Artificial Intelligence Roundup: Google, China's Expansion Plans, AI In Banking

The world of artificial intelligence (AI) is making rapid strides in technological development, from Google's AI program defeating a human in the game of Go, Russian scientists building the'Terminator' and another project from Google's Brain Team, where the AI program attempts to write post-modern poetry. The AI market is projected to expand to USD 5.05 billion by 2020 (from USD 419.7 million in 2014), at a CAGR of 53.65% from 2015 to 2020, largely due to greater applications in diversified fields, enhanced productivity and increasing consumer satisfaction. Machine learning technology, a key component of the overall AI market, is estimated to gain traction over the next five years, on account of higher anticipated demand in media & advertising and finance sectors, as well as retail, healthcare, law, and oil & gas. Multinational technology giants such as Google, IBM, Microsoft, and governments of different countries across the globe are looking to boost their investment in AI. According to reports, Google has announced a new research project dubbed'Magenta' that is aimed at exploring the use of AI to produce art. The research team will initially study what kind of algorithms are used to generate music and then subsequently move to video and other visual arts.