Is AI the Next Trillion Dollar Industry?
The artificial intelligence market is expected to reach 390.9 billion USD by 2025. This represents a 46.2% compound annual growth rate over its size in 2019. This growth was already predicted before the advent of the coronavirus pandemic. Now, with the increased awareness of the potential dangers of contact between individuals, even more applications of artificial intelligence have moved out of the realm of nice-to-have to immensely practical ways to protect people from potentially deadly viruses. Growth in the sector could be exponential, presenting extraordinary investment opportunities for the savvy investor.
Current and Near-Future Applications for AI
Artificial intelligence already performs many tasks in everyday life that we take for granted. The applications of artificial intelligence that are actually in use increase each year.
Medical images can be hard for humans to interpret. Through the use of artificial intelligence, these difficult-to-read images can be scanned and analyzed for signs of disease. Tumors are a common example of medical issues that can be diagnosed with artificial intelligence using imaging. Imaging also has many applications as it relates to image capture and security.
AI for driving automobiles has been heralded for many years. There was much concern in the late 2010s that autonomous vehicles would put many truck drivers out of a job. However, several accidents exposed the technology as not quite ready for prime time, leading companies behind autonomous driving to pump the brakes on the aggressive expectations. Driver-assist systems are a very real and present application of this technology. Using this technology, a car can park itself and even brake when it detects an obstacle ahead. Full autonomous driving is still very much in the works. Companies are pouring billions into autonomous A.I. systems ensuring the technology is bullet proof for the safety of passengers and pedestrians.
Artificial intelligence offers several benefits to the field of security. In addition to being able to analyze and infer what is happening at any given time, artificial intelligence can also be used to predict what is about to happen. California-based Avata Intelligence produces software that leverages game theory to predict when terrorists or other threats are imminent. The Coast Guard uses the same software for port security, using data of traffic changes and passenger loads to construct a schedule that makes it hard to predict what the police presence will be at any given time—thwarting terrorists or other criminals who seek to take advantage of undermanned police shifts.
Misdiagnosis and medical errors are surprisingly common. In 2015, such mistakes accounted for 10% of all deaths in the U.S. AI holds the potential to better detect disease, as well as predict disease. AI can predict disease using factors not often captured in medical histories.
AI-powered drones are a similar application to self-driving cars—except that drones fly through the air and deliver cargo instead of passengers. Drones have the potential to revolutionize logistics and supply chains by delivering products directly to a customer’s door. Drones also have many security applications with their potential to monitor for suspicious activities, theft or violence and are able to leverage human facial recognition to identify persons who engage in such activities. AI drones’ ability to capture and map terrain also gives it applications in agriculture, real estate and construction.
Logistics and supply chain management are immensely complicated. Keeping track of large amounts of inventory is hard enough in a warehouse and even harder when it’s moving around the world. It is also difficult to determine what amount of inventory will be needed at a given location at any time. Predictive analysis can be performed by AI so as to forecast demand. This allows companies to anticipate what demand for particular products will be. For warehouse management, AI can be utilized to make logistics more efficient by identifying the most efficient density for warehouse robots to pick an item or through optimization of the warehouse workflow.
Contactless Post-Pandemic Tech
After the COVID-19 pandemic, worries about possible exposure to the virus through human contact led much of the world’s economies to virtually shut down. Wishing to avoid a scenario like that again, interest is likely to reach a fever pitch for technology that reduces the contact between humans while still allowing for business to continue as usual. Delivery services are one area where AI can definitely help. Drones have been used by Amazon for years and CVS is planning to deliver medication this way as well.
How to Invest in AI?
Blue Chip AI Plays
Alphabet, the parent company of Google, has used AI in many of its products for several years. From Gmail to YouTube to Maps, Google uses AI to try to deliver the search results that it thinks people are looking for. Google Assistant now uses AI to interact with thousands of people, providing voice interaction with smart devices and services. Google is also a big name in autonomous vehicles, with its Waymo unit being one of the pioneers of the technology.
The GPUs that drove gaming are also very useful for all kinds of heavy mathematical calculations—including the kind of number-crunching that artificial intelligence relies upon. A society driven by artificial intelligence will need the kind of hardware that Nvidia produces.
Nexoptic specializes in the development of cutting edge optical and lens technologies, including a remarkable AI system named ALIIS (All Light Intelligent Imaging Solutions). Recently chosen to join the Qualcomm Platform Solutions Ecosystem, they’ve already begun optimizing ALIIS for select Qualcomm Snapdragon mobile platforms with support from Qualcomm Technologies’ artificial intelligence and camera solution experts.
Catasys enhances health plans with predictive analysis, telehealth and AI. It has a solution called OnTrak that improves treatment outcomes, thus delivering lower utilization of medical and behavioral plans.
Artificial intelligence has seemingly been on the horizon for many years. It’s not on the horizon anymore; it’s already here. The COVID-19 pandemic presents an opportunity for the many applications of artificial intelligence to take on a new sense of urgency. Alphabet, Nvidia, Nexoptic and Catasys represent unique opportunities to profit from the unprecedented growth of AI.
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