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Artificial intelligence (AI) is no longer a concept of science fiction, but it is now a reality with multiple use cases across industries. AI is reshaping the business world with its innovative applications. 

The global AI market is projected to grow to $1.81 trillion by 2030.

Artificial intelligence (AI) has become part of our everyday life with increasing use of technology. From smart voice assistants and robots to chatbots and virtual services, AI does wonders to make our lives easier.

AI-powered machines are designed to perform complex, human-like tasks. These machines or computers process a large amount of data and break them down into patterns. 

So what is artificial intelligence? What are the applications of AI? Let us learn more about artificial intelligence and its growing relevance.

What is artificial intelligence?

Artificial intelligence is the simulation of human intelligence processes by computer systems. AI technology is developed based on the analysis of human brain patterns and cognitive thinking. 

AI is interlinked with various other technologies like Machine Learning, Computer Vision, Natural Language Processing, Deep Learning, and many more. Together, these technologies help computer machines or programs to understand human language, learn from experiences, imitate patterns, and make intelligent predictions. By using a combination of these methods, machines can be programmed to perform a variety of tasks.

Artificial intelligence definition

Artificial intelligence or AI is a technology that enables a computer program to think and learn like the human mind. According to John McCarthy, AI is the science and engineering of making intelligent machines. 

Brief history of artificial intelligence

The idea of artificial intelligence was introduced in the 1950s by Alan Mathison Turing, a mathematician and computer scientist. Turing’s paper named “Computing Machinery and Intelligence” included the question “Can machines think?”. 

Later in 1956, John McCarthy coined the term artificial intelligence during the first AI conference held at Dartmouth College, New Hampshire. John McCarthy is called “The Father of Artificial Intelligence”. This conference was attended by scientists, namely John McCarthy, Marvin Minsky, Claude Shannon, and Nathan Rochester, and was a turning point in the history of AI. 

In 1958, John McCarthy developed LISP Programming Language, the second-oldest high-level programming language in the world. In 1959, John McCarthy and Marvin Minsky established an Artificial Intelligence Project at the Massachusetts Institute of Technology. 

How artificial intelligence can excel in the project management execution

 

In 1961, Unimate, the first industrial robot was launched by the American engineer George Devol. Unimate was designed to perform repeated arbitrary sequences of motions with its hydraulic heavy-weight lifting arm. 

Eliza, the first natural language processing computer program or the first chatbot in history was invented by Joseph Weizenbaum at the MIT Artificial Intelligence Laboratory. 

Shakey, the world’s first general-purpose robot was developed in the Stanford Research Institute between 1966 and 1972. Shaky was a smart autonomous robot that was operated by a remote computer. This invention had a great impact on the evolution of AI and robotics. 

In 1997, IBM developed Deep Blue, the first supercomputer which created history by defeating world chess champion Garry Kasparov in a match. 

In the later years, research and development in AI became more rigorous and advanced, giving birth to multiple inventions like smart robotic devices, voice recognition assistants, chatbots, home automation, surgical robots, and much more.  

History Of Artificial Intelligence

Source

How does AI work?

The AI system works by accepting data inputs in the form of text, speech, or images, and with the help of intelligent algorithms, it performs fast, iterative data processing. The software then learns from patterns and makes predictions and interpretations based on the data input. The result or outcome is assessed to make adjustments and the process continues until the desired result is achieved. 

Key components of AI

Artificial Intelligence is a broad field that has multiple components working together to comprehend the input. AI encompasses many technologies and subfields. Let us now look at the key components of AI:

Key components of AI

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Machine learning

Machine learning is a type of Artificial Intelligence application that uses data and algorithms to automatically learn and improve from previous experiences without explicit programming. Netflix & Amazon use ML algorithms to offer personalized recommendations.

Deep learning 

Deep Learning is a subset of Machine Learning which makes use of artificial neural networks to learn and process complex data. 

Neural network

A neural Network is a type of machine learning that is made up of interconnected units similar to human neurons that process information and derives meaning from it. 

Computer vision 

Computer vision relies on deep learning and pattern recognition to interpret an image or video. 

Natural Language Processing (NLP)

NLP is software that enables computers to recognize, understand and generate human language and speech. 

Cognitive computing

Cognitive computing uses computerized models to simulate the human thought process in complex situations. 

What are types of artificial intelligence?

AI can be divided into 4 categories, based on the functionality and complexity of the tasks performed by the system. Let’s have a look at types of Artificial Intelligence.

Types of Artificial Intelligence

1. Purely reactive

A purely reactive machine follows the most basic AI principles and is specialized for one particular task. It cannot store memory or data and thus does not have the ability to make decisions based on previous experiences. 

Eg: IBM’s Deep Blue is an example of a reactive machine which was a supercomputer capable of identifying the pieces on a chess board and determining the best move to win. 

2. Limited memory

These machines collect historical data and use the memory to make accurate decisions. However, these machines only have limited memory. An example of a limited memory AI system is a self-driving car which stores some data regarding the distance between other vehicles, route, speed limit, etc. 

3. Theory of mind

This kind of AI system does not have any use cases now. These machines can understand human thoughts and emotions. 

4. Self-aware

Self-aware machines are the future generation models which are capable of making their own decisions. They will be thoughtful, intelligent, and conscious, just like humans. Such systems will be aware of their internal states & can deduce the emotions of others by comparing them to their own. For example, a self-aware system observes a smiling person & infers happiness based on its own experience of smiling & happiness. No practical models are built yet.

The ethics of AI in business: What you need to know

Top benefits of artificial intelligence

Artificial Intelligence is transforming the world we live in with its multitude of applications. From task automation and problem-solving to smart predictions and intelligent robots, artificial intelligence is becoming more and more popular in today’s world. 

Here are some of the key benefits of artificial intelligence:

  • AI Facilitates the Automation of Tasks
  • AI Can Work 24×7 Without a Break 
  • AI Helps Solve Complex Problems
  • AI Can Minimize Manual Errors
  • AI Helps In Research & Data Analysis
  • AI Helps to Enhance Customer Experience
  • AI Can Help Advance the Field of Medicine
  • AI Helps in Smart Decision Making 
  • AI Can be Used for Business Forecasting 
  • AI Helps to Increase Business Efficiency

Artificial Intelligence and blockchain are two powerful technologies with the potential to revolutionize the world. Combining AI and blockchain technologies will enhance data protection, resource optimization, optimize energy consumption, data monetization, and more. AI and blockchain integration will offer a higher level of security against cyber attacks.

6 benefits of using artificial intelligence in healthcare

Artificial intelligence examples

We can see examples of AI all around us. Be it Siri, Alexa, or other smart home devices, we all rely on AI-powered systems knowingly or unknowingly. Following are some of examples of Artificial Intelligence in action: 

Examples of AI

  • Siri, Alexa, and Google Assistant
  • Facial Recognition
  • Text Autocorrect
  • Self-driving cars
  • Chatbots
  • Email spam filters
  • Netflix’s recommendations

Artificial Intelligence vs. Machine Learning vs. Deep learning

Artificial intelligence, machine learning, and deep learning are all correlated with each other. Let us see how they differ. 

Artificial intelligence Vs Machine Learning Vs Deep Learning

 Source

How to start a career in AI

With the increasing adoption of AI and ML in companies, the demand for AI specialists is increasing across the globe. 

It is reported that 97 million jobs in the field of artificial intelligence (AI) will be created between 2022 and 2025. 

However, businesses are still struggling to find people with the right skills required to work with artificial intelligence technology. 

Some of the most common AI-related job titles are:

  • Data Scientist
  • Software development engineer
  • Research scientist
  • Big Data Engineer/Architect
  • Machine Learning Engineer
  • Robotic Scientist
  • Business Intelligence Developer

Top artificial intelligence jobs

So, are you ready to take your career to the next level in Artificial Intelligence and Blockchain?

Then, check out our Executive MBA in Artificial Intelligence & Blockchain!

This program is the perfect fit for busy working executives who want to upskill. With its flexible online format, you can study from your home or office, and still maintain your day job.

Imagine, in just one year, you will have a deep understanding of AI and blockchain technology through hands-on learning experiences. You will be equipped with the practical and theoretical knowledge that top global firms are looking for in business leaders.

And the best part? You’ll be positioned for job opportunities with some of the highest salary packages in the market. Don’t miss out on this incredible opportunity to advance your career. Enroll now!

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