The Artificial Intelligence Revolution
Revolutions have occurred throughout history. The next one, artificial intelligence, is just starting to ramp up, and this revolution is going to be just as big — maybe even bigger — than the ones that came before.
Everything we do online and offline creates data, so we have more of it than ever before. Offline data has been digitized to make it easier to record and access. Whether it’s online or offline, all of this data allows for intelligent machines, like computers, robots, drones, etc., to learn and become smarter, faster, and more accurate.
These intelligent machines learn just like you and me, but their capabilities are far beyond our own or what we could ever imagine. As humans, we make mistakes and need time to grasp concepts. These machines can perform tasks in a matter of seconds or minutes, tasks that might take humans significantly longer. This has been huge for humankind and allows us to focus on other, less time-consuming undertakings.
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According to a report by Grand View Research, the global artificial intelligence market was valued at $39.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 42.2% from 2020 to 2027.
More than ever, big tech companies are realizing AI’s potential, and that’s driving the adoption of advanced technologies. This is happening beyond tech; AI is transforming industries like automotive, health care, retail, finance, and manufacturing. AI is the future. If you’re choosing to ignore that reality and you have a business, you might want to reconsider.
A prime example is the agriculture industry. Farmers are using AI to plan when, where, and what crops to plant so they can maximize their harvests. This ultimately makes a farm more efficient and allows it to bring in more money.
Farmers also use the data that AI collects to help understand and monitor soil and weather conditions, so they can ensure crops stay healthy. Even farm machinery is changing thanks to AI, gaining the ability to identify and delicately pick ripe fruits, sort cucumbers, and identify pests and diseases. AI is helping the agriculture industry (and others with dated procedures) evolve rapidly.
Business Wire recently reported that the global artificial intelligence in the agriculture market accounted for only $0.65 billion in 2018 and is expected to reach $4.43 billion by 2027, growing at a CAGR of 23.7% during that period. AI is set to bring some amazing innovations to industries in desperate need of them, creating a strong, healthy economy. Microsoft’s (NASDAQ: MSFT) Azure platform helped launch the AI Factory for AgriFood and Danone. That’s just one major tech company using AI to bring this revolution to companies worldwide. Others are sure to follow.
Until next time,
