Machine learning which falls under the big umbrella called Artificial Intelligence has come a long way from being a buzz word to important factor of business processes. Realizing the benefits of Machine Learning and AI on the whole, Millions of dollars are being invested into AI Ecosystem. Companies around the globe, boosted by countries’ various strategies, have worked to implement AI practices. When there is so much invested while incorporating this technology into business, definitely it would be source of profit! But who is making profit? Let’s take a look at it.
Who is making money with AI & ML
Machines gain Intelligence through rigorous training and of course, they are trained using previously available data. They are programmed to assimilate users stimuli (understand the input data) and learn to respond appropriately.
1. As we know, data is doubling every 2 years, we are expected to have 44 Zeta bytes of data (44 trillion Giga bytes) by 2020, but it is not the amount of data, but how we look at it and use it efficiently matters. Companies which make perfect use of data to train machines and deal with complex analysis are the one of those which makes money using AI & ML coz data is the heart of AI.
2. Companies which manufacture processing chips that enable the AI systems process that
data. Nvidia has been the biggest winner in this space. Even though they were designed for rendering graphics, it turns out that their matrix operation has a lot of machine learning applications required. IBM, Intel, Google and other few Chinese techs are building their own AI chips.
3. Companies which act as a platform for data storage are the next set of businesses that make high profit with AI. There is competition between companies like Microsoft-Google cloud platforms and Amazon-Web Services to provide complete cloud solution for developers to run AI applications. The cost of maintaining this massive global data center is something very few companies can afford.
4. One of the reasons for the success of ML in recent years has been the increase in computational resources available. Companies which provide optimized models and algorithms for the AI system to work are holding the next place in the list.
5. Enterprise solutions built on AI. This space dominated by Oracle and few other companies.
6. MNCs which offer consumer facing solutions and come up with innovative ideas.
On top of everything nations like China Japan, UK, Germany and France which are leading in terms of investment into their respective AI ecosystem for faster economic growth are making impeccable profit with these technologies.
Benefits Apart from Money
While all the mentioned categories companies are making great business with AI and ML, these technologies also benefit them in many other ways like,
1. Real-time business decision making.
2. Eliminating manual tasks.
3. Enhancing network and security performance.
4. Improved business models and service.
5. Reducing operation expense.