The technology landscape in the current years shows the impact of AI in everyday life. From smart assistants like Siri and Alexa to self-driving cars, robots serving food in restaurants, facial recognition software and Robotic vacuum cleaners etc. are all applications of AI that are becoming the mainstays of our life. Artificial Intelligence (AI) technology is altering business models, operations, processes and even customer relationships across the globe.
However, the role of Artificial Intelligence (AI) is still in its nascent stages in certain sectors such as Education, Infrastructure, Agriculture, Healthcare, Transport, etc.
But what is Artificial Intelligence?
Computers and machines simulate human intelligence utilizing Artificial intelligence. Basically, the machines learn through experiences and mimic the problem-solving as well as decision-making capabilities of the human mind. Four categories of AI are:
- Reactive Machines AI
- Limited Memory AI
- Theory of Mind AI
- Self Aware AI
- Competencies in applied mathematics and algorithms especially calculus and linear algebra
- Knowledge and experience in use of at least one of the programming languages, i.e. Python, C/C++ or MATLAB
- Communication skills
- Analytical skills
- Problem-solving approach
- Industry knowledge with passion to learn new languages and explore new applications
- Management and leadership skills
- Machine learning
- Global artificial intelligence (AI) market size in 2021 was USD 58.3 billion. Markets and Markets forecast it to be pegged at USD 309.6 billion, growing at CAGR of 39.7%.
- In 2020, the market value of India’s Artificial Intelligence Market was at USD 3.1 billion. International Data Corporation (IDC) report predicts its rise to USD 7.8 billion at a CAGR of 20.2% by 2025.
- International Data Corporation (IDC) report also states that by 2025, AI services will lead the charge in the Indian market, growing at a Compound Annual Growth Rate (CAGR) of 35.8%
- The IDC report also reports that in 2020, India’s AI software market was at USD 2,767.5 million and will be gunning to reach USS 6,358.8 million at a CAGR of 18.1% in 2025
Opportunities: The immense potential in the market opens up large number of opportunities. Some of them are as follows:
- Business Intelligence Developer: He identifies business and market trends basis the analysis of complex internal & external data. He is also involved in designing, modeling & maintaining data on cloud based data platforms so as to enable the business users to use their dashboards.
- Big Data Engineer/Architect: He is involved with developing ecosystems that enable effective communication as well as collation of data between varied business verticals as well as technologies.
- Data Scientist: He utilizes varied processes, algorithms, technology tools to analyze data so as to extract insights as well as recognize meaningful patterns that can help identify anomalies as well as predict future events besides providing assistance in making recommendations
- AI Engineer: He is responsible for constructing AI models, thus assisting stake holders in understanding the analysis as well as results
- Research Scientist: Equipped with advanced degree in computer science, he specializes in multiple disciplines in artificial intelligence, including applied mathematics, machine learning, statistics and deep learning.
PG Diploma in Artificial Intelligence: Students must deliberate on the following points, while selecting the ideal college for them:
- The curriculum must equip students with competencies supports existing career profiles in addition to future careers and that too in varied domains across diverse verticals in the ever changing area of Predictive Analytics.
- Comprehensive outlook about Digital Business Management and AI must be offered at the college.
- Global exposure through interaction with renowned experts as well as faculty from global partner universities.
- The college must offer its students startup support, in terms of funding as well as mentoring and enable them in realizing their aspirations.