First of all, AI it is the future of our life. Nowadays we can easily see how this field is important and what role it plays in world economy system.
Especially, this area is very attractive for venture capitalists. In 2022 they have ploughed $67 billion into firms that claim to specialise in AI, according to Pitchbook, a data firm. Starting from the middle of 2021, the share of deals worldwide involving AI-related startups increased by 17%. I must say that this is very big breakthrough for such a period of time. Therefore it is not surprising that between January and October, 28 new unicorns(private startups valued $1 billion or more) have been minted.
It is a huge competition between the companies which are desperate to get their hands on AI talents. Derek Zanutto of CapitalG ,notes that large had spend years collecting data and investing in related technologies. So now they want to use this huge amount of data and AI gives them different ways to do that.
Unsurprisingly, that all huge organisations use AI to improve their software. For example, today Google uses AI to improve search results ,finish you sentences in Gmail and work out ways to cut the use of energy in its data centres, among other things.
Big companies quickly generate the plan how to sale some of Ai capabilities to their clients. Revenues from machine learning cloud service have doubled. In addition, upstart providers have wide spread, like Avidbots that leveraging data from a variety robot sensors.
In October Microsoft launched a tool which automatically wrangles data for users following prompts. All other huge companies may try to do something similar and several startups are already doing this. For example Google, presents in their video their first foundation model, which uses prompts to crunch numbers in spreadsheet and perform searches on property websites.
Other amazing thing that AI can do it is artificial colouring. In 2021 Nike bought a firm which uses such algorithms to create new sneakers design.
And the last example of how artificial intelligence is useful it is new technology of John Deere tractors which have some AI capabilities. This tractors can solve food problem in the word. IT is so important.
However, it is hard to say that AI is so profitable.
According to the McKinsey Institute’s survey: quarter of respondents to the survey said that ai had benefited the bottom line (defined as a 5% boost to earnings). The share of firms seeing a large benefit (an increase in earnings by over 20%) is in the low single digits—and many of those are tech firms, says Michael Chui, who worked on the study.
To sum up, this sphere is developing every day and become more and more necessary, but now it is not so great for large organisations in terms of increasing profits.
Write your comments, what do you think about it.
Resources:
https://www.automate.org/tech-papers/avidbots-ai-platform
https://www.economist.com/business/2022/12/06/artificial-intelligence-is-permeating-business-at-last