When “Hello, World” appeared on my computer screen as I coded for the first time, my heart was filled with excitement. This feeling of satisfaction prompted me to delve deeper into the subject and understand how prevalent and important coding, Artificial Intelligence (AI) and Machine Learning is in today’s world. How will it affect our daily life?
What is AI?
AI can be defined in many different ways; however, the most commonly accepted definition was stated by Minsky and McCarthy, the fathers of the field of AI. They defined AI as the task which is performed by a machine or a computer, which if carried out by a human would need to apply intelligence and intellect to complete the given task. Thus, it can be said that AI is the field of computer science focusing on the creation of machines with intelligence so they work and act like humans.
Why is AI important?
AI, machine learning, and big data are considered to be some of the largest technological powerhouses in the world today. Individually, they are useful, but an integration of the three can be even more effective. The concept of intelligence not derived from a human being is powerful. With the gradual development of technology, AI and machine learning is starting to gain importance. Reports suggest that considering the pace at which new, more powerful algorithms are being developed, humans will run the risk of losing some jobs to machines in the future. It is estimated that 40% of the jobs will be replaced by AI by 2030. At the same time, the importance of knowledge in AI is growing, resulting in many new job opportunities for the one with the right expertise.
The Future of AI
It cannot be denied that AI has simplified our lives. The development of voice assistants and home automation apps in the form of Siri, Alexa, et cetera show how AI helps us with accuracy that was unthinkable just a few years ago.
Recent studies have also shown that venture capital and private equity investments especially in AI startups has been seeing a significant ascent. After five years of steady growth, the private equity investment accelerated in 2016. In 2017, the numbers had doubled compared to the previous year. This can be explained by increasing faith and confidence in AI, but also by the perceived potential in the area. There have also been a rapid increase in demand and salaries of data scientists.
In the near future, AI is expected to change the tasks of employees in various sectors. Several investment banks, including JP Morgan, have developed chatbots and virtual assistants to respond to the customers' doubts and queries. New algorithms can automatically analyse and prepare financial statements, eliminating the monotonous and mundane tasks of extracting, sorting and analysing data that used to be done by accountants. This might affect their job situation. Yet, the same accountants can be instructed to work with AI by, for example, teaching the machine what to look for.
Also, some tasks in the field of health care which were originally being performed by doctors are now being performed by computers. One possible example is the first step in the healthcare process. The patient fills in forms with information about his or her condition and symptoms. As he or she fills in the answers, additional questions are generated. These forms are controlled and analysed by AI, which makes the process more effective. Nevertheless, there are only a few tasks of a doctor that can be performed by a computer - most tasks will continue to be performed by humans.
Conclusion
To conclude, all the reports and researches suggest that the future of not only AI but programming as a whole seems to be very bright. This can facilitate and improve many parts of our lives. Great scopes of development and advancements show how imperative it is for one to learn coding and machine learning in today’s society. While some jobs will be replaced by AI, new opportunities appear for the one with the right knowledge. AI is here to stay!