Artificial Intelligence (AI), one of the most ground-breaking technologies of the modern world, is expected to have a lasting impact virtually on every industry vertical.
It continues to power futuristic technologies such as robotics, IoT, and Big Data. The technology has already revolutionized smart home devices, smartphone apps, cars, healthcare systems, industrial machinery, and other areas. With the ever-increasing pace of innovation, AI will continue to take the technology world by storm in the future.
Leading organizations expect to double the number of AI projects in place within the next year, and over 40% of them plan to deploy AI solutions by the end of 2020, according to the Gartner 2020 CIO Agenda Survey.
Projections based on a research study by Fortune Business Insights™ show that the globalis estimated to be worth USD 360.36 billion in 2028, progressing at a CAGR of 33.6% during 2021-2028. Limitless untapped potential in emerging applications is expected to propel the market during the forecast timeline.
COVID-19: Role of AI Becomes More Prominent amid COVID-19-Associated Disruptions
Soon after COVID-19 wreaked havoc across the world, the World Health Organization highlighted that AI could be a critical technology to manage the unprecedented crisis. During widespread disruptions created by the pandemic, multiple AI-powered projects based on machine learning, data science, and Big Data were implemented to understand, manage, and predict different scenarios. The role of AI in healthcare has become more prominent during the pandemic to predict early COVID-19 symptoms and curb the spread of coronavirus infections. It is also being used to track and screen patients and predict future infections by leveraging algorithms that process data to identify insightful patterns.
Below are the world’s top 10 AI innovators:
1. Google LLC (Alphabet Inc.) (California, U.S.)
Established in 1998, Google LLC is a California, U.S.-based multinational technology company specializing in internet-related products and services, including search engines, online advertising technologies, cloud computing, hardware, and software. With over 139,995 professionals in its workforce as of 2021, the search engine giant is present across North America, Latin America, Europe, Asia Pacific, and Africa & Middle East.
December 2021: Google disclosed that it would roll out AI-based security solutions across three U.K. airports in Southampton, Glasgow, and Aberdeen. Google Cloud team has reportedly partnered with Pangian, an intelligent authentication provider, to enhance screening and security at airports.
2. Apple Inc. (California, U.S.)
Apple Inc. is one of the leading innovators in consumer tech, computer software, and online services. It is among the world’s top smartphone manufacturers and PC vendors. Founded in 1976, Apple is headquartered in California, U.S. It had more than 147,000 employees as of 2020 and more than 516 retail outlets across 25 countries.
November 2021: Apple Car, the iPhone maker’s much-hyped EV project, is expected to feature an innovative AI-powered processor. Reportedly, Apple developed a dedicated processor for Apple Car that is intended to power the autonomous vehicle without a steering wheel or pedals.
3. Microsoft Corporation (Washington, U.S.)
Founded in 1975, Microsoft Corporation is one of America’s largest technology companies specializing in personal computers, computer software, consumer electronics, and related services. It is best known for its software products such as Microsoft Windows line of operating systems, Internet Explorer and Edge web browsers, and Microsoft Office Suite. Microsoft houses more than 182,000 employees in nearly 600 offices across the globe.
December 2021: Microsoft developed an AI-based tool called BugLab to help find and fix bugs in the code.
4. Amazon, Inc. (Washington, U.S.)
Amazon, Inc. is an American multinational tech giant that delivers eCommerce, cloud computing, AI, and digital streaming services. It is among the world’s largest internet companies and the second-largest employer in the U.S. Founded in 1994, it has over 1,468,000 registered employees. Amazon operates in over 235 locations across 36 countries. Its product portfolio includes Amazon Web Services (AWS), Amazon Prime, Amazon Music, and a range of other notable solutions.
November 2021: Amazon launched SageMaker Canvas at the Invent 2021 conference. The tool helps users create machine learning models without writing code.
5. Meta Platforms, Inc. (formerly Facebook, Inc.) (California, U.S.)
Meta Platforms, Inc., formerly known as Facebook Inc., is one of the world’s leading social media platforms based in California, the U.S. Founded in 2004, it is the parent organization of social media platforms Facebook, Instagram, and WhatsApp. As of September 2021, it had around 68,177 employees.
November 2021: The Facebook AI Research (FAIR) team collaborated with the University of Guelph to open-source an improved Graph HyperNetworks (GHN-2) meta-model that can predict initial parameters for deep-learning neural networks.
6. IBM Corporation (New York, U.S.)
Headquartered in New York, U.S., IBM is a renowned technology firm with a presence in more than 171 countries. Founded in 1911, it had over 345,000 employees as of 2020. An estimated 70% of the employees are based outside the U.S., with the most significant percentage of IBM employees working in India.
November 2021: IBM Watson Health launched Workflow Orchestrator and Imaging AI Orchestrator at the RSNA 2021 Annual Meeting to help imaging companies leverage the power of AI.
7. Qualcomm Technologies, Inc. (California, U.S.)
Qualcomm is an American chipmaker based in California, U.S., and incorporated in Delaware. It is among the world’s leading providers of semiconductors, software solutions, and services related to wireless technology. It was founded in 1985 and currently has over 41,000 employees.
December 2021: Qualcomm collaborated with Google Cloud to develop next-generation mobile AI models and neural network solutions.
8. Salesforce.com Inc. (California, U.S.)
Salesforce.com, based in California, U.S., is a notable software company that offers customer relationship management (CRM) services, enterprise applications focused on customer service, analytics, marketing automation, and application development services. Established in 1999, it has over 56,600 professionals in its workforce as of 2021.
June 2021: Salesforce introduced an AI-based assistant that helps B2B sales teams discover connections that will help them get deals quicker.
9. NVIDIA Corporation (California, U.S.)
NVIDIA Corporation is a multinational tech company based in California, U.S., and incorporated in Delaware. The chipmaker is primarily known for its Graphics Processing Unit (GPU) for the professional and gaming markets. NVIDIA also manufacturers Systems on a Chip (SoC) units for the automotive and mobile computing markets. Established in 1993, it had more than 18,100 employees as of 2020.
December 2021: NVIDIA announced it would enable AI and machine learning functionality into ROS-based robotics applications for developers. This move would help minimize development time and enhance performance for developers aiming to implement hi-tech computer vision.
10. OpenAI, LLC (California, U.S.)
OpenAI is an AI research lab based in California, U.S. It consists of its parent company, the non-profit Open AI Inc., and the for-profit company, OpenAI LP. In 2015, leading investors, including Elon Musk and Sam Altman invested more than USD 1 billion in the company. OpenAI had more than 120 employees as of 2020.
November 2021: Microsoft launched the Azure OpenAI Service, which allows Azure customers to leverage OpenAI’s AI and machine learning models. The Azure OpenAI Service is based on OpenAI’s language model GPT-3.
The Current State of Artificial Intelligence (AI) in India
AI adoption across India has been growing strong in the past few years. The Indian government is constantly working out policies to streamline efforts to accelerate AI innovation. Reportedly, the Government of India is examining an AI strategy to boost investments and efforts in space. It believes that AI can increase the country’s GDP by USD 957 billion by 2035. It is also projected that AI will propel India’s annual growth by 1.3% by the end of 2035.
Following are among the top AI companies operating in India:
- Tata Elxsi
- Persistent Systems
- Kellton Tech Solutions
- Zensar Technologies
Future of AI: How Will AI Evolve Over the Next Several Years?
AI has evolved considerably since its advent and continues to grow more powerful. Emerging applications, such as robotics, factory automation, autonomous vehicles, and smart healthcare, represent tremendous opportunities to develop and deploy new technologies powered by AI. As more companies recognize the importance of AI, the number of AI developers and service providers is starting to skyrocket. Over the past decade, many AI start-ups have emerged globally, thereby significantly intensifying competition in the AI market. With rapidly advancing AI innovations, the industry is expected to enter a rapid growth and transformation stage over the next few years.