Worldwide revenues for the artificial intelligence (AI) market, including software, hardware, and services, are forecast to grow 16.4% year over year in 2021 to $327.5 billion, according to the latest release of the IDC Worldwide Semiannual Artificial Intelligence Tracker. By 2024, the market is expected to break the $500 billion mark with a five-year compound annual growth rate (CAGR) of 17.5% and total revenues reaching $554.3 billion. Among the three technology categories, software represented 88% of the total AI market revenues in 2020. However, it is the slowest growing category with a five-year CAGR of 17.3%. Within the AI software category, AI Applications took the largest share of revenue at 50% in 2020.

WIRE)--Worldwide revenues for the artificial intelligence (AI) market, including software, hardware, and services, is estimated to grow 16.4% year over year in 2021 to $327.5 billion, according to the latest release of the International Data Corporation (IDC) Worldwide Semiannual Artificial Intelligence Tracker. By 2024, the market is expected to break the $500 billion mark with a five-year compound annual growth rate (CAGR) of 17.5% and total revenues reaching an impressive $554.3 billion. Among the three technology categories, software represented 88% of the total AI market revenues in 2020. However, it is the slowest growing category with a five-year CAGR of 17.3%. Within the AI software category, AI Applications took the largest share of revenue at 50% in 2020.

Medb Corcoran, Ireland lead for Accenture Labs, talks about her career journey and why data skills will be critical for businesses going forward. As the Ireland lead for Accenture Labs, Medb Corcoran oversees a team of AI researchers that seeks to address critical business problems with tools such as machine learning, natural language processing and knowledge representation. This team is based at The Dock, Accenture's R&D and innovation centre in Dublin. Corcoran is also the company's global responsible AI lead for technology innovation, helping organisations integrate a data-driven assessment of algorithmic fairness into their processes. Here, she reflects on her career and why she believes workplaces of the future will rely on data skills like never before.

Artificial Intelligence, an enigmatic term for technologies that make gadgets and software "smart," is expected to become a bigger part of our lives thanks to advances in computing power, data storage and high-speed networks such as 5G. San Diego is in a strong position to benefit from the expansion of artificial intelligence, according to a study "Measuring the Future: AI and San Diego's Economy" released last week from the San Diego Regional Economic Development Corp. While the study did not pinpoint a specific number of artificial intelligence jobs in the region, it did highlight industries with above-average employment in AI fields. They include telecommunications, information technology, software and transportation. Large companies with operations in San Diego such as Booz Allen Hamilton, Northrop Grumman and ResMed -- as well as smaller businesses such as Lytx, Lockton and Semantic AI -- are among the firms developing artificial intelligence technology in the region.

Artificial intelligence, an enigmatic term for technologies that make gadgets and software "smart," is expected to become a bigger part of our lives thanks to advances in computing power, data storage and high-speed networks such as 5G. San Diego is in a strong position to benefit from the expansion of artificial intelligence, according to a study "Measuring the Future: AI and San Diego's Economy" released last week from the San Diego Regional Economic Development Corp. While the study did not pinpoint a specific number of artificial intelligence jobs in the region, it did highlight industries with above-average employment in AI fields. They include telecommunications, information technology, software and transportation. Large companies with operations in San Diego such as Booz Allen Hamilton, Northrop Grumman and ResMed -- as well as smaller businesses such as Lytx, Lockton and Semantic AI -- are among the firms developing artificial intelligence technology in the region.

Artificial intelligence (AI) is evolving rapidly. According to multinational professional services company, Accenture, businesses spent $306 billion USD on AI applications over the past three years. Despite the advancement of AI, there are currently no specific ethical regulations around the technology--though some governments, including the European Union, are working to establish them. Meanwhile, many organizations are beginning to develop AI standards that will ensure their applications are trustworthy and safe for customers. For example, IBM has taken major steps to build trustworthiness for its AI applications, including the creation of an AI ethics board and AI policies, such as the company's Principles for Trust and Transparency.

More and more enterprises are turning to a promising technology called RPA (robotic process automation) to become more productive and efficient. Successful implementation also helps to cut costs and reduce error rates. RPA can automate mundane and predictable tasks and processes leaving employees to focus more on high-value work. Other companies, see RPA as the next step before fully adopting intelligent automation technology such as machine learning and artificial intelligence. RPA is one of the fastest-growing sectors in the field of enterprise technology. In 2018 RPA software soared in value to $864 million, a growth of over 63%. In the course of this article, we clearly explain exactly what RPA really is and how it works. To help our understanding we will also explore the potential benefits and disadvantages of this technology. Finally, we will highlight some of the most powerful and exciting ways in which it is already transforming enterprises in a range of industries. Robotic Process Automation, or RPA for short, is a way of automating structured, repetitive, or rules-based tasks and processes. It has a number of different applications. Its tools can capture data, retrieve information, communicate with other digital systems and process transactions. Implementation can help to prevent human error, particularly when charged with completing long, repetitive tasks. It can also reduce labor costs. A report by Deloitte revealed that one large, commercial bank implemented RPA into 85 software bots. These were used to tackle 13 processes interacting with 1.5 million requests in a year.

After AI system owners and developers have used a self-assessment to identify inherent AI risks and make informed design decisions, and after they consulted technical playbooks to understand at a granular level what actions to take, they will require software tools to improve upon their AI systems. These tools can be open source or acquired solutions and are designed to address risk areas like fairness, explainability, and robustness. As organizations weigh the costs and benefits of building vs. buying solutions they will require a comprehensive understanding of the software landscape including real costs, customization, and the levels or proficiency required to effectively leverage the tools.

The AI World Summit will be a unique global opportunity to explore how AI's transformational potential can be best used to create a better future. Find out what this means for policy and decision makers, manufacturers, educators and businesses interested in leveraging its potential, for the good of society and the business community. Discover how lives and businesses have to change post Covid; and dealing with tech disruptions associated with issues involving board diversity, SDG/ESG, professional services, manufacturing, future of work, board governance and more! The AI World Summit 2020/21 will be organised on a virtual platform due to Covid-19 pandemic. The Summit will be hosted from Monday 30th November to Friday 4th December 2020 Singapore Time.

This article was published as a part of the Data Science Blogathon. Often we have heard the term Automated Machine Learning or AutoML being used when it comes to machine learning, but what is AutoML, and is the hype around it real? The article is a deep-dive on AutoML, how it can make the power of machine learning available to everyone, and how certain AutoML tools can be tailored to your business needs. Today, companies are incorporating AI into their internal processes to improve the quality of their product pipeline, sales forecasting, predicting customer needs, designing new products/ inventory, and even optimizing their workplaces. As AI/ ML continues to become important for businesses, its challenges have also become more recognizable, particularly when it comes to accessibility of AI and data science.