It is beyond the shadow of a doubt that The Law Of Accelerating Returns has been working in favor of human progress. Our species is exclusive to experiencing such exponential development. And statistically speaking, it's only about to get more fast-paced. But with the wake of AI, human beings may not have to do all the heavy lifting.
In the world of tech, AI does not lie in uncharted territory. It is no stranger to the industry. John McCarthy coined the term Artificial Intelligence way back in 1956 in the first ever conference held for AI. He believed that "every aspect of learning or any other feature of intelligence can in principle be so precisely described that a machine can be made to simulate it." McCarthy's Lisp computer language is still used today as the standard AI programming language and is used for a plethora of internet-based services.
Researchers have established three tiers of artificial intelligence based on the AI's caliber.
The first tier houses Artificial Narrow intelligence (ANI), also known as weak AI. In this part of the spectrum, AI can solve very specific problems but can't go beyond its narrow scope it was programmed to stay within.
The second tier is known as Artificial General Intelligence (AGI) or also sometimes knows as Strong AI. Creating AGI is a much harder task as AI on this level is as smart as a human across the board.
And in the final tier lies Artificial Superintelligence. We don't want to get into that right now. I may have to use words like "human" and "extinction" in the same sentence.
It is important to know about these three categories as it is important to know which one we reside in. The world currently runs on ANI and the paradigm of the market is constantly shifting because of it. According to Digiday, the artificial intelligence market is estimated to reach $5.1 billion worldwide by 2020.
It's advised that entrepreneurs of today best be prepared for the ways AI is going to change the face of the market. There are three major ways in which it will:
1: AI will be used to curate relevant content to consumers by tapping into the vast and growing field of recommendation engines. Companies will begin to employ AI systems to make creative decisions.
2: AI will be employed to optimize the marketing industry by allowing AI systems to dig deeper into questions like why a campaign succeeded.
3: AI can be even more potent for knowledge-based service marketplaces. It can be used for things like medical diagnosis where the AI system would have to be trained with a bunch of data related to a specific field of knowledge.
One of the biggest concerns raised against the upsurge in the use and advancement of AI is if it'll replace humans in the workspace, in the future. And the upsetting answer to that is Yes. But as human beings, we need to understand that these intelligent agents can be used to our advantage. Instead of seeing AI as a threat, we can learn how to use it as a tool to enhance the lives of people. AI will inevitably increase the quality of services while at the same time, decrease the costs. But just as how AI will be sweeping the need of humans at existing workspaces under the rug, it will also be creating new jobs and new business sectors.
Entrepreneurs who infuse AI into their products will ultimately be the ones bringing the world closer together.