If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
If we sum up all the available numbers for AI research investments (including other government funding like the $93.5M awarded to IVADO by the Canada Research Excellence Fund last September, as well as private funds invested in public or semi-public labs) we end up with close to $500M in funding across the country. Beyond that, when we look up other domains that work hand in hand with AI, such as Big Data, cloud infrastructure and the like, that number grows even higher. What made Silicon Valley's talent pump work up to now was its ecosystem of large firms and venture capital feeding startups, as well as research who in turn generate the innovations to push the large firms forward. With investments from the federal and provincial governments in research, as well as from Big Tech, the Canadian talent pump is growing quickly.
Nvidia has benefitted from a rapid explosion of investment in machine learning from tech companies. Can this rapid growth in the use cases for machine learning continue? Recent research results from applying machine learning to diagnosis are impressive (see "An AI Ophthalmologist Shows How Machine Learning May Transform Medicine"). Your chips are already driving some cars: all Tesla vehicles now use Nvidia's Drive PX 2 computer to power the Autopilot feature that automates highway driving.
The world has been transformed in the year since the Financial Times launched its Future of Fintech awards. But while the Brexit vote in the UK and Donald Trump's election as US president have dominated the news, the world of financial technology has also gone through big changes. Regulators in Europe and the US are pressing ahead with rules to force incumbent banks to open up the data they hold on customers to third parties, including fintech companies. This push towards "open banking", although viewed with some misgivings by the incumbents, should create new opportunities for both start-ups and more established fintech businesses. Meanwhile, the fintech sector set a new record last year when Ant Financial, the digital payments arm of China's Alibaba, raised $4.5bn in a single funding round.
The relatively strong job and wage growth in the country belies the reality that quality jobs are disappearing for lower-skilled workers, particularly blue-collar workers. While trade is partially the culprit, it is more likely that automation has been the main cause of job loss. Some estimates have suggested that up to half of current jobs could be replaced by automation in the future, including many white-collar jobs. Artificial intelligence experts warn that whatever our estimates today, the impact will be much greater than we can imagine. Massachusetts is not immune to these concerns, despite its strong economy and all-time low unemployment rate.
In the last few years, artificial intelligence has quickly broken beyond the realm of science fiction. In fact, IBM -- the creator of the AI powerhouse Watson -- predicts that the AI market will catapult to $2 trillion in the next decade. Nearly every industry on the planet stands to benefit from AI's increased use. But make no mistake, few will see a larger boost than the business of corporate accounting. Senior analyst Jonathan Rodriguez explains why below.
Artificial intelligence is gaining widespread momentum at a rapid rate. Machines recently attained voice and image recognition. Think Apple's Siri or Amazon's Alexa as well as Facebook and Google accounts. And it's slowly creeping into bigger roles of our everyday lives. AI can be broadly-described as a computer system designed to interact with the world through capabilities and intelligent behaviors.
The light bulb flickers inside the old elevator that creaks as it takes you to the eighth floor of the 1960s-era building, tucked away in a corner of Mile End that was Montreal's garment industry a half century ago. Walk down the dank corridor and into the office of Landr's. The contrast is striking: White, shiny and minimalist, the space embodies the new economy. There's a pinball machine next to the kitchen, and pop art on the walls. Its 70 employees are young, educated and casually dressed.
Imagine a Sunday morning sometime in the future. As you pour milk on to your cornflakes, it's a reminder that you intended to check out whether the Chinese company Big Dairy Inc is worth a punt. You press a button on your wrist monitor, ResearchBit, and it sends a request to your peer-to-peer investment network for any information on the company. Within minutes investor friends from around the globe are commenting via a private social media network, InvestBook. As you munch through breakfast, you decide to do a bit more digging.
The $711m in value accounted for 44% of the global total, a quadruple increase on the previous year (10%). AI, IoT and analytics and big data propositions collectively accounted for 56% of the total number of deals – around 70% of total value last year. UK market doubles The value of insurtech investments in the UK more than doubled year on year to almost $19m, although the total number of deals remained flat. Accenture said that Brexit had not had a material impact on the investment climate in 2016. After the UK, Germany and France are the next largest markets in Europe.
Investing in technology-oriented insurance ventures (insurtech) is clearly a global trend and almost half of all the money being poured into them globally is going into artificial intelligence and internet of things startups, new research finds. The research from Accenture, which includes an analysis of CB Insights data on 450 insurtech deals over the last three years, appears in a new Accenture report titled The Rise of InsurTech. The CB Insights data reveals that global insurtech investment totaled $1.7 billion in 2016 and both the volume and value of deals have almost doubled since 2014. While more than half of all deals still take place in the U.S., insurtech has gone global with the United Kingdom, Germany, China and India now being significant markets and other countries coming on. Only about 14 percent of the insurtech deals in 2016 had an insurance industry investor or partner, although the industry's participation has been rising every year.