Artificial Intelligence (AI) and Machine Learning

While the COVID-19 outbreak has caused a good portion of the world to take a backseat, technology continues to accelerate at an exponential rate. However, it can often be hard to keep up with current technological trends and innovations that are setting the scene for a technologically advanced future. One such notable trend that has been getting quite the buzz in and around the past decade is Artificial Intelligence (AI).

What is AI and why does it matter? The term “AI” generally refers to machines that successfully emulate cognitive functions of the human mind, like decision-making and problem-solving. Built upon a set of complex algorithms, AI’s primary function is to interpret external data, learn from it, and adapt to new circumstances as it achieves set goals and tasks. From autonomous vehicles and virtual assistants to medical diagnosis, the use of AI has permeated a great number of major industries. And it’s here to stay. The AI market is predicted to be valued at a staggering USD 190.61 billion by 2025.

Machine Learning, which is an application of AI, also allows machines to learn from data, but without the need for explicit programming. It employs an iterative learning process to improve its accuracy and predict outcomes that are often overlooked by human observation. Many businesses are beginning to exploit Machine Learning in order to better understand the subtle changes in customer preferences, behavior, and satisfaction. Today, a Machine Learning Engineer commands one of the highest paychecks in the AI job market, with an average annual salary of $150,804.

As AI and Machine Learning revolutionize businesses and become increasingly commonplace, their versatility and application across almost all industries make them especially indispensable. With the future nearing quickly and technology forging ahead, the potential of AI remains to be seen.