The leap toward artificial intelligence (AI) is going strong, especially for some of the biggest tech companies on the market. Everyone wants in, and everyone is investing in a big way.
AI is getting bigger every year. Originally, it seemed like the future with AI was going to be terrifying.
Everyone made it seem like AI was going to destroy our society and the human race. It was going to create robots that would take over our jobs and the world. Well, I hate to burst your bubble, but that’s not going to happen.
AI is going to have a much more influential impact on society and businesses, and I couldn’t be more excited for what the future holds.
We’re at the beginning of a really exciting technology revolution. AI can be compared to when the internet first emerged. It was something new and completely different. There were some skeptics, and there were some people who knew it was going to take off.
And here we are today, depending on the internet for so many of our daily tasks. So many devices we use every day need to be connected to the internet. It’s hard to imagine how our lives would be without it.
Soon, we’ll be wondering the same about AI.
AI Continues to Make Its Mark
Whether you realize it or not, AI is a part of our daily lives already.
Have you posted photos to Facebook and noticed that it recognizes the people in the photos and automatically tags those who have Facebook accounts?
This is just a minor example of AI in our daily lives. We’re only at the beginning of this trend, too. There’s so much more ahead of us.
You encounter AI when you speak to the voice assistant on your phone or a device like Amazon’s Echo.
This may not seem like much right now, but things are heating up. The technology is getting a lot smarter.
Companies like Apple, Google, Amazon, and Microsoft are spending a lot of money to expand their efforts in AI.
When these types of companies are spending a lot of money to research and develop, we can only assume they have a good feeling about where the market is headed.
No successful company wants to waste money on something that isn’t going to bring in more money for them.
According to Gartner, spending is forecast to grow at an average compound annual rate of 18% to reach $383.5 billion by 2020.
Companies are spending money to gain the lead with this groundbreaking technology and make more money in the long run.
Top Tech Companies Make AI a Priority
Recently, Nokia acquired a California-based Internet of Things (IoT) startup, SpaceTime Insight.
SpaceTime Insight provides predictive analytics based on machine learning algorithms. Having SpaceTime Insight on Nokia’s side will incorporate AI into its IoT business. This is an aspect of Nokia’s business that it’s been spending money on in order to build it up before this sector really takes off.
You could say Nokia missed the smartphone wave. It doesn’t want to be left behind again, which is why it’s working full force to establish itself as a serious player in the sector.
However, it’s going to need to do a lot of work to keep up with companies like Google and Microsoft. Google has been a key player in the AI realm, so much so that it considers itself an AI-first company.
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Today, May 8th, Google is holding Google I/O, its annual developer conference. At this year’s Google I/O, attendees can expect to hear about the latest version of Android, but also on the list of topics is artificial intelligence.
Google’s CEO, Sundar Pichai, has been a big fan of AI for years. He’s been positioning it as the force behind the company’s future.
The company continues to work on developing software that can see and understand the world, identify objects, and parse natural language. This has already begun with some of Google’s products, like its text-based Google Assistant software, Google Translate, and Google Lens.
Microsoft’s annual Build conference for software developers started this Monday. The conference is a three-day event in Seattle that consists of updates on the company’s computer platforms and services.
The conference will feature sessions in some of the top trends in tech right now. Those include cloud computing, internet-connected devices, virtual reality, and artificial intelligence.
AI Isn’t Just Limited to the Tech Market
Tech companies aren’t the only ones fighting over the top spot in artificial intelligence.
The Pentagon is also looking to incorporate AI into its efforts. The tech industry has software tools that will greatly benefit the Pentagon. These tools are able to go through thousands of images per minute and identify objects with 99% accuracy.
This software would be extremely helpful and as essential to military combat capability as bombs and missiles.
The Pentagon has reached out to tech companies like Google for help with connecting the military to AI.
Under Project Maven, the Defense Department and the Air Force are funding the development of AI algorithms to help analyze live video streams from drones.
AI is going to be important to the military and the government. Michael Griffin, Undersecretary of Defense for Research and Engineering, announced on April 13th that he will oversee a “Joint Artificial Intelligence Office.”
Griffin is hoping to bring the U.S. government and military up to speed with AI.
AI is present all around us, and its impact on our lives is only getting greater.
Until next time, Monica Savaglia Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.
