Dive Brief:
- Artificial Intelligence may be able to fix major world challenges such as “population growth, climate change, human development and education,” according to Eric Schmidt, the executive chairman of Alphabet, Google's parent company.
- At a conference this week, Schmidt discussed the innovation potential of AI, such as helping scientists process large data sets and understand cause and effect relationships.
- Google recently bought DeepMind, a London-based AI startup. Facebook, Microsoft, Apple and Amazon have all recently made plans and large investments in AI.
Dive Insight:
AI is not just for scientists and video game enthusiasts anymore. Instead, AI is "becoming so important that companies need to start working together to create standardized approaches where they use similar tools and publish their breakthroughs to the academic community," Schmidt said.
Those standardized approaches will be critical to AI growth, according to Schmidt.
"The promise of this is so profound that we — Alphabet, Google, whatever our name is at the moment — are working incredibly hard to advance these platforms," he said.
Many industries — from law and education to manufacturing and medicine —are already employing AI technologies,” according to a recent AI forecast from Tractica.
The growth potential for enterprise AI is significant. Tractica predicts the "market for AI systems for enterprise applications will increase from $202.5 million in 2015 to $11.1 billion by 2024."
