Nowadays we don’t see a single day without a report on new applications based on AI or new inventions churning out of AI embedded systems. The rapid advancements in the field of AI have led to increased importance of deploying AI aggressively across platforms and domains. Almost all the industrial fields have been impacted by the rise of AI and its advanced version ML. Boosted by the fourth industrial revolution, demand for AI-driven automation is at an all-time high. Interestingly not only leading companies but also rising start-ups are relying on AI to increase both efficiencies and productivity. From streamlining production lines to digging out deep insights from a pool of data, AI can be utilized for all. Even governments across the globe are keen to utilize AI or already utilizing the fascinating technology for policymaking, executive decision making, infrastructure development, security, and several other jobs. Today we see AI in use in multiple domains from advanced search engines, and recommendation systems to self-driving cars!
The rapid rise of AI can also be witnessed through the fact that it is not only attracted businesses and governments but also scientists and innovators working towards the betterment of human life in general. For instance, in February 2020, researchers at MIT were able to discover powerful antibiotics capable of treating even ‘untreatable’ strains of bacteria. The approach is path-breaking in the field of medical science since it proves the viability to use AI for drug discovery and gives hope in solving difficult problems like developing cancer-treating drugs or fighting life-threatening diseases. Another fine example is the supercomputer in development by Meta which is training AI models with data inputs from the entire world to seamlessly process images, contents, and videos across the globe in multiple languages.
The AI industry valuation also looks promising with fortune estimating the global AI market size in 2021 to be around USD 330 billion and projecting it to grow to an enormous USD 1400 billion within 2029 with a compound annual growth rate of 20 percent!
Artificial Intelligence and Data Science
The rapid emergence of AI can be attributed to the developments in the field of Data Science. Some see AI as a field emerging out of the domain of data science since the basic principle of AI is to train machines with data so that machines learn from the input data and are slowly able to develop cognitive abilities efficient enough to run on their own with minimum or no human supervision. Real-time data feeding, remote data inputs, and data accumulated from sensors are utilized to train AI algorithms. Hence, when enterprises look to implement data-driven strategies or monetize data, AI invariably becomes a part of the task. Leading data scientists today are also experts in designing AI or ML algorithms to automate different processes and help different businesses or organizations in achieving goals in an automated manner.
How India Aims to Leverage AI?
The government of India has welcomed AI with open arms and is framing policies based on this. For instance, the government’s vision of a 5 trillion-dollar economy within 2025 relies significantly on the utilization of AI and its applications. The government believes that AI coupled with Data science has the potential to add an enormous 500 billion USD to the Indian GDP within 2025. A traditionally agriculture-based economy, India hopes to implement AI-driven strategies to double farmers’ income through increased productivity and overall efficiency. Other economic sectors like the BFSI, the retail sector, IT services, etc. of the Indian economy are also believed to be benefitted from AI through AI-based approaches like financial risk modeling, digital infrastructure development, demand forecasting, targeted marketing, and many more.
How does it Impact you?
If you are in search of a career offering lucrative perks and limitless growth at the same time and if you are willing to acquire skills that are in high demand then AI is your best choice. With AI certification courses you will be able to acquire command over the field and appear on the radar of recruiters from leading companies. Moreover, if you wish to pursue data science, data analytics, or Big Data, then AI is a very good added skill set that will definitely help you land your dream job.
Another interesting fact is that there is a very high demand for engineers and tech professionals with AI skills. This is because there is an acute shortage of skilled individuals who can be employed as AI experts however, the demand for such professionals keeps on increasing. As a result, companies are spending big and trying to attract individuals with lucrative pay packages. Especially in India, the situation of demand surpassing supply is quite stark. Although the country churns out thousands of engineers every year, most of the graduates do not have the necessary skills to be employed in the field of AI, ML, Data Science, or Data analytics. Given the traditional nature of the education system of the country, it is hard for India to reach its AI dreams. However, there are very good and reputed institutions in Indian cities like Bangalore, Gurgaon, and Delhi, offering AI certification courses through faculties with years of experience and expertise in the subject. Enrolling in any one of them ensures your chances of building your career in the field of advanced technology and would provide the perfect kickstart.
It is fascinating to notice that a fresher with AI and ML skills earns an average of 6 to 8 LPA pay packages in India and with 4 years of experience that salary can go up to 17 LPA an average! Hence, there are plenty of highly rewarding employment opportunities in the field of AI, and provided you have acquired the desired skill sets, you will surely grab any such opportunities easily. Given the future-proof and stable nature of the field, AI is the perfect career field to invest your precious time and money!