Read time: 4 minutes
Technology is constantly advancing, in the last 10 years even more so than ever. Artificial Intelligence (AI) and Machine learning (ML) are technology trends you need to keep your eye on and will transform the economy by 2025!
Related Articles
What is AI and ML technology ?
There are two main types of artificial intelligence:
- Applied AI – this is the most common and used for systems that are designed to intelligently trade stocks and shares for us or manoeuvre autonomous vehicles.
- General AI, is less common they’re systems or devices that handle multiple tasks for us.
Artificial intelligence is designed to complete specific tasks without needing human intervention. additionally AI systems are designed to interpret, analyse, understand and learn much like the human brain does.
Cutting a long story short ML (Machine learning) is an application of AI (artificial intelligence). Essentially it allows machines to access data for themselves letting them learn and advance independently.
What is AI technology used for?
AI has been around for years, but in the last decade, has developed drastically. AI is well known for image and speech recognition, navigation applications, smartphone personal assistance and much more.
Examples of artificial intelligence use in everyday life include:
- Personalisation of news feed
- Product recommendations and searching on eCommerce
- Voice to text conversions on smartphones
Examples of machine learning used in everyday life include:
- Email and message system spam filtering
- Grammar and spell checking in word processing
- Fraud prevention and detection in financial systems
Recently the tech industry is trying to use AI to further :
- Analyse people’s interactions
- As well as discovering underlying connections between interactions
- Whilst also predicting demand based on the data it gathers
This is a major win for services like hospitals, as having access to this data allows them to make better decisions on how to utilise their resources efficiently and detecting changes in client’s behaviour. This can seriously drive up their revenue and also enhance the customer’s experience.
AI software’s:
Artificial intelligence uses software and at present there are four main ones. These software’s use various mechanisms to simulate human-like behaviour and they do this by learning various data patterns.
- Artificial Intelligence Platforms – These supply an environment and tools for evolving AI software by having things such as built-in algorithms, drag and drop facilities and templates.
- Chat bots – These are in real time; they are conversational AI programmes that create a realistic effect of dialogue with users.
- Machine Learning Software – General programmes that learn through data and previous interactions with the software.
- Deep Learning Software – Programmes which perform image and speech recognition, as well as other complex functions based on sophisticated algorithms.
Some well-known artificial intelligence platforms include Google Assistant, Sisense and Cortana.
The Numbers…
As we all know, the technology industry is where the money is. So it’s no surprise that any new advancements in AI will bring in big bucks to the industry.
AI systems are currently estimated to bring in over $57 billion in 2022 alone and the market is predicted to grow to a staggering $190 billion by 2025.
The use of AI means lots of new jobs in the tech industry. In fact, by 2025 there should be a 9% increase in jobs within the industry, some of which being the highest paid salaries in the US. For example, an AI architect is expected to earn a whopping $145,000 per annum. Other jobs that will arise include data scientists, programming, testing, support, maintenance and much more.
So, if you didn’t know, now you know advancements in AI is a new and upcoming trend in technology that you need to look out for!
Who We Are:
Swanson Reed is one of the UK’s leading R&D Tax Relief consultancies. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.
If you would like to find out more about how your business could benefit from R&D Tax Credit, contact a Swanson Reed R&D Tax Adviser today.
The post AI and ML Technology To Transform The Economy by 2025 appeared first on Swanson Reed | Specialist R&D Tax Advisors in the UK.
