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AI, ML focused startups have potential to become change agents in society

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Just like mobile phones, () is on its way in becoming the mainstream tech. All over the world, AI and other disruptive tech ecosystem are already soaring high with its true potential in drawing the entrepreneurs and capitalists. The steady rise in drones, autonomous vehicles, AI assistants, and AI-driven IoT systems are set to create a new benchmark altogether to help enterprises analyse, automate, measure and monitor the tasks.

As per the estimate of researchers, the global worth of digital economy in 2018 was $11.5 trillion; 15.5 per cent of global GDP. On the other hand, according to a recent study of the research firm PwC, the rapid development in the AI will increase the global GDP up to $15.7 trillion by the year 2030.

Backed by AI and other technological disruptions, the year 2020 is all set to progress towards a sustainable ecosystem. To accelerate the pace of developments in every industry and sector, startups need to shift their focus on ideas that will create an inclusive ecosystem involving better healthcare, better education, and better learning.

It is expected that soon, there will be more robots like Sophia, which will be developed by integrating the AI tech with robotics like visual data processing and face recognition. The market is dominated by virtual assistants like Amazon's Echo and Alexa.

In the coming time, the performance of these AI-driven gadgets might improve further and, new features and functions will be added. Earlier, the chatbots were programmed with specific replies, but in the coming years, the interaction with the chatbots will be even more user-friendly, customised and responsive to properly address the emerging needs and expectations of Gen-Z.

AI in Health and Education

There are many AI-driven devices which can help health specialists and doctors to diagnose patients afflicted with cardiac and respiratory problems. Still, there is room for many improvements, such as more accuracy and precision in the diagnostics and rehabilitation. With the assistance of AI, even patients in satellite centres will be able to receive quality treatment promptly. The AI applications in education will help teachers and mentors to know how much students can absorb the lesson, the performance and status of learning. Moreover, learning and education will get customised further and AI will enable all the students to find their passion at a much younger age.

Marketing and Customer Engagement 

may emerge as the most powerful tool in digital marketing, which can be adopted widely in B2C as well as B2B campaigns. The applications of AI in digital marketing will help a brand to interact with their clients with relevant messages and at the relevant time. Search Engine Optimization (SEO) is one of the crucial aspects of digital marketing which involves the understanding of AI algorithms.

The idea of AI support to content marketers will optimize marketing content as per new AI-powered search methods such as voice search. Voice recognition, facial recognition, AI-driven marketing, wearable devices, and AI assistant will help to understand the customers better. Advanced analytics and predictive analytics in real-time ensure superior customer experience, increase user engagement, and above all, brand loyalty. With the data and newer reinforcement learning algorithms, the future will experience a continuously hyper-personalization.

AI in Security 

In the coming time, the security of data will play a significant role in the success of the next generation and also established organizations. Security, which is a major concern for people in real as well as the virtual world, will be resolved rather effectively in tech-driven future. To enhance the security of crucial activities, many organisations have placed facial recognization system. Soon, from credit and debit cards to driving license, all will be linked through the facial recognition tools and algorithms.

Demand for Tech Startups 

The startups in AI and other disruptive technologies are paving their way in economic growth, making things easier for entrepreneurs, which have increased in throat-cut competition in the market. With the stats, facts and quotes, it is quite evident that AI will be a big thing soon. AI, along with machine learning and deep learning, has revolutionized the working of the software.

Virtual assistants like Siri, Alexa, and Cortana are making lives easier than never before. With the groundbreaking cloud structure and innovative software development patterns like microservice and serverless, startups are smoothly sailing their business in today's market. For the startup to not overburden their budget plan, several frameworks, patterns and tools, which provide flexibility are available.

The author is director – finance and technology at . Views are personal.

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Rachit Chawla
Rachit Chawla
Rachit Chawla is director – finance and technology at Risers Accelerator
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