Creating some artificial intelligence programs is easy, but turning them into successful businesses is a challenge, experts said this week in Singapore at the annual Innovfest Unbound tech conference.
Improvements in computing power and better availability of data have sped up developments in AI, with large corporations, start-ups, universities and governments all getting involved. Earlier this year, the International Data Corporation predicted that worldwide spending on cognitive and AI systems will grow to $52.2 billion in 2021, up from about $19.1 billion this year.
Since a lot of the basic computer codes used to create AI are widely available, it's easy for developers to come up with programs that can perform certain tasks: For example, a chat bot can take over the basic tasks done by a customer service representative or a program can be developed to scan through hundreds of medical images for irregularities that can save doctors a lot of time.
But that also means many companies are using the technology in areas that do not really require an artificially intelligent program.