According to the estimates of UBS, the US market for AI industry was around USD 5 million in revenue by 2015 and it is estimated that by 2020, the revenue will get double. This statistic shows a 20% annual growth rate, which is much more than any other technological evolution of the current era.

So, it is very much clear that the AI is the biggest technological blessing which is being implemented on a very large scale. From helping us in space to solving Rubik’s cube, the AI is showing us what wonders technology holds under its sleeves.

The biggest innovation in the AI sector will be brought by the software companies as they will be pushing the boundaries of automation, search and social media. In the upcoming years, we may see automated taxi service and unmanned drones. The AI based software solutions will bring different opportunities and societal values.

In the future, we may see AI-based chatbots assisting customers on the basis of their big data analysis and by understanding the behavior of the customer while slowly improving its intelligence. We will also see many robots helping humans on the field (we can already witness such activities, but it still has to go a long way). In addition to this, the implementation of AI in the medical field will help doctors and researchers to come up with more effective and quick diagnostic and treatment methods.

Even today, we can see the implementation of the AI in the legal sector where a smart system is being used to analyze overviews of legal documents from obscure previous court rulings with lawyers within a couple of minutes. This is a very small example of how AI will help us in cutting the time and errors from our daily activities.

If you go into the roots of the AI then you will find its evidence in the works of the British mathematician and WW-II code breaker Alan Turing in 1950. So, AI is not a new concept, but the recent technological upliftment has allowed this fruitful technology to evolve from just an imagination to a reality.

The acceptance of the AI technology can be seen from the reports of Narrative science in which it has been mentioned that by the end of the year 2016, only 38% of the companies used artificial intelligence as a part of their business but by 2018, this percentage will grow to 62%.

Talking about the current year and the innovation in the field of artificial intelligence, deep learning theory, capsule networks, deep reinforcement learning, hybrid learning models and AI-optimized hardware will be a hot topic.

The smart robots are a big part of the AI system as this is the only technology through which robots will start to learn from their surrounding environment just like humans. In the current era, there are many robots that are able to improve their intelligence and learn from the human behavior around them. And this is a great achievement as we are trying to bring robots closer to human intelligence. There are many innovations in the field of robotics, where robots have been able to outsmart humans, but still, they can’t surpass the decision making and thinking ability of the human mind.