Artificial Intelligence Usage on the Rise

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.