.
4. AI is already making the connected home much better.
Amazon.com’s (NASDAQ:AMZN) Echo line, powered by its AI personal assistant, Alexa, holds 70% of the smart speaker market right now and could add $10 billion the company’s top line by 2020. Additionally, Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) is using its own AI, called Google Assistant, to power its own competing line, and the smart speaker rivalry is only going to grow.