Artificial Intelligence or AI is a wide branch of Computer Science that deals with developing smart systems having the ability to perform business tasks. It aims to simulate human intelligence into these machines so that they are able to mimic the actions of a human under the given circumstances. This interdisciplinary science comes with numerous advancements and approaches that are possible with the help of Deep Learning, Machine Learning algorithms, Neural Networking, Natural Language Processing (NLP), etc. In this blog, we will be reading about the scope of Artificial Intelligence and Machine Learning in India. Artificial Intelligence and Machine Learning have transformed the world with their regular advancements.
So, check out this YouTube video on AI to understand its potential in changing the world:
This blog discusses the Artificial Intelligence future in detail. It starts by explaining how AI can bring about a change in the field of banking.
Future Scope of Artificial Intelligence in India
The adoption of Artificial Intelligence in India is promising. However, currently, it is at a nascent stage. While there are a few industries such as IT, manufacturing, automobile, etc, that are leveraging the prowess of AI, there are still many areas in which its potential is unexplored.
The immense potential that AI holds can be understood by the various other technologies that are covered under the umbrella of AI. Some of the examples of such technologies include self-improving algorithms, Machine Learning, Pattern Recognition, Big Data, and many others. In the next few years, it is predicted that there will hardly be any industry left untouched by this powerful tool. This is the reason why AI has so much potential to grow in India.
In this comprehensive blog, we have discussed some of the sectors in which AI is being used:
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Artificial Intelligence Job Opportunities
According to a report published by Forbes, AI job opportunities have been consistently growing at the rate of 74% annually. It is a no-brainer that today, AI is one of the most in-demand technologies and it has its impact in almost every field. As a result, demand for AI Engineers is continuously surging. As there is a rise in the number of job opportunities, this is the best time to explore your career in the field of AI.
Below, we have curated a list of various fields where AI is being used or has an immense potential to grow.
Banking
Banking is not new to the trends of Artificial Intelligence and Machine Learning technologies. The sector has rapidly adopted technology to stay up to date with the current market trends. It uses this technology to keep a record of customer data, which was earlier a monotonous manual task. With the rapid increase in the amount of data that is being generated and stored in the banking sector, today, Artificial Intelligence and ML allow professionals to do the same accurately and efficiently.
Some of the ways in which AI has made a significant difference in the field of banking include better customer support, enhanced data quality, prevention of fraud, digital assistants, and more.
One of the most progressive fields in the world today is healthcare. In the next section, you will read how Artificial Intelligence has made an impact on the sector and how it will continue to do so.
Also, check out the blog on AI in Banking.
Healthcare and Medicine
According to one of the studies done by Forbes, the scope of AI can add value to life as it is already been seen in the past couple of years. Also, Data Science in Healthcare helps in various fields. The healthcare domain uses this technology to its advantage in several ways and continues to do so innovatively.
A use case of AI in this sector is the Collaborative Cancer Cloud developed by Intel and the Knight Career Institute. The cloud collects the past data of cancer patients and other patients with a similar disease so that they can help doctors diagnose cancer at an early stage based on the symptoms they show and compare them to the past available data. The best treatment for this fatal disease is to prevent it from reaching higher stages.
Apart from this, Eve, an AI-based robot built by a team of scientists from the top universities of Aberystwyth, Manchester, and Cambridge, discovered the element that is often found in toothpaste and has the potential to cure Malaria. This is proof enough that Artificial Intelligence will play a significant role in the medical field in the future rather than being used just for the purpose of augmentation.
AI is also used in other similar areas in the field of healthcare and medicine, such as drug testing, synthetic biology, etc. You can also be sure that AI will accelerate the process of scientific research and development that can aid this sector well.
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Cyber Security
Cyber Security has gained massive popularity over recent years, and Artificial Intelligence has become extremely beneficial for this IT sector. Today, most organizations have either already transferred their data to the cloud or are on the verge of doing so. To keep their data safe from potential hackers and any sort of unauthorized access so that confidential business information is not leaked, which can create utter chaos and havoc in any company, companies need to detect and prevent such attacks.
Curbing hackers has been a big problem ever since cybercrimes started coming into the picture, and it has only escalated in the last few years. Fraud in credit cards is among the most prevalent cybercrimes. With recurrent neural networks and other similar AI methods, companies can detect this in the early stages.
Cognitive AI allows companies to detect external cyber threats and offer insightful analysis so that they can make informed business decisions. With the help of Deep Learning networks and Machine Learning algorithms, AI is becoming more capable of preventing advanced-level cyber threats and protecting companies from malicious attacks.
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Business
AI is constantly changing the face of business, and it has been growing constantly. Unlike before, most businesses today have shifted online to meet the demands of the customers and provide them with a friendly experience in the comfort of their homes. Although the concept of doing business online may sound easy, it isn’t.
Businesses are required to take care of the huge chunks of data generated every second so that they can derive significant details that can help them make better and informed decisions. This process can be difficult without the help of Data Science, Artificial Intelligence, and other such advanced technologies.
Among all, AI plays the most crucial role in terms of business transformation. A lot of organizations try to extract insights and customer data online to understand and predict customer behavior and find which of their products is best suited for particular customers. They use this information and send personalized recommendations and messages, which can grab the attention of the customers.
Take a look at this scenario. Suppose you, as a user, are looking for details regarding a specific product or service online. As soon as you search for it in a particular app or website, you will start to receive several offers for similar products and services. This is possible due to the advancements in Artificial Intelligence, which is capable of a lot more than what is known.
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This is just a gist of what Artificial Intelligence and Machine Learning technologies are capable of in the business sector.
Education
The scope of Artificial Intelligence in the future is huge in various sectors, one of them being education. With this technology in place, India can become the global leader in Artificial Intelligence. Today, education has become extremely important, and with the large youth population that India has, it is necessary that they get a quality education. Since AI is being implemented in several sectors, it is important for the education field as well to upgrade its strategies, keeping in mind the latest advancements in AI that can have an impact on this domain and the youth of today.
First, it is important to make the country ready for AI. Planet code, Atal Innovation Mission’s ATL AI-Base Module, etc. are a few steps that played a crucial role in implementing Artificial Intelligence in the Indian education sector, making the youth ready for the future.
With the country making progress in almost every sector, it is obvious that it aims to excel in the most significant one, education. Artificial Intelligence makes this process easy and innovative.
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Finance
There are several ways in which Artificial Intelligence has improved the finance industry with its tools and technologies designed specifically for this domain. Zest Automated Machine Learning (ZAML), an AI-powered solution developed by ZestFinance, is an example. This AI tool makes it feasible for financial organizations to assess their borrowers without much information on them. Unlike many other underwriting systems, ZAML uses several data points offering transparency. This makes it easy for lenders to assess the individuals who may be ‘at risk.’
Similar to this, there are several other applications and end-to-end platforms built on AI designed for financial organizations. This is just the beginning, and there is a lot that AI has to offer to this sector.
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HR
Human resource management or the HR department is also in the race when you talk about the industries that have been transformed with the help of Artificial Intelligence. Professionals in this sector are looking to integrate automation with human efforts to optimize their tedious schedules and gain a simple and intuitive environment at work. This saves their time by a large margin that can now be used for other business purposes that requires intelligence, creativity, etc., providing a better experience to the employees and job candidates. AI has a great influence in the field of HR in the processes of recruitment, training, record keeping, etc.
Now that you have learned in detail about the scope of Artificial Intelligence in Cyber Security, Business, HR, and other sectors, you can move ahead to understand the role it plays in agriculture.
Agriculture
Artificial Intelligence makes it possible for professionals to predict the crops that will offer the best returns. This technology has the potential to solve one of the biggest problems that humankind has to face: Feeding over 2 billion individuals by the year 2052—as it seems to be difficult when climate change is disrupting the seasons and converting cultivable land into deserts and so on. Now, farmers can make use of AI to estimate the optimal date to sow crops and allocate the required resources for growing these crops, such as fertilizer and water, etc. to get the maximum results. They can also detect crop diseases and remove weeds with the help of this technology.
Machine Learning has also played a crucial part in this as it helps farmers forecast long-term weather conditions and sow and grow the crops accordingly. AI has thus made a lasting impression across various domains, including agriculture.
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Manufacturing
The manufacturing sector is no exception in making the best use of AI. A lot of Indian startups are serving the manufacturing industry based on AI. With the help of these AI solutions, companies further foster growth and wealth.
Out of the hundreds of capabilities that AI possesses, its ability to analyze data and make predictions stand out. This ability of AI is highly effective to analyze past year sales or market survey data to predict the future supply and demand requirements. This further enables organizations to make faster decisions. In the upcoming years, AI has a wide scope in the manufacturing industry.
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Transportation
Artificial Intelligence has tremendous potential in the transportation industry. With that being said, we can consider the examples of aircraft that have been using autopilot since 1922. Another area where AI holds immense potential is autonomous vehicles. As the current trend is heavily towards autonomous vehicles, experts believe that AI and Machine learning will mark a significant difference in the field, especially related to lower emission rates and error-free driving.
Career Scope in Artificial Intelligence
As per the reports and surveys by the World Economic Forum, Artificial Intelligence is predicted to create tons of job opportunities for entry-level and experienced professionals across various sectors in a few years.
There are already more than 55,000 jobs open for AI professionals alone in the United States as per the job postings on LinkedIn.
According to PayScale, AI professionals earn about US$124,204 per year, and this figure can increase based on their AI skills, knowledge, experience, company, job position, and other similar factors.
There are millions of opportunities available for AI-certified professionals. Some of the career options available for these individuals are listed below:
- AI Engineer
- Artificial Intelligence Programmer
- Machine Learning Engineer
- Data Scientist
- NLP Engineer
- Data Analyst
- AI Architect
- Deep Learning Engineer
- AI Software Engineer
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How will Artificial Intelligence change the future?
It is not a question anymore that Artificial Intelligence is the prime need of the day and has a lot of potential in changing the world. Large volumes of data are generated every day across several organizations, and it is possible to make use of that data only with the help of Machine Learning and Deep Learning technologies. AI has proved to be extremely strong, and it still has a lot of potentials. However, it will take us years to reach there.
This blog discussed Artificial Intelligence’s scope in the future across multiple industries, such as healthcare, banking, HR, etc. Apart from these, AI also plays an important role in the fields of mechanical engineering, transport, pharmaceuticals, manufacturing, data analysis, etc. Moreover, you also learned about the career opportunities available for you in this domain. So, sign up for the Artificial Intelligence course today and become a certified Artificial Intelligence professional.
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Conclusion
In recent years, there has been a massive unraveling of the AI and Machine learning phenomena as they find hundreds of possibilities for their application of artificial intelligence in various fields. In fact, researchers started using AI and Machine learning to gain more insights into the recent global pandemic. This further marks the combined use of AI and Machine learning in the field of medical research.
Due to the pandemic, the demand for AI and ML engineers also increased in the IT sector. Even when the country witnessed massive job losses, the demand for jobs in AI and ML was least affected. Businesses are already on their way to giving more work-from-home options that will also require AI and ML professionals. To wrap it up, AI and ML have immense potential, and pursuing a career in the same will help you get some major benefits and an in-demand job.
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