Artificial intelligence has received an extraordinary amount of hype from the media. Hollywood in particular has pushed a dystopian view--it's science fiction that has an awful lot of fiction in the science. We are heading into an era where we'll be increasingly interfacing with artificial intelligence--as robots, machines, drones, self-driving cars, chatbots, etc. And because of the media's AI hype, many people fear this future. At Soul Machines, we think that people will be more comfortable interacting with AI if these systems are actually more like us--if we can interact with these systems in natural ways, and over time, learn to trust and comfortably engage with them.
Toronto-based NextTech AR Solutions, one of the companies racing to bring Augmented Reality to ecommerce, is rolling out a new try-it-on feature that can be added to existing digital storefronts. The feature utilizes the camera on a customer's smartphone or desktop device to enable shoppers to digitally don eyewear, jewelry, and other items to check for fit and style. It's far from the first rollout of AR try-on technology we've seen. Glasses purveyor Warby Parker unveiled a proprietary try-it-on feature in its app earlier this year. Sephora allows customers to try on makeup via its Virtual Artist 3D live experience.
According to TechSci Research report, "United States Artificial Intelligence Market, By Application, By Region, By End User Competition Forecast & Opportunities, 2011-2021", the artificial intelligence market in the US is projected to grow at a CAGR of 75% during 2016 - 2021 on account of growing artificial intelligence technology adoption in consumer electronic devices, research and developmental activities in healthcare industry, unmanned aerial vehicles, autonomous cars, etc. Moreover, venture capital investments in this sector, are in full swing, especially in the US. The country is witnessing numerous start-ups sprouting every year, backed by various angel investors and venture capitalists. Major venture capitalist active in the United States artificial intelligence market include Accel, General Catalyst Partners, GV, Work-Bench, Promus Ventures, Kleiner Perkins Caulfield & Byers, Khosla Ventures, Samsung Electronics, Wipro Technologies, Samsung Global Innovation Centre, Goldman Sachs, Bank of America Merrill Lynch, and Formation 8, among others. In 2015, western region of the United States dominated the artificial intelligence market of the country, on account of presence of major end users such as cyber security solution providers, healthcare institutes, government headquarters, etc., in the region.
We are now immersed in the digital age, and the integration of technology into our everyday lives is reaching Minority Report levels. Technological ventures such as the life-altering Internet of Things and artificial intelligence, which had once seemed part of the deep future, are now in existence. While there is immense buzz around the real-life applications of virtual reality, augmented reality has recently emerged as the more practical application.