The three key innovations that will drive artificial intelligence
Process automation and the proliferation of robots are creating a new paradigm in production and services. The Fourth Industrial Revolution, also known as the Digital Revolution, is giving increasing prominence to such fields as Artificial Intelligence (AI).
Artificial Intelligence (AI), the combination of algorithms that enable computers to mimic the perception, learning, problem-solving, and decision-making capabilities of the human mind to perform functions normally performed by a human being, is establishing itself as a disruptive technology to watch. With disciplines such as Machine Learning, Deep Learning, Big Data and 3D vision, we are currently at an early stage known as Weak AI. However, according to PwC, AI could advance rapidly to the next phase, General AI, contributing as much as $15.7 trillion to the global economy by 2030, as a result of increased productivity, personalisation and improved quality.
“The growth of Artificial Intelligence is being driven mainly by three factors: Deep Learning, Quantum Computing and Big Data.”
1. Deep Learning is a form of artificial intelligence inspired by the human brain that is spreading across industries around the world. It makes it possible to engage in unsupervised learning from unstructured ("raw") data using deep neural networks (single and multiple layers of algorithms).
Thanks to this breakthrough, computer vision, speech recognition, speech synthesis, machine translation, video games, drug discovery and robotics are setting performance records.
2. While standard computers use conventional bits, a quantum computer has a qubit or quantum bit as a building block, taking advantage of the unique capability of subatomic particles. As a result, quantum computers can handle very complex operations at speeds exponentially higher than conventional computers while consuming much less energy.
3.The digital era has created an overwhelming amount of information, and the total amount of data is expected to increase at breakneck speeds in the coming years. Companies can now gain valuable insights into customer demographics or preferences by integrating data from disparate sources (e.g. captured through products, video cameras, credit cards, mobile phones and other touch points) into meaningful sources for AI algorithms to manipulate and understand behaviours.
They can leverage these insights to improve products, business strategies and marketing campaigns in order to serve their target customers.
The opportunities to benefit from the innovations being driven by this trend are in AI-enabled industries (the adoption of AI in key verticals), AI applications (helping to drive higher levels of automation, faster decision-making, and significant cost savings), and AI infrastructure (includes companies in the semiconductor, electronic components, and infrastructure software sectors).
Companies that are able to adapt and implement these innovations will capture a growing share of the profits in their respective industries. The most valuable investment opportunities lie in what we call Future Tech
At Santander Private Banking, our bankers can advise you on the digital solutions that are rapidly transforming business and our consumer experience so that you can participate actively in the Fourth Industrial Revolution and the changing technological future.