Increased AI and ML Growth Rates in Current Scenario
Check out the growth rate of AI and ML in the digital transformation space
The COVID-19 surge caught everyone off guard and no one knew how to control this new situation. Businesses struggled as they didn't close, people died and medical facilities were overwhelmed. Artificial intelligence and machine learning have come to the rescue in this pandemic. AI and ML have been around for quite some time, but the pandemic has made them more important than ever. Before the pandemic, working remotely or working from home was a luxury. Remote work is now the new normal.
Companies in IT and other industries are looking for ways to define procedures to make remote work as cheap and efficient as working in the office. AI and ML are helping remote teams work efficiently during the pandemic. According to ABI research, in the IoT field, artificial intelligence and machine learning services are estimated to reach about $3.6 billion by 2026, at a CAGR of almost 40%. The next wave of IoT analytics development will fully converge with the big data space, so the value of technology treasures is expected to move beyond hardware and middleware to analytics and value-added services.
According to ABI Research, while COVID-19 has not had a negative impact on the IoT data analytics market, emerging providers of cloud-native data-driven analytics have seen some gains from the current pandemic. As the industry is in a transition period where everything is remote, there is a growing demand for aspects such as remote monitoring, asset management, asset visibility, and out-of-the-box solutions for predictive maintenance. Vendors like DataRobot now have access to ML and AI toolsets through a variety of edge, on-premises, and cloud application options, and by leveraging Platform as a Service (PaaS) and Software as a Service (SaaS) It looks like ).
The COVID-19 pandemic has highlighted the importance of agile application solutions such as hardware-agnostic SaaS. Enterprises are doubling down on AI and ML spending due to the ongoing pandemic and for good reason. AI & ML have been around for some time, but their efficiencies have not been fully recognized by enterprises. The pandemic has placed great demands on the application of these technologies. Machine learning techniques enable modern computers to mimic human intelligence on massive datasets, recognizing patterns and predicting the spread of this pandemic. Meanwhile, artificial intelligence is evolving to more efficiently complete tasks that were performed using traditional methods. Companies such as AWS, C3, and Google have also successfully improved their products and analytics capabilities (toolsets and environments) by designing centralized repositories for COVID-19 data. These data lagoons are currently public and not monetized. However, it is expected that these companies will strive to use the data lagoon to develop products for sale in the healthcare market in the future. From a technical perspective, Data Lagoon can be the first step towards designing and testing data transparency and forwarding analytics services.
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