What You Need to Know About Artificial Intelligence Software

What is Artificial Intelligence Software?

Artificial intelligence software is a computer application which can behave intelligently while performing tasks such as reasoning, learning, analysis and problem solving. It carries out a host of jobs that usually need human intelligence, from an easy task like timekeeping to something as convoluted as analyzing millions of data sets.

Artificial Intelligence Software Market

The global market for AI software is projected to have a growth of about $100 billion U.S. by the year 2025. That's a huge increase by a factor of six from about $17 billion in 2019 despite the devastating effects of the pandemic across several industries.

Even though the devastating pandemic has caused a reduced growth for the market, its impact varies from one industry to the other. While some industries are facing really challenging times, like mining and exploring, oil and gas and energy, some markets such as healthcare are rapidly adopting artificial intelligence.

End users are primarily concerned with what AI software is capable of. The use cases are a reflection of the reasons and ways end users are implementing AI. They separate what actually happens in the market, i.e., actual implementation and usage, from what's hyped by the market. Some use cases involving the artificial intelligence software market include video surveillance, customer support using marketing virtual digital assistants (VDAs), network/IT operations monitoring and management, speech/voice recognition and supply chain management.

Types of Artificial Intelligence Software

Analytic Artificial Intelligence

Powered with machine learning, including its most enhanced deep learning techniques, it reviews large data quantities for dependencies and patterns to offer recommendations or give organizations insights, hereby taking part in data-driven decision making.

Functional AI

This type is very similar to analytic AI. It also reviews or scans large data quantities for patterns and dependencies contained within. But rather than making recommendations, it executes the task or performs the action.

Interactive AI

This enables the automation of communication without compromising interactivity in companies or businesses. To properly understand how this kind of AI works, think of chatbots and smart personal assistants whose capabilities can range from answering pre-formed questions to understanding the context or direction of conversations.

Visual AI

Using visual artificial intelligence, companies and businesses can discover, recognize, classify and sort objects or perform the conversion of images and videos into insights.

Text AI

Companies can apply text AI in content creation, converting speech to text, text recognition and machine translation. For instance, a business can use text AI to power an internal corporate knowledge base.

Advantages of Artificial Intelligence Software

AI software offers numerous benefits across several industries. Some of the merits include:

● Makes complicated tasks easy.
● Enhances productivity, precision and efficiency in processes, functionality and operations
● Minimizes costs (money, time and effort) and eliminates the possibility for human errors
● Improves end-user experience in day-to-day uses such as finance, entertainment, manufacturing and mining

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