Experts highlight the relevance of AI in post-COVID digital transformation

COVID has forced the businesses to go online, and this means establishing digital trust is of utmost importance.

The world has been largely described as a global village and technology and the plethora of inherent solutions have further substantiated this claim. Over the years, artificial intelligence, popularly known as AI and machine learning (ML) have practically stormed the tech world, with businesses across industries as well as individuals from all walks of life harnessing the features and benefits of the solutions.

COVID has forced digitization, in areas where it was previously difficult. And, digitization requires significant assistance from AI & ML technologies.

Erik Brynjolfsson and Andrew McAfee stated that “For more than 250 years the fundamental drivers of economic growth have been technological innovations. The most important of these are what economists call general-purpose technologies — a category that includes the steam engine, electricity, and the internal combustion engine. The most important general-purpose technology of our era is artificial intelligence, particularly machine learning”.

Industry expert, Linus Xavier who has held leadership positions in Indian fin-techs opined “The immediate digital transformation would require significant AI & ML components, as processes that involved manual interventions have to be machine-enabled. In the long term though, I expect processes to be designed with a machine-first approach”.

There has been a steady increase in the demand for tech solutions across the globe, with software developers as well as companies emerging to meet the growing and diverse needs of customers. A recent report published by Statista revealed that the global artificial intelligence (AI) software market is forecast to grow rapidly in the coming years, with a projection that its size will hit $126 billion by 2025.

Digitization and automation efforts met several hiccups in countries across the globe, due to resistance to change, and risks with inability of companies and clients to adapt to these changes. However, now both companies and clients have to take that extra effort in digital adaption. There will be automation, and hence redundancy. Upskilling is perhaps the only option to sustain in the industry.

“COVID has accelerated this digital transformation, and I expect a significant increase in demand for AI/ML engineers in the immediate future,” said Linus.

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