Artificial intelligence (AI) has become pervasive and critical to an organization's decision-making. Simply put, AI is the ability of a machine to execute tasks performed by humans. The global market size of AI grew at a CAGR of 11.9%, from $53.5 billion in 2019 to $67.0 billion in 2021. The leading technologies in the AI value chain include machine learning, data science, conversational platforms, computer vision, AI chips, smart robots, and context-aware computing.
ML – The Subset of AI
Machine learning (ML) is an AI technology that allows machines to learn by using algorithms to interpret data from connected 'things' to predict outcomes and learn from successes and failures. ML involves building models that learn and improve from data without being explicitly told what to do. ML can broadly be divided into two categories. In the first, ML enhances data-driven decision-making, often in combination with business intelligence (BI) and data analysis tools. In the second, ML is used to build models and incorporate AI into larger applications. This includes providing machine learning as a service (MLaaS) and using developer tools such as application programming interfaces (APIs) to facilitate adoption.
Companies' Approach to ML
Various companies are exploiting the capabilities of ML to gain a competitive advantage. Amazon's strength in ML is based on its Amazon Web Services (AWS) cloud platform, through which the company offers a range of services about vision, text, chatbots, and forecasting. Microsoft's ML capabilities are available through its Azure cloud platform, which offers a wide range of developer tools. IBM created its ML platform, IBM Watson Studio, as a question-answering computing system that primarily used ML with other technologies. Google has the deepest ML technologies portfolio out of the Big Four (Amazon, Google, Microsoft, and IBM). Its control of the ubiquitous TensorFlow framework for ML sets it apart. The Chinese tech giants – Alibaba, Baidu, and Tencent – all offer extensive ML applications and services and are making considerable inroads, especially in terms of research.
Rather than competing directly with the tech giants, most start-ups focus on niche technology areas and verticals and partner with their larger peers to gain access to their technology and customer base.
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