How Artificial Intelligence Will Transform Our Future?

AI has been the trending buzzword on the internet for weeks. Everyone is talking about it – from benefits and dangers to quick-rich schemes using AI. 

At its core, Artificial Intelligence comprises machines, systems, and software that mimic the cognitive function of the brain. Machines that can understand language, understand or identify visual cues and objects, control machinery, predict patterns or learn new things are considered ‘intelligent.’

ChatGPT and Bard are AI systems that understand languages and can mimic spoken language to a certain degree.

Tesla Motors or machinery in specialized factories have AI functions embedded in them to allow autonomous operation.

These are just a few examples of the ever-growing and evolving AI industry.

Based on reports from the India Brand Equity Foundation (IBEF) and Leap Robots, India’s AI market will experience significant growth. It is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.2%, transforming from a $3.1 billion industry to an estimated $7.8 billion by 2025. These statistics indicate the increasing importance of AI and its adoption across sectors.

Current State of AI in India

The current state of AI in India demonstrates promising advancements across industries. The government’s initiatives aimed at promoting AI research and implementation play a role in driving this progress. As AI is still relatively new in India, there are opportunities for leveraging this technology for applications.

Government’s Role in AI Development

Recognizing the potential of AI, the Indian government has implemented various  initiatives to foster its development and application across sectors. 

• National AI Program

The finance minister of India has mandated NITI Aayog to establish a program on AI guiding research and development in emerging technologies.

• Centers of Excellence

The government has announced plans to establish centers of excellence, creating a nurturing environment for AI development and promoting further research.

• Public Funding

The funding for initiatives such as the Digital India mission has been bosted, which aims to leverage AI for financial inclusion, transforming education, and enhancing infrastructure.

• Policy Framework

A policy framework is being developed by the government to govern and lay down the foundations for the responsible and ethical use of AI.

Also Read – 10 Ways to Utilize Artificial Intelligence in Human Resources

Applications and Scope of AI in India

AI has the potential to grow across various sectors, such as healthcare, banking, education, and agriculture. 

• AI in Healthcare

The healthcare industry in India is experiencing a transformative shift through the integration of AI. From aiding in the diagnosis of diseases to enabling personalized treatment plans, AI is proving to be a game-changer. AI-powered medical devices and virtual healthcare assistants are revolutionizing patient care, especially in remote areas.

Nasscom’s analysis reveals that digital transformation and AI are making waves in healthcare and can potentially add $25-30 billion to India’s GDP by 2025.

• AI in Banking

Banks are leveraging AI for fraud detection, customer service, and tailored financial advice. AI-powered chatbots enhance customer experiences by providing real-time assistance, while advanced analytics help identify risks and opportunities.

Leading private banks such as Axis Bank, HDFC Bank, DBS Bank, and more have started to incorporate AI in various banking functions. DBS Bank, for example, provides AI-powered spending insights and a 24×7 chatbot to its DigiBank app users.

• AI in Education

AI enables learning experiences for students via platforms that tailor study materials and teaching methods to individual needs. This allows for a holistic and personalized approach to student education. On the other hand, automated grading systems – especially for standardized tests that receive a lot of applicants, free up educators’ time and efforts. This leads to faster and more accurate results.

Master’s Union, a higher education institute based in Delhi, has launched its own AI software to aid in educating and upskilling its students. This AI system allows students to personalize and structure their education based on their interests and field of study. 

• AI in Agriculture

In agriculture, AI has the potential to revolutionize farming practices. By analyzing data from sensors and satellite imagery, AI algorithms can predict crop yields and optimize irrigation schedules for productivity.

In collaboration with the world economic forum, chili farmers in Telangana have harvested a great yield with the help of AI. The AI algorithms analyze the physical, chemical, and moisture levels of the crop and soil to provide a status report via SMS – straight to the farmer’s phone.

• AI in Manufacturing

AI is driving the evolution of manufacturing with factories that integrate AI with existing machinery and technology. Algorithms analyze a vast amount of data on all the machines and equipment of the factory floor to create an optimized plan that increases efficiency and production. 

According to a survey by PwC, the industrial industry is seeing a staggering increase in the adoption of advanced data analytics and AI, with an implementation rate of 54%.

• AI in E-commerce

The e-commerce industry has embraced the use of AI in numerous ways, such as personalized product recommendations, optimizing supply chains, optimizing and automating existing systems, GPT-enabled chatbots, detecting fraud, and much more. By utilizing AI-powered algorithms, businesses can analyze customer behavior and preferences to provide tailored experiences, ultimately enhancing customer satisfaction and boosting sales.

E-commerce giants like Meesho are leveraging AI algorithms and data science models to identify and flag fake products and listings, as well as suspicious seller accounts. This allows shoppers a greater guarantee of receiving authentic products in a timely manner.

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Benefits of Artificial Intelligence

• Enhanced Efficiency

AI streamlines processes, automates repetitive tasks, and optimizes workflows, increasing efficiency and productivity. This helps businesses and people save time and resources while improving overall output.

• Improved Decision-Making Processes

Through AI-driven analytics, organizations gain real-time insights and data-driven decision-making capabilities. This enables them to make choices based on accurate predictions and trend analysis, leading to better strategic planning.

• Cost Reduction and Resource Optimization

By automating processes and reducing intervention, AI helps organizations’ operational costs. Moreover, with AI-powered maintenance systems in place, costly breakdowns can be prevented while ensuring resource allocation.

• Empowering Innovation and Creativity

AI empowers organizations to prioritize innovation and creativity by handling tasks. This fosters a culture that encourages thinking and problem-solving skills within the workforce, ultimately driving the development of groundbreaking products and services.

New Job Roles in AI

The rise of AI has created a demand for specialized job roles that harness its potential. Some of the new and enhanced job roles in the AI field include are listed below.

1. AI Trainer and Operator: Professionals responsible for training and monitoring AI models.
2. Sentiment Analyzer: Experts who analyze user sentiments and feedback to improve AI systems.
3. Content Creator: Individuals developing AI-generated content such as articles and graphics.
4. AI-Generated Work Auditor: Professionals ensuring the quality and accuracy of AI-generated work.
5. Prompt Engineer: Experts in developing conversational AI prompts and responses.
6. AI Auditor: Specialists assessing AI models for ethical and legal compliance.
7. AI Ethics Expert: Professionals addressing ethical considerations in AI development.
8. Machine Manager: Experts overseeing the deployment and management of AI systems.

Also Read – How AI is revolutionizing global supply chain management

Skills and Qualifications Required for AI-related Job Roles

Candidates need to possess technical and soft skills to excel in AI-related job roles. Some of the essential qualifications and skills include are as follows.

1. Programming Skills: Proficiency in languages such as Python, Java, and C/C++ is crucial for AI development.
2. Data Analytics: A strong foundation in data analysis, warehousing, and processing is vital for AI jobs.
3. Machine Learning: Understanding machine learning algorithms and neural networks is essential to map data and understand how the frameworks operate.
4. Mathematics: Knowledge of linear algebra, calculus, and statistics is integral to AI development.
5. Natural Language Processing: A deep understanding of NLP is essential for text and speech processing roles.
6. Problem-Solving: AI professionals should be adept and have a hands-on approach to solving complex problems creatively.
7. Communication: Strong communication is crucial for working with cross-functional teams within and outside of the organization.

Also Read – Is AI coming to take our jobs? Top 5 Disadvantages of AI today.

How to Learn About Artificial Intelligence?

You cannot learn AI directly. Rather, you should focus on first mastering the foundations of AI. You can start learning programming languages like Python, C++ or Java.

The Business Analytics course by IMS Proschool can also be helpful in learning tools like SQL and Power BI. These skills are critical for interpreting vast amounts of data, a crucial skill for AI implementation. 

The Data Science course by IMS Proschool takes you on a comprehensive journey through the world of data analytics. You will learn techniques to extract meaningful insights from data, identify patterns, and make informed decisions. This course is an essential step towards becoming proficient in AI-related data analysis and preparing you for more advanced AI concepts.

After gaining a solid understanding of data analytics and machine learning, you can dive into the basics of machine learning and Natural language processing. 

By combining these courses, you will gain expertise in AI and essential skills to forge a successful career. 

Future Trends of AI in India

The future of AI is extremely promising, as the trends listed below may be key in shaping the future of India.

• AI and IoT Integration

Combining AI with the Internet of Things (IoT) will give rise to autonomous communication and decision-making systems. This convergence will change sectors such as construction, healthcare, and transportation.

• AI-Driven Customer Experience

AI will revolutionize the way consumer experience brands. Businesses of all sizes will start to offer a holistic and personalized experience of their products. This will lead to higher consumer satisfaction and lead to increased time spent and sales. One such example is Swiggy – they have incorporated Generative AI to help their app users choose what to eat, depending on their mood and craving. 

• Ethical Considerations 

As AI becomes mainstream, concerns regarding its use and applications will come to light. It is crucial to adopt and implement ethical practices when developing AI models to ensure fairness and transparency to reduce bias in algorithms.

• R&D of Quantum AI

Quantum AI harnesses the principles of quantum mechanics to solve problems faster than traditional methods. Increased research and investment in this field will drive advancements.

Conclusion

India has experienced growth in adopting AI across industries, resulting in increased productivity. AI has a range of applications in India, including healthcare, agriculture, finance, and education. It creates job opportunities and attracts professionals with the necessary skills and qualifications to lead the industry to a better and brighter tomorrow. 

As we embrace the potential of AI, it is important to maintain a balance between embracing innovation and upholding principles. This will ensure that AI becomes a force for change while paving the way for a future in India and beyond.

FAQs

What is the future of AI in India? 

The AI industry in India is predicted to grow by  18% by the end of 2025. Although AI adoption is still in its initial stages, it is rapidly being used to create innovative solutions to complex problems across a multitude of industries.

What are the roadblocks to the growth of AI in India?

Talent scarcity, outdated systems, siloed data, a lack of advanced analytics, and an absence of appropriate and supportive laws and rules are some challenges faced by the AI industry in India.

How are Indian universities addressing the need for AI talent?

To prepare students for the AI boom, Indian colleges have started to offer courses and programs related to AI and computer systems. These courses cover key concepts of natural language processing, computer vision, deep learning, machine learning, and other relevant concepts.