Why AI is so important ?

Less than a decade after helping the Allied Forces win World War II by breaking the Nazi encryption machine Enigma, mathematician Alan Turing changed history a second time with a simple question: “Can machines think?” 

Turing’s 1950 paper “Computing Machinery and Intelligence” and its subsequent Turing Test established the fundamental goal and vision of AI.   

At its core, AI is the branch of computer science that aims to answer Turing’s question in the affirmative. It is the endeavor to replicate or simulate human intelligence in machines. The expansive goal of AI has given rise to many questions and debates. So much so that no singular definition of the field is universally accepted.

But why AI is so important ? 

Artificial intelligence allows machines to replicate the capabilities of the human mind.

AI has many uses — from boosting vaccine development to automating detection of potential fraud. 

AI private market activity saw a record-setting year in 2021, according to CB Insights, with global funding up 108 percent compared to 2020. Because of its fast-paced adoption, AI is making waves in a variety of industries.

Business Insider Intelligence’s 2022 report on AI in banking found more than half of financial services companies already use AI solutions for risk management and revenue generation. The application of AI in banking could lead to upwards of $400 billion in savings.

As for medicine, a 2021 World Health Organization report noted that while integrating AI into the healthcare field comes with challenges, the technology “holds great promise,” as it could lead to benefits like more informed health policy and improvements in the accuracy of diagnosing patients.

AI has also made its mark on entertainment. The global market for AI in media and entertainment is estimated to reach $99.48 billion by 2030, growing from a value of $10.87 billion in 2021, according to Grand View Research. That expansion includes AI uses like recognizing plagiarism and developing high-definition graphics.

Sources link: https://builtin.com/artificial-intelligence.