The mere mention of artificial intelligence (AI) invokes the pictures of robots, chatbots, or self-driving cars. AI is a branch of computer science deals with devising technology and machines that are capable of performing tasks that require human intelligence.
AI came to prominence in 1950, when Alan Turing proposed an ‘imitation game’ to assess if a computer could fool humans into thinking they were with another human.
The rise of AI has been enabled by exponentially faster and more powerful computers and large, complex data sets. Applications such as machine learning, whereby a system identifies patterns in large sets of data, have demonstrated the potential for AI to be practical and profitable.
Today, AI handles tasks such as voice recognition and translation on smartphones, piloting driverless cars, and controlling robots that automate chores in homes and factories.
In research, AI is used in a growing number of applications, such as processing the enormous amounts of data.
The 2019 AI Index Report estimates that global private investment in AI in 2019 was more than US$70 billion.
👉🏻 The US, China and Europe took the largest share
👉🏻 Israel, Singapore and Iceland were found to invest heavily in per capita terms.
👉🏻 Start-ups founded on AI technologies are a major part of the ecosystem, garnering more than $37 billion globally in investments in 2019, up from $1.3 billion raised in 2010.
👉🏻 The International Data Corporation expects that global revenues will surpass $300 billion in 2024 despite slower growth in 2020 due to the economic impact of the COVID-19 pandemic.
As revenues and research output soar in the field of AI, global competition between the United States, China and Europe heats up.
Check out below to see who is leading the race at the moment.