Artificial Intelligence Usage on the Rise

Steven Kemler Says AI is increasingly effective and in demand

Machine learning and artificial intelligence (AI) have captured our imaginations for decades, but until more recently, had limited practical application. Steven Kemler, an entrepreneurial business leader and Managing Director of the Stone Arch Group, says that with recent increases in available data and computing power, AI already impacts our lives on many levels and that going forward, self-teaching algorithms will play an increasingly important role in both in society and in business.

In 1997, Deep Blue, developed by IBM, became the first computer / artificial intelligence system to beat a current world chess champion (Gary Kasparov), significantly elevating interest in the practical applications of AI.  These practical uses still took years to develop, with the worldwide market for AI technology not reaching $10 billion until 2016.  Since then, AI market growth has accelerated significantly, reaching $50 billion in 2020 and expected to exceed $100 billion by 2024,  according to the Wall Street Journal.

Kemler says AI and machine learning are playing a leading role in technological innovation across a wide spectrum of industries from healthcare and education, to transportation and the military. Many large corporations are using machine learning and AI to more accurately target customers based on their digital footprints, and in finance, AI is being widely used to power high speed trading systems and reduce fraud.

Intelligence agencies and the military are spending heavily on AI to analyze very large data sets and detect potential threats earlier than humans would normally be able to do so, including through the use of facial recognition.  AI powered facial recognition is not only helpful for security purposes but can be used to identify lockdown and quarantine-avoiders and track the movements of individuals displaying symptoms. Despite privacy concerns, evidence suggests that the public is becoming more tolerant of these surveillance tactics and other uses of AI that would previously have been considered overly invasive.

Kemler points out that we can expect research and development in AI, and the machine learning field, to lead to continued breakthroughs in health sciences, including in the prevention and treatment of viruses.  According an article recently published in the Lancet, a well-respected medical journal, “[there is] a strong rationale for using AI-based assistive tools for drug repurposing medications for human disease, including during the COVID-19 pandemic”. For more insights from Steven Kemler, visit his LinkedIn and Twitter platforms.