Artificial Intelligence (AI) is the new buzzword in everyone’s mind. The impact of AI in our lives has surpassed common understanding, due partly to the grave misrepresentation in many sci-fi movies depicting the innovation as something inherently opposed to mankind. The horrific ‘Man vs Machine’ trope used in most of them has cluttered our minds. In order to fully appreciate such innovation and maximise its potential, we must first understand exactly what is AI.
AI is a branch of computer science that involves the simulation of human intelligence in machines. These cognitive traits can be thinking, perceiving, learning, problem-solving, and decision making that enables the machines to work as efficiently as humans. It works on the principle of machine learning and deep learning where computer programs can automatically learn from new data and perform like humans.
Understanding the boom
The latest release of the International Data Corporation of Worldwide Semi-annual Artificial Intelligence estimates that the revenue for the artificial intelligence market, is expected to grow 16.4% year over year in 2021 to $327.5 billion.
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By 2024, the AI market might grow beyond the $500 billion mark with a five-year compound annual growth rate (CAGR) of 17.5% and total revenues reaching an impressive $554.3 billion.
The NITI Aayog estimates that adopting AI means a 15% boost for the gross value added (GVA) for the Indian economy by 2035.
The age of AI
AI can increase access and affordability of quality healthcare. In the field of agriculture, AI can contribute towards enhancing farmers’ income, increasing farm productivity, and reducing wastage. It can also improve access and quality of education. It can be leveraged to build efficient infrastructure for the increasing urban population like developing smarter and safer modes of transportation to address traffic and congestion problems.
Promising young startups offering unique AI solutions
Let us look at some new-age AI-based solutions to have a better understanding:
Janani.life: Founded by Nilay Mehrotra, Janani.life is a sexual dysfunction and infertility treatment provider based in Bangalore. It seeks to marry medical care with the latest technology so that it becomes easy to conceive. By leveraging AI a tool is being built so that embryologists can work with objectivity while choosing the right embryo. This will in turn improve the success rate of IVF thereby decreasing costs.
Alpha AI: Not everyone is an expert in the machine learning tools and algorithms which form the bedrock of AI. As businesses are making the smart choice to shift to AI-driven technologies, they need to develop the right strategy tailored to market conditions.
Alpha AI which has the required expertise and experience in the design, deployment, and application in this field steps in to help businesses design as well as redesign the AI system based on the prevalent business needs. It also provides corporate training and mentoring for the same.
Toch: In the age of Youtubers and video content becoming extremely popular among the millennials Toch which also an AI-driven platform can help broadcasters, OTT platforms, media platforms, and creators. Toch can help businesses drive engagements, increase interactions, and grow revenueS by managing risks and reducing costs.
In social marketing, it is important to learn the algorithm of the platform and know when to post and what to post. With Toch, content providers can be certain about their decisions and can create and release content based on prevalent market trends.
AI for all
AI is going to be a gigantic disruptor in this globalised world. Contrary to public sentiment which jumps to false conclusions that Artificial Learning will lead to large scale loss of jobs one needs to look deep and understand the new talent that would be created in the field of new-age technology and the new jobs that would be added to the market that would in turn lead to value creation.
As the 4th Industrial Revolution is around the corner India should embrace AI with an open mind and transform itself to a knowledge-based economy. The aim should be to support more start-ups and creative ideas to ensure that we do not miss the bus and everyone can reap the benefits of this new technology.
Leveraging AI for a better future
As we move forward towards an increasingly digital world, AI’s place in improving human life will only take on a progressively prominent role in society. As we are ushered into this era, startups with promising AI solutions will be key in defining our collective success as a people.
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Janani.life, Alpha AI, and Toch are only some of today’s most promising startups that help us leverage AI to improve the conditions of many people across different sectors. Through these unique solutions, we are able to intelligently approach different issues concerning various important aspects of human life including healthcare, business, and media.
These three startups will be pitching at the 9Unicorns Venture Catalysts demo day with 12 other up-and-coming startups offering their own unique products and services. Join them on August 11 and 12 to connect with some of the most promising young startups in a virtual networking session. To learn more, visit their official page here.
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Photo by Tara Winstead from Pexels
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This article is produced by the e27 team, sponsored by 9Unicorns
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