Within a two- to three-year span, Artificial Intelligence (AI) has gone from relative obscurity to an extreme level of industry attention and media coverage. As a result, organizations that barely knew how to spell “Artificial Intelligence” a few years ago are now charging full steam ahead to pursue AI initiatives. A common question that is raised is, “Why is now the time for AI?” After all, there have been bursts of hype around AI multiple times over the last few decades. Is today different? And, if so, why?
There are three fundamental trends that result in now truly is the time for AI. In the past, none of these trends had advanced far enough to make AI widely feasible and cost-effective. An upcoming IIA research brief will dive more deeply into the overall marketplace hype around AI, as well as the three trends outlined in this blog.
Trend 1: Cheap and Accessible Computing Power
It is important to understand that this trend is not just that the level of computing power available has risen exponentially, but also that the cost of computing power is simultaneously decreasing. As a result, not only is the power of the computing that is available today massively higher …